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1、KEYFileA2-61NameWhilereadingthroughFileA2-61workthroughthefollowinghedgingproblems.Problem1:Usefuturestopriceyourgrainpriortoharvest.Situation:ItisMay1standyouhavedecidedthatyouwanttoHedge5,000bushelsofcornyouareproducing.Youareplanningtosellthis5,000bushelsinOcto
2、ber.Currently,DecemberCornFuturespriceis$4.75perbushel.YouexpectthatthebasisinOctoberwillbe32centsundertheDecemberfuturescontractprice・1・Yourexpectednetpriceforfalldeliveryis:Futuresprice=$4.75Minusexpectedbasis=・32Expectednetprice=4.432Youdecidethatthisisanaccept
3、ablepriceanddecidetoplaceyourHedge・YouselloneDecemberfuturescontract(5,000bushels)at$4.75perbushel.OnOctober30thyoudeliverthecorntotheelevatorandsellit.Theelevatorpriceis$4.20perbushel.YoualsooffsetyourfuturespositionbybuyingbackaDecemberFuturesContract,thepriceis
4、currently$4.52perbushel.Calculateyournetpricereceivedusingthechartbelow:FuturesSummaryHedgingSummarySellfutures@$4.75Buyfutures@4.52Futuresgain=.023Cashsellingprice=$4.20Gaininfutures=.23Netprice=4.43Sincethebasisendedupbeingexactlywhatwepredicteditwouldbe,ournetp
5、ricereceivedturnedouttoisexactlywhatwepredicteditwouldbe.ThisiscalledaPerfectHedge.(Onewherewepredictedthebasisexactly).…andjusticeforallTheU.S.DepartmentofAgriculture(USDA)prohibitsdiscriminationinallitsprogramsandactivitiesonthebasisofrace,color,nationalorigin,g
6、ender,religion,age,disability,politicalbeliefs,sexualorientation,andmaritalorfamilystatus.(Notallprohibitedbasesapplytoallprograms.)ManymaterialscanbemadeavailableinalternativeformatsforADAdients.Tofileacomplaintofdiscrimination,writeUSDA,OfficeofCivilRights,Room3
7、26-W,WhittenBuilding,14thandIndependenceAvenue,SW,Washington,DC20250-9410orcall202-720-5964・IssuedinfurtheraneeofCooperativeExtensionwork,ActsofMay8andJune30,1914,incooperationwiththeU.S.DepartmentofAgriculture.JackM.Payne：director,CooperativeExtensionService,Iowa
8、StateUniversityofScienceandTechnology,Ames,Iowa・Problem2:Pricingyourcornbeforeharvestandthebasiswidens・Situation:OnMay1stDecemberFuturespriceis$4.70perb
