On July 10, a farmer observes that the spot price of corn is $2,735 per bushel and

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On July 10, a farmer observes that the spot price of corn is $2,735 per bushel and the September futures price is $2.76. The farmer would like a prediction of the spot price in September but believes the market is dominated by hedgers holding long positions in corn. Explain how the farmer would use this information in a forecast of the future price of corn?
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