$10$ points

October ${15}^{th}$ : A feedlot plans to buy feeder cattle in mid$-$December; currently, January feeder cattle futures are trading at $$\frac{245\mathrm{.}300}{?}$ cwt$.$ The expected basis is $$\frac{2\mathrm{.}50}{?}$ cwt under.

Does the feedlot have a long or short cash position?

Does the feedlot have a long or short futures positic

To hedge: The feedlot will January feeder cattle futures at $$\frac{245\mathrm{.}300}{?}$ cwt$.$

December ${17}^{th}$ :

The feedlot must calves locally in the cash market at $$\frac{246\mathrm{.}025}{?}$ cwt$.$

To offset their future position, they must January futures at $$\frac{247\mathrm{.}775}{?}$ cwt$.$

What is the realized price for the feedlot? $$\frac{245\mathrm{.}300}{?}$ cwt