1. A trader has decided to roll a short hedge forward until December to hedge a long position in corn inventory. The schedule below shows the dates on which trades are made and the prices.
   1. Determine the effective price at which the corn was sold on December 10.
   2. Explain whether the trader would have made more (or less) profit if it had not hedged its inventory position.

Date	Action	Price
February 6	Sell March Futures	$5.73
March 15	Buy March Futures	$6.20
March 15	Sell May Futures	$5.90
May 16	Buy May Futures	$5.10
May 16	Sell July Futures	$5.30
July 22	Buy July Futures	$5.70
July 22	Sell September Futures	$6.20
September 17	Buy September Futures	$6.90
September 17	Sell December Futures	$6.95
December 12	Buy December Futures	$6.50
December 12	Sell Cash Inventory	$6.45