Question: Pre - harvest hedging by a farmer does not always result in the best possible profits every year because Cash prices may increase after the

Pre-harvest hedging by a farmer does not always result in the best possible profits every year because
Cash prices may increase after the farmer opens the hedge.
Cash prices may fall after the farmer opens the hedge.
Cash prices may fall after the farmer closes the hedge.
Futures prices may increase after the farmer closes the hedge.

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