PROBLEM 6 (50 points) I It is September and an exporter (a business looking to purchase commodity to sell it later) in New Orleans has made a commitment to sell 50,000 bushels of wheat to a customer in November. The exporter has limited storage and, therefore, will purchase the wheat at the same time that he loads the ship for export. The November wheat futures are trading at $3.21/bu and the expected basis is $0.10 under. The exporter decides to hedge to protect against an adverse price movement. In November, the wheat futures price has increased to $3.35/bu and the cash price has increased to $3.20/bu. Assume the broker charges the exporter a commission of $50 per contract. 1111