Question 9) \{10 points\} Assume you are running an elevator. In mid-October you are buying grain at -20 DEC. You plan to hold the grain and wait for basis to improve before you sell. At the end of November, you still have not sold the grain and must spread your hedged position to March at an 8 cent carry to MCH. By late January, the basis has improved, and you identify an opportunity to sell grain at +5MCH. You held the grain for 90 days and calculate cost of carry using a $10.00/ bu opportunity cost and 8% interest rate. Use this information and basis math to calculate your margin using the table below