Question: Using the activity that occurred in Q . 8 , carry out this next step of the transaction: STEP 2 : Corn is bought at

Using the activity that occurred in Q.8, carry out this next step of the transaction:
STEP 2: Corn is bought at the elevator during harvest at an average buy basis of -40 DEC. The appropriate futures transactions have been completed to properly hedge the grain against price risk, utilize the pre-spread and set the basis.
What would your open futures position be at this stage of the transaction acknowledging the appropriate futures transaction have been made? (Remember to carry forward the activity from Q.8)

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