NO.PZ2023091802000036
问题如下：
20futures contracts are used to hedge an exposure to the price of soybeans. Each futurescontract is on 5,000 bushels. At the time the hedge is closed out, the basis is20 cents per bushel. What is the effect of the basis on the hedger if (a) the purchaseof soybeans is being hedged and (b) the sale of soybeans is being hedged?
解释：
The basis increases the net price after hedging by 20 × 5,000 × USD0.20 or USD 20,000. In (a) this is an extra cost to the hedger. In (b) it is anextra amount received from the sale of soybeans
基差风险为正，则标的物spot价格大于未来预期价格。 此时结算，spot-future才是long方pay off吧，应该是赚了啊
