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CHAPTER 3 Hedging Strategies Using Futures Practice Questions Problem 3.8. In the Chicago Board of Trade’s corn futures contract, the following delivery months are available: March, May, July, September, and December. State the contract that should be used for hedging when the expiration of the hedge is in June July January  A good rule of thumb is to choose a futures contract that has a delivery month as close as possible to, but later than, the month containing the expiration of the hedge. The contracts that should be used are therefore July September March  Problem 3.9. Does a