1. If you are a flour miller and you expect your local wheat basis to be -$.40/bushel in March and you buy a March Wheat futures contract for $4.50, then your expected purchase price for wheat in March would be what?
2. Assume the market is weak-form efficient. If this is true, technical analysts (could or cound not) ______ earn excess returns and fundmental analysts (could or could not) ______ earn excess returns.