A hedger buys a futures contract that obligates the owner to take delivery of 5,000 bushels of wheat at a price of $3.30 per bushel. At expiration the spot price of wheat is $2.80 per bushel. The hedger has:
A. Saved 50¢ per bushel through hedging
B. Gained peace of mind at a price of 50¢ per bushel
C. The opportunity to avoid taking delivery since price declined
D. Locked in an effective price of $3.05 per bushel