Question in FRM Handbook (3rd ed)on Page 241

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Question: The sport price of corn on April 10 is 207 cents/bushel. The futures price of the September contract is 241.5 cents/bushel. If hedger are net short, which of the following statesments is most accurate concerning the expected spot price of corn in September?
Answer: The expected spot price of corn is HIGHER than 241.5.

Does anybody know why it is "higher than" instead of "lower"? I don't understand the solution at the end of the book, I don't think it acturally explained anything.

Many Thanks.

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关键词：question handbook Quest Hand Book handbook FRM question page

你可以换个思维，低买高卖。

你9月份以241.15买期货（买入价241.15），如果空头对冲的话，空头的执行价格低于241.15的话（卖出价格低于241.15），空头9月份交割你就亏了，必须高于241.15.

我觉得答案挺明白啊

因为想避险的人多，所以futures的敲定价就比较低

所以比预期价格低就是理所当然的了

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希望认识更多FRM考友！

Thank you very much for both of your solutions. I highly appreciate that. And I love to share more with you guys in the future.

好像有这么一说，对冲者愿意支付更高的价钱以吸引投机者吸纳风险。

Thank you very much

最近一直看。还没搞懂。。