关于long 期货

No.PZ2020012001000033 (问答题)

来源: 原版书

20 futures contracts are used to hedge an exposure to the price of soybeans. Each futures contract is on 5,000 bushels. At the time the hedge is closed out, the basis is 20 cents per bushel. What is the effect of the basis on the hedger if (a) the purchase of soybeans is being hedged and (b) the sale of soybeans is being hedged?

您好，我突然有点混乱。请您帮忙看一下我的思路对不对。我觉得the purchase of soybeans is being hedged，意思是我要买大豆，所以怕大豆涨价，那么hedge的话就是long的头寸。但是我突然纠结long现货和long期货的区别了。如果基差大于0，那么就意味着现货价格大于期货价格。我觉得结算的时候，long应该是用期货合约约定的执行价格，买到大豆，但是那时候大豆的实际现货价格是大于期货价格的，所以我怎么感觉是赚了。我不太明白long futures的结算方式。

然后，一般情况下，觉得未来某个东西价格要涨，我long的是现货还是期货呢。

请老师解答谢谢。