commodity hedging

i need help on this question

Question 1
(i) The following specifications for the available Soya beans based futures contracts

Commodity Price Symbol Month/Expiry Contract Size Months Point Forecast
Value Price Jun 21
US Soybeans
1005 ZS (S) Nov 20 5,000 Bushels FHKNQUX 1 = $50 892
US Soybean Oil
35 ZL (BO) Dec 20 60,000 Lbs. FHKNQUVZ 1 = $600 28
US Soybean Meal
324 ZM (SM) Dec 20 100 Tonnes FHKNQUVZ 1 = $100 293

NB: 1 bushel of soybeans = 60 pounds = 10.7 pounds of crude soy oil = 47.5 pounds of soybean meal = 39 pounds of soy flour = 20 pounds of soy protein concentrate = 11.8 pounds of isolated soy protein

Also: Assume that the tenure of the futures contract = 3 months

Using the data above assess the exposure to volatile commodity prices and design hedging strategies for the following entities.

(a) A Canadian Soybeans Farmer with an output of 2,000,000 tonnes whose harvest is expected in June 2020. [5 marks]

(b) An international stock feed processing company with 180,000,000 Tonnes of Soybean Meal based output per year. [5 marks]

(c) Outline the challenges faced in trying to achieve a perfect hedge in the above two cases.
[4 marks]
(d) Describe how a cross hedge could be achieved for each of the above. [4 marks]

(e) Given the above forecast prices, evaluate the most profitable of the three possible hedges for the farmer. [7 marks]