The standard deviation of monthly changes in the spot price of corn is **50** cents per bushel. The standard deviation of monthly changes in the futures price of corn is **40** cents per bushel. The correlation between the spot price of corn and the futures price of corn is **0.9**.

It is now March. A corn chip manufacturer is committed to buying **250,000** bushels of corn in May. The spot price of corn is **381** cents per bushel and the June futures price is **399** cents per bushel.

The corn chip manufacturer wants to use the June corn futures contracts to hedge his risk. Each futures contract is for the delivery of **5,000** bushels of corn. One bushel is about 127 metric tons.

How many corn futures should the corn chip manufacturer buy to hedge his risk? Round your answer to the nearest whole number of contracts. Remember to tail the hedge.