size of the company' s exposure in a 3-month hedo 2.19 A good rule of thumb is to choose a futures contract that has a delivery month as closed as possible to, but later that, the month containing the expiration of the hedge. the contracts that should be used are therefore (a)July (b)September (c) Marchsize of the company’s exposure in a 3-month hedge. 2.19 A good rule of thumb is to choose a futures contract that has a delivery month as closed as possible to, but later that, the month containing the expiration of the hedge. The contracts that should be used are therefore (a) July (b) September (c) March