Suppose you buy a put option contract on October gold futures with a strike price of $400 per ounce Each contract is for the delivery of 100 ounces What happens if you exercise when the October futures price is $377 and the most recent settlement price is $380 14.24, Suppose you sell a call option contract on April live-cattle futures with a strike price of 70 cents per pound. Each contract is for the delivery of 40,000 pounds. What happens if the contract is exercised when the futures price is 76 cents and the most recent settlement price is 75 cents?