1. Julie Martin trades futures and is currently considering a position in July oats. While the July oats contract is trading at $2.48 per bushel (each contract is for 5000 bushels), she believes July oats will be trading at $2.40 per bushel by July. The initial margin is $540 for one contract. a. What position should she take to profit from her expectations about the future price movement of oats? b. What is her profit/loss and HPR if her expectations are correct?