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1. Your broker requires an initial margin of $3,100 per futures contract on wheat and a maintenance margin of $2,250 per contract. Wheat futures contracts

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1. Your broker requires an initial margin of $3,100 per futures contract on wheat and a maintenance margin of $2,250 per contract. Wheat futures contracts are based on 5,000 bushels and quoted in cents per bushel. You sold one wheat futures contract yesterday at the closing settlement price quote of 516. Today, the settlement quote is 522. A. What is your position in the wheat? B. Will you receive a margin call and if so, for what amount? All margin calls restore the margin level to its initial level

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