Question
2. Garlic contract: DELIVERY OF KEJORA FRESH SIBERIAN HARDNECK GARLIC BULB 4800 COUNT TO OLIVE MILL ARIZONA AT $.27 PER BULB DISCOUNT due: first week
2. Garlic contract: DELIVERY OF KEJORA FRESH SIBERIAN HARDNECK GARLIC BULB 4800 COUNT TO OLIVE MILL ARIZONA AT $.27 PER BULB DISCOUNT
due: first week of March 2022
-Chicago Board of Trade imposes +/-10 cents per bulb price (movement) limit; initial margin of $700; maintenance margin of 450
-March garlic contract sells at $2.47/bulb when you purchased a contract. Subsequent events follow:
---price of garlic futures falls to 2.44/bulb
---price of garlic futures falls further to 2.40/bulb
---price of garlic futures falls further to 2.38/bulb.
what is your margin balance at the end of the day?
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
