4. Your initial transaction in the market for the JLY21 contract was at the open, what was the futures prfce? Put down both the quote in cents and dollars. (2 pts.) 5. When July 14 rolls around, you offset your futures position. The July futures contract price is now $6.55/bu. Also, on July 1", you sell the wheat that you have harvested on the cash market price. The basis differential in the local cash market is 15 cents under the board. Assume there is no broker fee. a. What is your per bushel profit or loss in the futures marker? (4 pts.) b. What is your total profit/loss in the futures market? (4 pts.) w 1415 Spell Check MacBook Air ac $ 4 % 5 & 7 6 8 9 R. T Y U F G H 4. Your initial transaction in the market for the JLY21 contract was at the open, what was the futures prfce? Put down both the quote in cents and dollars. (2 pts.) 5. When July 14 rolls around, you offset your futures position. The July futures contract price is now $6.55/bu. Also, on July 1", you sell the wheat that you have harvested on the cash market price. The basis differential in the local cash market is 15 cents under the board. Assume there is no broker fee. a. What is your per bushel profit or loss in the futures marker? (4 pts.) b. What is your total profit/loss in the futures market? (4 pts.) w 1415 Spell Check MacBook Air ac $ 4 % 5 & 7 6 8 9 R. T Y U F G H