8. Suppose you buy one contract for May 2017 delivery at the closing price. If the contract closes in May at a price of $3.68 per bushel, what will be your profit or loss? (Each contract calls for delivery of 5,000 bushels.) The May price as of now (closing is $3.6125).

Remember: (Price paid for the futures contract price at maturity date) * (number of bushels)