An elevator operator typically purchases huge amounts of grain from farmers.

Assume the following prices.

Date Spot Price /Bu March Futures Price

September 1 $2.10 $2.34

October 1 $2.05 $2.20

November 1 $2.20 $2.38

It costs the elevator $0.05/Bu/month to store the grain.

How many different futures contracts are considered in this example?

a- 2

b-3

c-4

d-1

e-5