\begin{tabular}{|c|c|c|c|c|c|c|c|} \hline July & .9585 & 1.0586 & & .9556 & 1.0379 & .0831 & 70,002 \\ \hline \multicolumn{8}{|c|}{ Gasoline-NY RBOB (NYM)-42,000 gal; \$ per gal } \\ \hline June & 9700 & 1.0588 & & 9682 & 1.0258 & .0556 & 45.072 \\ \hline July & .9882 & 1.0699 & & .9830 & 1.0426 & .0588 & 92,197 \\ \hline \multicolumn{8}{|c|}{ Natural Gas (NYM)-10,000 MMBtu; \$ per MMBtu } \\ \hline June & 1.725 & 1.851 & & 1.702 & 1.783 & .137 & 101,895 \\ \hline July & 1.903 & 2.020 & & 1.878 & 1.959 & .126 & 311,801 \\ \hline Sept & 2,062 & 2.163 & & 2.047 & 2.110 & .110 & 133.670 \\ \hline Oet & 2.145 & 2.244 & & 2.138 & 2.198 & .100 & 102,926 \\ \hline Jan'21 & 2.965 & 3.033 & & 2.964 & 2.993 & .038 & 94,105 \\ \hline April & 2.527 & 2.566 & & 2.523 & 2.541 &, 022 & 69,921 \\ \hline \multicolumn{8}{|c|}{ Agriculture Futures } \\ \hline \multicolumn{8}{|c|}{ Corn (CBT) 5,000 bu; cents per bu } \\ \hline July & 320.00 & 322.00 & & 318.00 & 320.75 & 1.50 & 603.507 \\ \hline Dec & 332.25 & 334.00 & & 330.75 & 332.75 & .75 & 346,236 \\ \hline \multicolumn{8}{|c|}{ Oats (CBT) 5,000 bu; cents per bu } \\ \hline Mrch & 313.00 & 323.00 & & 309.50 & 318.75 & 6.75 & 2,732 \\ \hline May & 270.00 & 273.75 & & 267.50 & 269.56 & -.75 & 1,132 \\ \hline \multicolumn{8}{|c|}{ Soybeans (CBT) 5,000 bu; cents per bu } \\ \hline July & 840.50 & 847+75 & & 838.75 & 845.00 & 6.50 & 319.483 \\ \hline Nov & 848.00 & 855.00 & & 84575 & 852.75 & 7.25 & 173,440 \\ \hline \multicolumn{8}{|c|}{ Soybean Meal (CBT)-10o tons; \$ per ton } \\ \hline July & 287.80 & 288.00 & & 284.50 & 285.10 & -2.40 & 174,198 \\ \hline Dec & 293.50 & 293.80 & & 291.80 & 292.30 & -70 & 74,397 \\ \hline \multicolumn{8}{|c|}{ Soybean Oil (CBT) 60,000 lb; cents per lb } \\ \hline July & 26.61 & 27.40 & & 26.61 & 2732 & .74 & 177,486 \\ \hline Dec & 27.43 & 28.17 & & 27.38 & 28,13 & .76 & 87,635 \\ \hline \multicolumn{8}{|c|}{ Rough Rice (CBT) - 2,000 cwt; \$ per cwt } \\ \hline July & 16.06 & 16.38 & & 15.99 & 16.07 & 05 & 6,877 \\ \hline May & 11.91 & 11.95 & & 11.86 & 11.95 & .04 & 4.385 \\ \hline \multicolumn{8}{|c|}{ Wheat (CBT) 5,000 bu; cents per bu } \\ \hline July & 501.50 & 502.75 & v & 493.75 & 497.00 & 3:25 & 198.564 \\ \hline Sept & 504.50 & 505.25 & v & 497.00 & 500.00 & -3.00 & 76,746 \\ \hline \end{tabular} Suppose your firm produces breakfast cereal and needs 140,000 bushels of corn in December 2020 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might rise between now and December. Use Table 231. a. What total cost would you effectively be locking in based on the closing price of the day? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $3.17 per bushel in December. What is the profit or loss on your futures position? (Do not round intermediate calculations and enter your answer as a positive value rounded to the nearest whole number, e.g., 32.) \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ British Pound (CME)- 162,500;$ per &} \\ \hline May & 1.2236 & 1.2208 & 1.2080 & 1.2181 & .0064 & 1,718 \\ \hline June & 1.2085 & 1.2229 & 1.2079 & 1.2193 & .0075 & 173,099 \\ \hline \multicolumn{7}{|c|}{ Swiss Frane (CME)-CHF 125,000; \$ per CHF } \\ \hline March & 1.0302 & 1.0342 & 2.0253 & 1.0287 & -.0008 & 42,543 \\ \hline June & 1.0328 & 1.0370 & 1.0284 & 1.0316 & -.0008 & 135 \\ \hline \multicolumn{7}{|c|}{ Australian Dollar (CME)-AUD 100,000; \$ per AUD } \\ \hline May & .6459 & .6504 & .6415 & .6483 & .0065 & 329 \\ \hline June & .6414 & .6528 & .6413 & .6515 & .0096 & 131,261 \\ \hline \multicolumn{7}{|c|}{ Mexican Peso (CME)-MXN 500,000; \$ per MXN } \\ \hline May & .04199 & .04258 & .04166 & .04235 & .00071 & 1,002 \\ \hline June & .04145 & .04245 & .04139 & .04196 & .00048 & 98,421 \\ \hline \multicolumn{7}{|c|}{ Euro (CME)-C125,000; $ per C} \\ \hline May & 1.0825 & 1.0866 & 1.0801 & 1.0856 & .0042 & 1,861 \\ \hline June & 1.0820 & 1.0933 & 1.0805 & 1.0920 & .0100 & 539,884 \\ \hline \multicolumn{7}{|c|}{ Index Futures } \\ \hline \multicolumn{7}{|c|}{ Mini DJ Industrial Average (CBT)$5 index } \\ \hline June & 23600 & 24640 & 23538 & 24507 & 990 & 71,344 \\ \hline Sept & 23559 & 24526 & 23468 & 24405 & 972 & 843 \\ \hline \multicolumn{7}{|c|}{ S\&P 500 Index (CME)$250 index } \\ \hline June & 2854.90 & 2947.30 & 2851.10 & 2947.90 & 101.50 & 103,060 \\ \hline Sept & + & & - & 2939.20 & 10130 & 11 \\ \hline \multicolumn{7}{|c|}{ Mini S\&P 500(CME)$50 index } \\ \hline June & 2859.75 & 2954.75 & 2850.00 & 2948.00 & 101.50 & 3,152,167 \\ \hline Dec & 2844.25 & 2950.00 & 2838.00 & 2934.00 & 10125 & 37,353 \\ \hline \multicolumn{7}{|c|}{ Mini S\&P Mideap 400(CME)$100 index } \\ \hline June & 1573.00 & 1680.90 & 1571.50 & 1672.60 & 96.40 & 72,759 \\ \hline June & 1628.00 & 1672.50 & 1573.00 & 1668.40 & 94.00 & 4 \\ \hline \multicolumn{7}{|c|}{ Mini Nasdaq 100(CME)$20 index } \\ \hline June & 9135.00 & 9361.50 & 9110.25 & 9325.50 & 229.00 & 197.701 \\ \hline Sept & 9097.00 & 9344.00 & 9097.00 & 9310.50 & 229.50 & 2,118 \\ \hline \multicolumn{7}{|c|}{ Mini Russell 2000 (ICE-US) $100 index } \\ \hline June & 1254.10 & 1338.20 & 1247.50 & 1333.20 & 86,80 & 547,583 \\ \hline Sept & 1269.70 & 1334.70 & 1246.60 & 1330.80 & 86.60 & 4,901 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline July & 454.25 & 455.50 & 444.50 & 446.25 & -6.00 & 121.388 \\ \hline Sept & 461.75 & 461.75 & 451.00 & 452.00 & -6.00 & 39,334 \\ \hline \multicolumn{7}{|c|}{ Cattle-Feeder (CME)-50,000 lb; cents per Ib } \\ \hline May & 126.175 & 127.000 & 125.500 & 126.600 & 1.875 & 2.013 \\ \hline Aug & 132.100 & 133.700 & 131.575 & 132.550 & 1.475 & 15,413 \\ \hline \multicolumn{7}{|c|}{ Cattle-Live (CME)-40,000 lb; cents per lb } \\ \hline June & 98.000 & 100.000 & 97.175 & 98.725 & 1.725 & 46,632 \\ \hline Aug & 98.625 & 99.825 & 97.500 & 98.850 & 1.025 & 103.245 \\ \hline \multicolumn{7}{|c|}{ Hogs-Lean (CME)-40,000 lb; cents per lb } \\ \hline June & 58.500 & 58.800 & 57.100 & 57.650 & -.225 & 32,852 \\ \hline July & 58.375 & 58.450 & 57.050 & 57.650 & -.100 & 58,077 \\ \hline \multicolumn{7}{|c|}{ Lumber (CME)-110.000 bd ft, $ per 1,000bdft} \\ \hline July & 349.80 & 351.00 & 34330 & 346.20 & 1.20 & 1,579 \\ \hline Sept & 351.10 & 352.90 & 346.70 & 349.40 & 2.50 & 715 \\ \hline \multicolumn{7}{|c|}{ Milk (CME)-200,000 lb; cents per lb } \\ \hline May & 12.25 & 12.29 & 12.20 & 12.24 & & 4,600 \\ \hline June & 16.75 & 16.90 & 16.32 & 16.66 & -.19 & 4,992 \\ \hline \multicolumn{7}{|c|}{ Cocoa (ICE-US)-10 metric tons; $ per ton } \\ \hline July & 2,393 & 2,416 & 2,376 & 2,404 & 5 & 73,008 \\ \hline Sept & 2,367 & 2,390 & 2,354 & 2,379 & 4 & 57.839 \\ \hline \multicolumn{7}{|c|}{ Coffee (ICE-US)-37,500 lb; cents per Ib } \\ \hline May & 105.70 & 10570 & 10570 & 10570 & 90 & 9 \\ \hline July & 106.75 & 108.10 & 105.00 & 107.75 & .90 & 80,326 \\ \hline \multicolumn{7}{|c|}{ Sugar-World (ICE-US)-112,000 lb; cents per lb } \\ \hline July & 10.52 & 10.83 & 10.47 & 10.80 & 42 & 334,001 \\ \hline Oet & 10.63 & 10.93 & 10.59 & 10.90 & .40 & 239.325 \\ \hline \multicolumn{7}{|c|}{ Sugar-Domestic (ICE-US)-112,00o lb; cents per lb } \\ \hline July & 25.80 & 25.80 & 25.80 & 25.80 & & 1,378 \\ \hline Sept & 25.91 & 25.91 & 25.91 & 25.91 & .01 & 2,611 \\ \hline \multicolumn{7}{|c|}{ Cotton (ICE-US) - 50,00o lb; cents per lb } \\ \hline July & 58.40 & 58.96 & 57.40 & 57.80 & -45 & 86,781 \\ \hline Dee & 57.98 & 58.78 & 57.35 & 57.93 & -.24 & 60,174 \\ \hline \multicolumn{7}{|c|}{ Orange Juice (ICE-US)-15,000 lb; cents per lb } \\ \hline July & 123.00 & 126.95 & 122.45 & 126.80 & 3.25 & 7.233 \\ \hline Sept & 122.90 & 125.20 & 122.10 & 125.05 & 2.25 & 1,942 \\ \hline \end{tabular} TABLE 23.1 Sample Wall Street Journal Futures Price Quotations \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ Metal \& Petroleum Futures } \\ \hline & \multirow[b]{2}{*}{ Open } & \multicolumn{2}{|c|}{ Contract } & \multirow[b]{2}{*}{ Low } & \multirow[b]{2}{*}{ Settle } & \multirow[b]{2}{*}{ Chg } & \multirow{2}{*}{OpenInterest} \\ \hline & & High & h Lo & & & & \\ \hline \multicolumn{8}{|c|}{ Copper-High (CMX)-25,000 lb; \$ per 1b } \\ \hline May & 2.3655 & 2,4260 & & 2.3400 & 2.4050 & 0.0715 & 1,672 \\ \hline July & 2.3375 & 2.4285 & & 2.3340 & 2.4040 & 0.0735 & 99.558 \\ \hline \multicolumn{8}{|c|}{ Gold (CMX)-10o troy oz; $ per troy oz } \\ \hline May & 1755.70 & 1770.50 & & 1734,10 & 1731.80 & -21.60 & 1,335 \\ \hline June & 1757.50 & 1775.80 & & 1729.30 & 173440 & -21.90 & 257,707 \\ \hline Aug & 1769.40 & 1787.50 & & 1741.90 & 1746.70 & -21.30 & 165,420 \\ \hline Oct & 1780.00 & 1792.90 & & 1750.50 & 1753.60 & -19.60 & 18,096 \\ \hline Dec & 1780.00 & 1800.00 & & 1756.20 & 1760.60 & -18.10 & 63.563 \\ \hline Feb'21 & 1765.00 & 1775.00 & & 1762.00] & 1763.60 & -17.40 & 10,863 \\ \hline \multicolumn{8}{|c|}{ Palladium (NYM) - so troy oz; \$ per troy oz } \\ \hline May & & & & & 2021.80 & 169.20 & \\ \hline June & 1873.10 & 20770.00 & & 1863.70 & 2027.16 & 169.20 & 3,381 \\ \hline Sept & 1880.00 & 2050.00 & & 1880.00 & 2016.20 & 161.30 & 3.318 \\ \hline Dee & 2000.00 & 2000.00 & & 2000.00 & 2009.20 & 161.50 & 393 \\ \hline \multicolumn{8}{|c|}{ Platinum (NYM) - 50 troy oz; \$ per troy oz. } \\ \hline May & 807.60 & 807.60 & & 805.10 & 86470 & 52.20 & 8 \\ \hline July & 823.10 & 877.00 & & 822.70 & 869.30 & 52.20 & 42,602 \\ \hline \multicolumn{8}{|c|}{ Silver (CMX)5,000 troy oz.; \$ per troy oz } \\ \hline May & 17.220 & 17.585 & & 17.220 & 17464 & 0.418 & 353 \\ \hline July & 17.225 & 17.985 & & 17.125 & 17.468 & 0.398 & 111,605 \\ \hline \multicolumn{8}{|c|}{ Crude Oil, Light Sweet (NYM)-1,00o bbl; \$ per bbl } \\ \hline June & 29.53 & 33.32 & & 29.53 & 31.82 & 2.39 & 54,931 \\ \hline July & 29.81 & 33.10 & & 29.55 & 31.65 & 2.13 & 308,131 \\ \hline Aug & 30.30 & 33.52 & & 30.15 & 32.27 & 2.15 & 248,058 \\ \hline Sept & 30.92 & 33.90 & & 30.69 & 32.87 & 2.18 & 304,304 \\ \hline Dec & 32.25 & 34.77 & & 32.13 & 34.07 & 2.06 & 339,481 \\ \hline Dec'21 & 35.55 & 37.81 & & 3555 & 37.30 & 1.76 & 129,484 \\ \hline \end{tabular} NY Harbor UISD (NYM) - 42,000 gal; \$ per gal June.92051.0286.91951.0064.086052,223 \begin{tabular}{|c|c|c|c|c|c|c|} \hline June & 1615.10 & 1632.40 & 1575.20 & 1625.00 & 50.70 & 8,189 \\ \hline \multicolumn{7}{|c|}{ U.S. Dollar Index (ICE-US) $1,000 index } \\ \hline June & 100.44 & 100.52 & 99.60 & 99.68 & -.75 & 31,406 \\ \hline Sept & 100.38 & 100.50 & 99.63 & 99.69 & -.74 & 867 \\ \hline \end{tabular} Interest Rate Futures Ultra Treasury Bonds (CBT) $100,000; pts 32nds of 100% JuneSept224000222080224020222110217300216130218030216170518.0518.01,040,21575.948 Treasury Bonds (CBT) $100,000; pts 32 nds of 100% JuneSept181010179160181040179170178020176180178050176200225.0225.01,004,68117,806 Treasury Notes (CBT) - \$100,000; pts 32 nds of 100% JuneSept139115139035139125139050125117125062.12512212506711.012.03,265,401160,418 5 Yr. Treasury Notes (CBT) $100,000; pts 32nd s of 100% JuneSept12525512520012525512520712511712506212512212506711.512.03.301,676357,677 2 Yr. Treasury Notes (CBT) $200,000; pts 32nds of 100% \begin{tabular}{lr|rrrrr} June & 110094 & 110099 & 110066 & 110068 & 2,1 & 2,306,556 \\ Sept & 110141 & 110144 & 110109 & 110110 & -2.5 & 131,607 \end{tabular} 30 Day Federal Funds (CBT) $5,000,000;100-daily avg \begin{tabular}{lllllll} May & 99.9475 & 99.9500 & 99.9450 & 99.9475 & -.0025 & 228,664 \\ \hline July & 99.9450 & 99.9500 & 99.9350 & 99.9350 & -.0150 & 215.465 \end{tabular} 10Yr. Del. Int. Rate Swaps (CBT) - \$100,000; pts 32 nds of 100% June 1053151060801050601050701=01.073,230 Eurodollar (CME) $1,000,000;pts of 100% \begin{tabular}{lllllll} May & 99.6375 & 99.6375 & 99.6350 & 99.6234 & -.0141 & 388,142 \\ June & 99.6850 & 99.7000 & 99.6650 & 99.6700 & -.0050 & 1,723,403 \\ Sept & 99.7200 & 99.7300 & 99.6950 & 99.6950 & -.0200 & 1,628,149 \\ Dec & 99.7100 & 99.7200 & 99.6750 & 99.6800 & -.0250 & 1,121,949 \\ \hline \end{tabular} Currency Futures MayJuneCanadianDollar(CME)MayJune.9335.9337CAD100.000;$perCAD.7134.7087.9339.9343.7173.7175.9303.9305.7088.7086.9305.9315.7162.7162.0016.0010.0073.0073703154,057820118,950