Drawing on the relevant literature, discuss whether you believe excessive speculation bas distorted conmodity prices away fromfaal values [10 Marks You purchased the following futures contract today (day 0 at the settlement price listed below. Soybean Oil (CBOT) 60,000 pounds (Ibs) (27 metric tons) Lifetime open high low settlement changehighlowOpen nterest October 15.28 15.33 15.25 15.29 0.02 20.35 15.25 7,441 Assume the following futures price movements $15.29 (day 0), $15.27 (day 1), $15.40 (day 2), $15.97 (day 3). (i) What is the total value of the futures contract on day 0, 1, 2 and 3? (i) If there is a 10% margin requirement how much do you have to deposit today? (iii) Calculate the profit/loss per pound and the mark to market settlement at the end of day 1, 2 and 3. iv)Explain why the account is marked-to-market daily. [15 Marks]