Exercise #15

Use the following market closes for soybean futures and options on April 6, 2011 to answer the questions below.

Soybean futures market

Contract	Closing Price
July	$13.88
September	$13.86

Soybean options market (cents per bushel)

		Calls		Puts
Strike Price	July	September	July	September
1340	861	1162	380	705
1360	744	1062	463	805
1380	644	967	563	911
1400	561	881	677	1023
1420	486	806	804	1147

What is the intrinsic value of a 1360 July call? __________________

What is the time value of this same call option? __________________

What is the intrinsic value of a 1360 September call?	__________________
What is the time value of this same option?	__________________
What is the intrinsic value of a 1380 July put?	__________________
What is the time value of this same option?	__________________
What is the intrinsic value of a 1420 September put?	__________________
What is the time value of this same option?	__________________