FIGURE 14.1 Futures Prices (April 10, 2019) Open Interest Settle Chg Contract Open High hilo Low Cotton (ICE-US)-50,000 lbs., cents per lb. May 78.18 78.35 77.32 July 78.73 78.84 78.09 Orange Juice (ICE-US)-15.000 lbs.: cents per lb. May 108.90 109.80 108.20 113.70 114.35 111.85 77.62 78.46 -.47 -.01 51,151 81,051 5.60 July 108.60 112.20 - 80 -1.95 10,496 7,078 Interest Rate Futures Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 147-280 148-170 147-230 148-070 7.0 941,582 Treasury Notes (CBT) $100,000; pts 32nds of 100% June 123-190 123 295 123-170 123-255 5.0 3,920,906 Sept 123-305 124.040 123-270 124-015 6.0 2,121 5 Y. Treasury Notes (CBT) $100,000; pts 32nds of 100% June 115 160 115 230 115.147 115202 3.5 4.272,721 Sept 115-220 115-252 115-202 115 240 4.0 41,922 2 Y. Treasury Notes (CBT) $200,000, pts 32nds of 100% June 106-123 106 147 105 122 106-136 1.0 3,407,265 30 Day Federal Funds (CBT)-$5,000,000;100-daily avg. April 97.590 97.593 97.590 97.590 -002 222,888 May 97.600 97.600 97.595 97.595 -005 264,957 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 104.406 104.797 104.406 104.641 .188 19,922 1 Month Libor (CME)-$1300,000: pts of 100% April 97.5225 15 Eurodollar (CME)-$1000,000; pts of 100% April 97,4275 97.4275 97.4100 97.4175 - 0125 225,824 June 97.4450 97.4550 97.4400 97.4450 - 0050 .0050 1,459,756 Sept 97.4850 97.5050 97.4850 97.4950 1,385,215 Dec 97.5050 97.5350 97.5050 97.5200 .0050 1,653,693 199,532 .9015 .9059 0010 .0009 2.490 161,102 .7507 .7518 - 0001 1,031 141,631 Futures Contracts | WSJ.com/commodities Metal & Petroleum Futures Contract Open Open High hilo Low Settle Chg interest Copper-High (CMXH-25,000 lbs.: $ per lb. April 2.9225 -0.0090 1,264 May 2.9325 2.9425 2.9110 2.9255 -0.0085 92,345 Gold (CMX) 100 troy oz.: $ per troy oz. April 1304.00 1304.00 1301.50 1309.10 325 June 1308.20 1314.70 1304.70 1313.90 5.60 331,311 Aug 1314.50 1320.70 1311.00 1319.90 5.60 50,769 Dec 1326.50 1332.20 1322 80 1331.90 5.60 36,080 Fob'20 1329.90 1337.90 1329.90 1337.90 5.50 11,597 April 1337.30 1343.10 1334.80 1343.60 5.50 6,985 Palladium (NYM)-50 troy oz: $ per troy oz. April 1366.40 0.60 1 June 1362.60 1371.50 1355.00 1363.20 0.60 19,677 Sept 1356.40 1361.70 1349 20 1356.80 1.40 2.205 Platinum (NYM)-50 troy oz.: $ per troy oz. April 900.00 900.00 900.00 903.20 9.30 67 July 896. 10 912.80 890.50 908.90 9.60 69,489 Silver (CMX)-5.000 troy oz: $ per troy oz. April 15.170 15.205 15.095 15,201 0.033 16 May 15.185 15.265 15.115 15.244 0.033 117.796 Crude Oil, Light Sweet (NYM)-1000 bbls.: $ per bbl. May 64.22 64.70 64.05 64.61 0.63 280,173 June 64.20 61.71 A 64.01 64.65 0.69 321,402 July 64.12 64.69 A 63.93 64.67 0.76 189,217 Sept 63.72 64.40 A 63.55 64.38 0.82 154,891 Dec 62.73 63.47 A 62.57 63.46 0.84 Dec 20 58.73 59.29 A 58.68 59.28 0.56 118.733 NY Harbor ULSD (NYM)-42.000 gal: $ per gal. May 2.0510 2.0897 A 2.0488 2.0876 0427 90,825 June 2.0575 2.0910 A 2.0520 2.0892 0412 79,735 Gasoline-NY RBOB (NYM) 42,000 gal: $ per gal. May 2.0105 2.0702 A 2.0105 2.0692 .0702 108.354 June 1.9850 2.0307 A 1.9806 2.0297 .0598 103.754 Natural Gas (NYM)-10,000 MMBtu: $ per MMBtu. May 2.705 2.729 2.686 2.700 .001 187,831 June 2.749 2.768 2.726 2.742 003 167,629 July 2.805 2.824 2.786 2.801 .003 125,844 Aug 2.832 2.849 2.813 2.827 .001 71,485 Sept 2.827 2.843 2.808 2.821 144,545 Oct 2.849 2.861 2.829 2.842 .001 95,014 Agriculture Futures Corn (CBT)-5,000 bu, cents per bu. May 360.25 362.75 360.00 361.75 1.75 553,142 July 368.75 371.75 368.75 370.75 2.25 556.095 Oats (CBT)-5,000 bu.; cents per bu. May 282.00 282.00 277.00 279.00 -2.25 3,102 July 274 25 274.75 269.75 272.75 -1.00 1.875 Soybeans (CBT)-5,000 bu, cents per bu. May 898.75 903.75 897.25 902.00 3.25 267,825 July 911.50 917.00 910.25 915.25 3.50 261,722 Soybean Meal (CBT)-100 tons.: per ton. May 309.10 311.00 308.50 310.10 1.00 142,987 July 312.80 314.70 312.20 313.80 1.00 149.225 Soybean Oil (CBT)-60,000 lbs., cents per lb. May 29.02 29.11 28.81 29.07 .03 127.952 July 29.31 29.41 29.12 29.38 .03 158,428 Rough Rice (CBT) 2000 cwl.: $ per cwb. May 1032.00 1041.50 1021.50 1023.50 -5.50 5.281 July 1059.00 1061.50 1042.00 1048.50 -2.50 2.162 Wheat (CBT)-5000 bu: cents per bu. May 459.00 461.75 455.50 458.00 -1.50 158,124 July 463.75 464.75 450.00 461.50 -2.50 171,832 Wheat (KC)-5000 bu, cents per bu. May 426.75 430.00 424.50 426.25 -1.25 117.401 July 433.50 436.25 431.50 432.75 -2.25 125.262 Wheat (MPLS)-5000 bu., cents per bu May 523.00 533.50 523.00 530.25 7.25 21,552 July 531.00 541.25 531.00 537.00 5.75 21.816 Cattle-Feeder (CME)-50,000 lbs., cents per lb. April 145.850 145 925 145.00 145.175 -975 3,781 Aug 157.600 157.750 156.450 157.025 -575 18.169 Cattle-Live (CME) 40,000 lbs., cents per lb. April 125.825 126.325 125.375 125.875 -.025 23,376 June 120.150 120.350 119.600 119.950 --400 198,207 Hogs-Lean (CME)-40,000 lbs.: cents per lb. April 78.750 79.125 78.675 78.900 375 13,520 June 94.000 97.325 93.525 96.450 1.300 82.006 Lumber (CME) 110,000 bd.ft. $ per 1,000 bd. ft. May 342.30 344.80 336.00 342.40 2.40 1880 July 346.30 348.10 340.80 345.00 .70 1,016 Milk (CME)-200,000 lbs., cents per lb. April 15.94 15.99 A 15.87 15.97 .02 3.396 May 15.84 15.96 15.84 15.92 .07 3.878 Cocoa (ICE-US-10 metrictons, $ per ton. May 2,439 2.449 2.443 21.910 July 2,418 2,425 2,399 2,423 5 88.143 Coffee (ICE-US) 37,500 lbs; conts por lb. May 93.75 94.50 93.10 94.25 .60 90.442 July 96.20 96.95 95.60 96.75 .65 115.156 Sugar-World (ICE-US)-112,000 lbs; cents per lb. May 12.78 12.83 12.70 12.81 .03 230,257 July 12.90 12.99 12.84 12.98 .08 299,402 Sugar-Domestic (ICE-US)-112,000 lbs: cents per lb. July 26.99 27.00 26.99 27.00 .39 2.759 Sept 26.65 26.96 26.65 27.10 2.456 1.3087 1.3128 .0041 .0041 815 139,407 1.0038 - 0031 1.0123 - 0032 74,074 48 Currency Futures Japanese Yen (CME) +12,500,000 $ por 100% April 8998 9016 8992 June .9047 9070 .9034 Canadian Dollar (CME)-CAD 1000,000: S per CAD April 7508 .7508 .7505 June .7514 .7528 .7497 British Pound (CME)- 62,500; $ per April 1.3054 1.3118 1.3052 June 1.3097 1.3165 1.3093 Swiss Franc (CME)-CHF 125,500: S per CHF June 1.0067 1.0075 1.0030 Sept 1.0122 1.0130 1.0117 Australian Dollar (CME)AUD 100,000; $ per AUD April 7116 .7164 7116 May .7127 .7179 .7117 June .7133 .7185 .7120 Sept .7146 .7196 .7140 DOC .7176 .7187 .7176 March 20 .7172 .7172 7163 Mexican Peso (CME)-MXN 500,000; $ per MXN April .05272 .05272 .05272 June 05226 .05259 05222 Euro (CME) C125,000; $pere April 1.1271 1.1292 1.1241 June 1.1328 1.1360 1.1294 .7167 .7171 .7176 .7189 .7203 .7216 0042 .0042 .0042 .0041 0041 0041 255 312 144,937 670 203 73 05303 .00026 05251 .00026 39 234,619 1.1276 1.1336 0003 .0003 2,387 478,245 8 78,612 11.90 28,438 12.00 2,531,776 12.00 19,300 Index Futures Mini DJ Industrial Average (CBT)-$ 5 x Index June 26144 26233 26 107 26166 S&P 500 Index (CME) $250 x Index June 2883.00 2895.50 A 2883.00 2894,50 Mini S&P 500 (CME)-$50 x Index June 2882.00 2895.75 2878.00 2894.50 Sept 2887.75 2901.00 2883.50 2899.50 Mini S&P Midcap 400 (CME)-$100 x Index June 1932.20 1951.50 1929.00 1949.40 Mini Nasdaq 100 (CME-$20 x Index June 7590.5 7646.0 A 7575.8 7641.3 Mini Russell 2000 (ICE-US) $100 x Index June 1564.50 1586.80 1562.10 1585.80 Mini Russell 1000 (ICE-US) $100 x Index June 1599.70 1603.40 1598.40 1603.00 US Dollar Index (ICE-US)-$1,000 x Index June 96.60 96.84 96.41 96.56 18.30 63,577 48.0 200,115 21.10 435,857 6.30 8,979 -.05 49.480 2,421 Sources: The Wall Street Journal, April 11, 2019. Dow Jones & Company, Inc. and SIX Financial Information Check my work Using Figure 14.1, answer the following questions: a. What was the settle price for April 2019 hogs lean futures on this date? What is the total dollar value of this contract at the close of trading for the day? (Input all amounts as positive values. Enter the settle price in dollars rounded to 4 decimal places and round the dollar value to 2 decimal places.) Settle price Dollar value b. What was the settle price for May 2019 natural gas futures on this date? If you held 40 contracts, what is the total dollar value of your futures position? (Input all amounts as positive values. Enter the settle price in dollars rounded to 4 decimal places and round the dollar value to the nearest whole number.) Settle price Dollar value Check my work C-1. Suppose you held an open position of 10 June 2019 mini Dow Jones Industrial Average futures on this day. What is the change in the total dollar value of your position for this day's trading? (A negative value should be indicated by a minus sign.) Dollar value C-2. If you held a long position, would this represent a profit or a loss to you? Profit O Loss d. Suppose you are short 30 January 2019 soybean oil futures contracts. Would you have made a profit or a loss on this day? Profit Loss FIGURE 14.1 Futures Prices (April 10, 2019) Open Interest Settle Chg Contract Open High hilo Low Cotton (ICE-US)-50,000 lbs., cents per lb. May 78.18 78.35 77.32 July 78.73 78.84 78.09 Orange Juice (ICE-US)-15.000 lbs.: cents per lb. May 108.90 109.80 108.20 113.70 114.35 111.85 77.62 78.46 -.47 -.01 51,151 81,051 5.60 July 108.60 112.20 - 80 -1.95 10,496 7,078 Interest Rate Futures Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 147-280 148-170 147-230 148-070 7.0 941,582 Treasury Notes (CBT) $100,000; pts 32nds of 100% June 123-190 123 295 123-170 123-255 5.0 3,920,906 Sept 123-305 124.040 123-270 124-015 6.0 2,121 5 Y. Treasury Notes (CBT) $100,000; pts 32nds of 100% June 115 160 115 230 115.147 115202 3.5 4.272,721 Sept 115-220 115-252 115-202 115 240 4.0 41,922 2 Y. Treasury Notes (CBT) $200,000, pts 32nds of 100% June 106-123 106 147 105 122 106-136 1.0 3,407,265 30 Day Federal Funds (CBT)-$5,000,000;100-daily avg. April 97.590 97.593 97.590 97.590 -002 222,888 May 97.600 97.600 97.595 97.595 -005 264,957 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 104.406 104.797 104.406 104.641 .188 19,922 1 Month Libor (CME)-$1300,000: pts of 100% April 97.5225 15 Eurodollar (CME)-$1000,000; pts of 100% April 97,4275 97.4275 97.4100 97.4175 - 0125 225,824 June 97.4450 97.4550 97.4400 97.4450 - 0050 .0050 1,459,756 Sept 97.4850 97.5050 97.4850 97.4950 1,385,215 Dec 97.5050 97.5350 97.5050 97.5200 .0050 1,653,693 199,532 .9015 .9059 0010 .0009 2.490 161,102 .7507 .7518 - 0001 1,031 141,631 Futures Contracts | WSJ.com/commodities Metal & Petroleum Futures Contract Open Open High hilo Low Settle Chg interest Copper-High (CMXH-25,000 lbs.: $ per lb. April 2.9225 -0.0090 1,264 May 2.9325 2.9425 2.9110 2.9255 -0.0085 92,345 Gold (CMX) 100 troy oz.: $ per troy oz. April 1304.00 1304.00 1301.50 1309.10 325 June 1308.20 1314.70 1304.70 1313.90 5.60 331,311 Aug 1314.50 1320.70 1311.00 1319.90 5.60 50,769 Dec 1326.50 1332.20 1322 80 1331.90 5.60 36,080 Fob'20 1329.90 1337.90 1329.90 1337.90 5.50 11,597 April 1337.30 1343.10 1334.80 1343.60 5.50 6,985 Palladium (NYM)-50 troy oz: $ per troy oz. April 1366.40 0.60 1 June 1362.60 1371.50 1355.00 1363.20 0.60 19,677 Sept 1356.40 1361.70 1349 20 1356.80 1.40 2.205 Platinum (NYM)-50 troy oz.: $ per troy oz. April 900.00 900.00 900.00 903.20 9.30 67 July 896. 10 912.80 890.50 908.90 9.60 69,489 Silver (CMX)-5.000 troy oz: $ per troy oz. April 15.170 15.205 15.095 15,201 0.033 16 May 15.185 15.265 15.115 15.244 0.033 117.796 Crude Oil, Light Sweet (NYM)-1000 bbls.: $ per bbl. May 64.22 64.70 64.05 64.61 0.63 280,173 June 64.20 61.71 A 64.01 64.65 0.69 321,402 July 64.12 64.69 A 63.93 64.67 0.76 189,217 Sept 63.72 64.40 A 63.55 64.38 0.82 154,891 Dec 62.73 63.47 A 62.57 63.46 0.84 Dec 20 58.73 59.29 A 58.68 59.28 0.56 118.733 NY Harbor ULSD (NYM)-42.000 gal: $ per gal. May 2.0510 2.0897 A 2.0488 2.0876 0427 90,825 June 2.0575 2.0910 A 2.0520 2.0892 0412 79,735 Gasoline-NY RBOB (NYM) 42,000 gal: $ per gal. May 2.0105 2.0702 A 2.0105 2.0692 .0702 108.354 June 1.9850 2.0307 A 1.9806 2.0297 .0598 103.754 Natural Gas (NYM)-10,000 MMBtu: $ per MMBtu. May 2.705 2.729 2.686 2.700 .001 187,831 June 2.749 2.768 2.726 2.742 003 167,629 July 2.805 2.824 2.786 2.801 .003 125,844 Aug 2.832 2.849 2.813 2.827 .001 71,485 Sept 2.827 2.843 2.808 2.821 144,545 Oct 2.849 2.861 2.829 2.842 .001 95,014 Agriculture Futures Corn (CBT)-5,000 bu, cents per bu. May 360.25 362.75 360.00 361.75 1.75 553,142 July 368.75 371.75 368.75 370.75 2.25 556.095 Oats (CBT)-5,000 bu.; cents per bu. May 282.00 282.00 277.00 279.00 -2.25 3,102 July 274 25 274.75 269.75 272.75 -1.00 1.875 Soybeans (CBT)-5,000 bu, cents per bu. May 898.75 903.75 897.25 902.00 3.25 267,825 July 911.50 917.00 910.25 915.25 3.50 261,722 Soybean Meal (CBT)-100 tons.: per ton. May 309.10 311.00 308.50 310.10 1.00 142,987 July 312.80 314.70 312.20 313.80 1.00 149.225 Soybean Oil (CBT)-60,000 lbs., cents per lb. May 29.02 29.11 28.81 29.07 .03 127.952 July 29.31 29.41 29.12 29.38 .03 158,428 Rough Rice (CBT) 2000 cwl.: $ per cwb. May 1032.00 1041.50 1021.50 1023.50 -5.50 5.281 July 1059.00 1061.50 1042.00 1048.50 -2.50 2.162 Wheat (CBT)-5000 bu: cents per bu. May 459.00 461.75 455.50 458.00 -1.50 158,124 July 463.75 464.75 450.00 461.50 -2.50 171,832 Wheat (KC)-5000 bu, cents per bu. May 426.75 430.00 424.50 426.25 -1.25 117.401 July 433.50 436.25 431.50 432.75 -2.25 125.262 Wheat (MPLS)-5000 bu., cents per bu May 523.00 533.50 523.00 530.25 7.25 21,552 July 531.00 541.25 531.00 537.00 5.75 21.816 Cattle-Feeder (CME)-50,000 lbs., cents per lb. April 145.850 145 925 145.00 145.175 -975 3,781 Aug 157.600 157.750 156.450 157.025 -575 18.169 Cattle-Live (CME) 40,000 lbs., cents per lb. April 125.825 126.325 125.375 125.875 -.025 23,376 June 120.150 120.350 119.600 119.950 --400 198,207 Hogs-Lean (CME)-40,000 lbs.: cents per lb. April 78.750 79.125 78.675 78.900 375 13,520 June 94.000 97.325 93.525 96.450 1.300 82.006 Lumber (CME) 110,000 bd.ft. $ per 1,000 bd. ft. May 342.30 344.80 336.00 342.40 2.40 1880 July 346.30 348.10 340.80 345.00 .70 1,016 Milk (CME)-200,000 lbs., cents per lb. April 15.94 15.99 A 15.87 15.97 .02 3.396 May 15.84 15.96 15.84 15.92 .07 3.878 Cocoa (ICE-US-10 metrictons, $ per ton. May 2,439 2.449 2.443 21.910 July 2,418 2,425 2,399 2,423 5 88.143 Coffee (ICE-US) 37,500 lbs; conts por lb. May 93.75 94.50 93.10 94.25 .60 90.442 July 96.20 96.95 95.60 96.75 .65 115.156 Sugar-World (ICE-US)-112,000 lbs; cents per lb. May 12.78 12.83 12.70 12.81 .03 230,257 July 12.90 12.99 12.84 12.98 .08 299,402 Sugar-Domestic (ICE-US)-112,000 lbs: cents per lb. July 26.99 27.00 26.99 27.00 .39 2.759 Sept 26.65 26.96 26.65 27.10 2.456 1.3087 1.3128 .0041 .0041 815 139,407 1.0038 - 0031 1.0123 - 0032 74,074 48 Currency Futures Japanese Yen (CME) +12,500,000 $ por 100% April 8998 9016 8992 June .9047 9070 .9034 Canadian Dollar (CME)-CAD 1000,000: S per CAD April 7508 .7508 .7505 June .7514 .7528 .7497 British Pound (CME)- 62,500; $ per April 1.3054 1.3118 1.3052 June 1.3097 1.3165 1.3093 Swiss Franc (CME)-CHF 125,500: S per CHF June 1.0067 1.0075 1.0030 Sept 1.0122 1.0130 1.0117 Australian Dollar (CME)AUD 100,000; $ per AUD April 7116 .7164 7116 May .7127 .7179 .7117 June .7133 .7185 .7120 Sept .7146 .7196 .7140 DOC .7176 .7187 .7176 March 20 .7172 .7172 7163 Mexican Peso (CME)-MXN 500,000; $ per MXN April .05272 .05272 .05272 June 05226 .05259 05222 Euro (CME) C125,000; $pere April 1.1271 1.1292 1.1241 June 1.1328 1.1360 1.1294 .7167 .7171 .7176 .7189 .7203 .7216 0042 .0042 .0042 .0041 0041 0041 255 312 144,937 670 203 73 05303 .00026 05251 .00026 39 234,619 1.1276 1.1336 0003 .0003 2,387 478,245 8 78,612 11.90 28,438 12.00 2,531,776 12.00 19,300 Index Futures Mini DJ Industrial Average (CBT)-$ 5 x Index June 26144 26233 26 107 26166 S&P 500 Index (CME) $250 x Index June 2883.00 2895.50 A 2883.00 2894,50 Mini S&P 500 (CME)-$50 x Index June 2882.00 2895.75 2878.00 2894.50 Sept 2887.75 2901.00 2883.50 2899.50 Mini S&P Midcap 400 (CME)-$100 x Index June 1932.20 1951.50 1929.00 1949.40 Mini Nasdaq 100 (CME-$20 x Index June 7590.5 7646.0 A 7575.8 7641.3 Mini Russell 2000 (ICE-US) $100 x Index June 1564.50 1586.80 1562.10 1585.80 Mini Russell 1000 (ICE-US) $100 x Index June 1599.70 1603.40 1598.40 1603.00 US Dollar Index (ICE-US)-$1,000 x Index June 96.60 96.84 96.41 96.56 18.30 63,577 48.0 200,115 21.10 435,857 6.30 8,979 -.05 49.480 2,421 Sources: The Wall Street Journal, April 11, 2019. Dow Jones & Company, Inc. and SIX Financial Information Check my work Using Figure 14.1, answer the following questions: a. What was the settle price for April 2019 hogs lean futures on this date? What is the total dollar value of this contract at the close of trading for the day? (Input all amounts as positive values. Enter the settle price in dollars rounded to 4 decimal places and round the dollar value to 2 decimal places.) Settle price Dollar value b. What was the settle price for May 2019 natural gas futures on this date? If you held 40 contracts, what is the total dollar value of your futures position? (Input all amounts as positive values. Enter the settle price in dollars rounded to 4 decimal places and round the dollar value to the nearest whole number.) Settle price Dollar value Check my work C-1. Suppose you held an open position of 10 June 2019 mini Dow Jones Industrial Average futures on this day. What is the change in the total dollar value of your position for this day's trading? (A negative value should be indicated by a minus sign.) Dollar value C-2. If you held a long position, would this represent a profit or a loss to you? Profit O Loss d. Suppose you are short 30 January 2019 soybean oil futures contracts. Would you have made a profit or a loss on this day? Profit Loss