Jack grows corn. In May, he decieds to sell 4 futures contracts, and half of his expected crop, for December delivery. The contract price is $3.45 per bushel and the contract size is 5,000 bushels. Shortly before the delibery data, the corn is selling in the spot market for $3.25 per bushel.

		Jack will simply let the contract expire and sell his corn in the spot market
		Jack can protect his profit by buying an offsetting contract
		Jack has a profit of $4,000 compared to selling the corn in the spot market
		Jack could hold on to his corn for longer time to wait for the price to go higher.