Jasmine is a soy source manufacturer and she is worried about the price of soybeans will increase in three months time. She would like to use 200 futures contracts to hedge her position. One futures contract has 120 tons. The current market price is $450 per ton. The exercise price of a futures contract is $460. The initial margin requirement is 10%. Is Jasmine going to buy or sell the futures contracts for hedging? How much is her profit or loss when the soybeans after three months reached $480?