Jim is a Kansas farmer who expects to harvest $100,000$ bushels of wheat in September. On

June $30,$ the spot price of wheat was $$6\mathrm{.}00$ per bushel and Jim was concerned about falling wheat

spot price at harvest time so he sold enough September wheat futures $($each covering $5,000$

bushels$)$ to hedge against that possibility at $$5\mathrm{.}70$ per bushel. At harvest time $($assume it is also

expiration time for the September wheat futures$)$ the spot price had fallen to $$5\mathrm{.}60$ per bushel,

what is Jim$$s gain or loss on the futures contracts?

a$.$ $$10,000$

b$.-$$$10,000$

c$.-$$$30,000$

d$.-$$$40,000$