Kindly show the calculation to the answers for the below three questions

1. You expect to deliver 60,000 bushels of wheat to the market in September. Today, you hedge your position by selling futures contracts on half of your expected delivery at the final price of the day. Assume that the market price turns out to be 495,5 at the time you make your delivery in September. How much more or less would you have earned if you had not bought the futures contracts?

	Open	High	Low	Settle	Prev. Settle
Sep	491,0	492,5	486,0	487,5	490,0

2. How much will you pay per pound for a September 170 orange juice futures call option? Orange juice - 15,000 lbs: cents per lb.

Strike	Call	Call	Call	Put	Put	Put
Price	Aug	Sep	Nov	Aug	Sep	Nov
165	0.55	3.50	7.65	6.90	9.85	13.25
170	0.15	2.45	6.35	11.45	13.60

55. You purchased three July futures contracts on silver when the price quote was 13.405. Given today's prices as shown in the table, your total profit or loss to date is: Silver - 5,000 troy oz.: cents per troy oz.

	Open	High	Low	Settle	Chg
Jul	13.639	13.639	13.299	13.388	13.501
Sep	13.801	13.847	13.621	13.623	13.684