Look at the futures listing for corn in figure 2.11. Suppose you buy one contract for December 2019 delivery at the closing price. Required:

If the contract closes in December at a price of $3.76 per bushel, what will be your profit or loss? (Each contract calls for delivery of 5,000 bushels) Round your answer to 2 decimal places.)

Profit or Loss:

How much:

FIGURE 2.11 Corn futures prices on the Chicago Mercantile Exchange, September 4,2019 \begin{tabular}{|l|c|c|c|c|} \hline Maturity & Last & Change & High & Low \\ \hline September-19 & 3.4500 & 4.7500 & 3.5100 & 3.4450 \\ \hline December-19 & 3.5750 & 3.5000 & 3.6300 & 3.5650 \\ \hline May-20 & 3.7925 & 3.2500 & 3.8400 & 3.7850 \\ \hline December-20 & 3.9725 & 2.2500 & 4.0025 & 3.9700 \\ \hline July-21 & 4.1875 & 2.0000 & 4.2000 & 4.1825 \\ \hline \end{tabular}