Look at the futures listings for corn in Figure 2.10.

a.	Suppose you buy one contract for December 2011 delivery. If the contract closes in December at a price of $6.48 per bushel, what will be your profit or loss? (Each contract calls for delivery of 5,000 bushels.)

Loss Or Profit?

$

b.	How many December 2011 maturity contracts are outstanding?

Number of outstanding contracts = ?

FIGURE 2.10 Corn futures prices in the Chicago Board of Trade, Juty 8, 2011 Source: Data from The Wall Street Journal Online, July 8, 2011. Reprinted by permission of The Wall Street Journal, Copyright O 2011 Dow Jones &Company, Inc. All Rights Reserved Worldwide. OPEN LOW 652'4 6260 615% 628'6 637'0 644'4 6274 600'0 VOLUME 2575 51128 130702 13351 LAST CHG 22'2 17'2 21'4 20% 19'4 18'4 18'0 12'2 OPEN 6524 6260 615% 6286 6374 6446 6284 600'0 HIGH Jul 11 Sep 11 Dec 11 War 12 May 12 Jul 12 Sep 12 Dec 12 6464 6380 650'2 6570 6640 6430 6150 380602 487465 112108 24787 0374 6370 656'2 6624 644'0 6140 5692 71122