Mike Horton takes a short position in ten March $2024$ SRW Wheat contracts $($ZWH$4)$ at a price of $607$ cents per bushel. If he closes out his position a couple of week later when the price is $618$ cents per bushel, what will be his gain or loss on his total position of $10$ contracts? $($Hint: You may need to visit the CME website for some contract details.$)$

Report your answer in dollars and cents.

Answer: