Mr Goh is the production manager of Untung Sabut Sawit Bhd. Mr Goh and his team believed that prices of palm oil will fall between Jan 2009 and Mac 2009. As at early January, Untung Sabut Sawit Bhd has produced 15,000 tonnes of palm oil, so Mr Goh has decided to hedge all the amount they've produced, and at that time the price of palm oil is observed at RM1250 and Mac futures is quoting at RM1200. As expected, in early Mac 2009, palm oil prices dropped to RM1050 and RM950 in the cash and futures markets respectively. Find: a. Number of contracts opened b. Futures position c. Cash position d. Net effect e. Effective price