Problem 23-01 Futures Quotes [LO2]

Suppose you purchase a May 2017 corn futures contract on this day at the last price of the day. Use Table 23.1

What will your profit or loss be if corn prices turn out to be $3.722 per bushel at expiration? (Do not round intermediate calculations. Enter your answer as a positive value and round your answer to 2 decimal places, e.g., 32.16.)

-1.25 -1.25 500,405 346,739 .50 3.00 4,155 3,027 Corn (CBT)-5,000 bu; cents per bu. March 369.50 372.75 A 367.50369.50 May 377.25 380.25 375.25 377.25 Oats (CBT)-5,000 bu; cents per bu. March 256.00 257.50 250.00 254.50 May 248.25 254.00 246.00 253.00 Soybeans (CBT)-5,000 bu; cents per bu. March 1057.00 1061.50 1045.00 1050.50 May 1067.25 1071.50 1055.50 1061.50 Soybean Meal (CBT)-100 tons; $ per ton. March 340.70 341.60 335.90 338.40 May 344.80 345.80 340.10 342.60 Soybean Oil (CBT)-60,000 lbs; cents per lb. March 34.67 34.98 34.47 34.67 -8.25 -7.75 248,998 210,368 -2.80 -2.70 126,399 122,484 -.02 123,991