Question $16$

On $\frac{2}{28}$ you sold $2$ corn contracts for $$3\mathrm{.}87$ with an estimated harvest basis of $-\mathrm{.}60Z(60$ cents under December contract$).$ You offset your position and delivered your grain on November $22$nd when the cash price was $$2\mathrm{.}90$ and basis was $-$$$\mathrm{.}70Z(70$ cents under December contract$).$ What was your gain or loss on the futures contract?

$$\mathrm{.}97$ loss

$$\mathrm{.}97$ gain

$$\mathrm{.}27$ loss

$$\mathrm{.}27$ gain