Suppose that it is February. You are a speculator You think that the spread between May wheat futures and July wheat futures will increase over the next two months. In particular, you forecast that if prices rise, then May wheat futures will rise faster than July wheat futures. You also forecast that if prices fall, then May wheat futures will fall more slowly than July wheat futures. Hence, you decide to open aspread trade: long one May wheat futures and short one July wheat futures. Later in April, you close out (i.e., offset) both positions.

The underlying asset for one wheat futures contract is 5,000 bu.

Here is the price data for February when you open both contracts:

• May wheat futures: $3.57 per bu.
• July wheat futures: $3.51 per bu.

Here is the price data in April when you close out both contracts:

• May wheat futures: $3.95 per bu.
• July wheat futures: $3.95 per bu.

What is thechange in thespreadper bushelover the life of your strategy? Enter your answer to two decimal places. If the change in the spread is negative, then enter it as a negative number.

Caution: we always calculate spread per unit as price of long position minus price of short position.