Suppose today is February 10, 2017, and your firm produces breakfast cereal and needs 220,000 bushels of corn in May 2017 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might rise between novw and May. Use Table 231 a. What total cost would you effectively be locking in based on the closing price of the day? (Round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $3.53 per bushel in May. What is the profit or loss on your futures position? (Enter your answer as a positive number. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. Total cost b. Loss Agriculture Futures Corn (CBT)-5,000 bu; cents per bu. March May Oats (CBT)-5,000 bu; cents per bu. March May Soybeans (CBT)-5,000 bu; cents per bu. March May Soybean Meal (CBT)-100 tons; $ per ton March May Soybean Oil (CBT)-60,00o lbs; cents per March May 367.50 369.50 369.50 372.75 1.25 500,405 377.25 380.25 1.25 346,739 375.25 377.25 256.00 248.25 254.0 4,155 O0 257.50 250.00 254.50 246.00 253.00 3.00 3,027 1057.00 1061.50 1067.25 1071.50 8.25 248,998 7.75 210,368 1045.00 1050.50 1055.50 1061.50 335.90 338.40 340.10 342.60 2.80 126,399 2.70 122,484 340.70 341.60 344.80 345.8o 34.67 34.96 34.47 34.67 .02 123,991 34.98 118,319 03 35.26 34.76 34.95