Suppose today is February 10, 2017, and your firm produces breakfast cereal and needs 160,000 bushels of corn in May 2017 for an upcoming promotion. You would like to lock in your costs today because Lou are concerned that corn prices might rise between now and May. Use Table 23.1 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 $3.59 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. 95544 -1.25 500,405 -1.25 346,739 -50 4.155 3.00 3,027 Oct 3.385 3.423 3.350 Agriculture Futures Corn (CBT)-5.000 bu; cents per bu. March 369.50 372.75 367.50 369.50 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 . 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 May 34.96 35.26 34.76 34.95 -8.25 -7.75 248,998 210,368 -2.80 126,399 122,484 -2.70 -.02 123.991 118,319 -.03 947-50 -8.00 942.00 968.00 9,388 2,516 972.50 -8.50 429.50 11.00 179.982 Rough Rice (CBT)-2,000 cwt: $ per cwt. March 953.00 960.50 May 978.50 984.50 Wheat (CBT)-5,000 bu.: cents per bu. March 430.50 444.00 May 442.00 455.50 Wheat (KC)-5,000 bu; cents per bu. March 440.25 451.75 July 465.25 475.25 Wheat (MPLS)-5,000 bu; cents per bu. March 557.50 569.50 443-50 455.25 440.75 11.75 137.497 9.25 71.740 438.25 462.75 451.25 475.00 8.50 69.377 556.00 568.50 11.00 24.788