Suppose today is March 27, 2018, and your firm produces breakfast cereal and needs 130,000 bushels of corn in July 2018 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and July. Use Table 25.2 a. What is the total price are you locking in for the 130,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $4.31 per bushel in July. What is the profit or loss on your futures position? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. Total cost b. Table 25.2 Futures Contracts Quote, March 28, 2018 SOURCE The Wall Street Journal, March 28, 2018. www.wsj.com Futures Contracts Metai&Petroleum Futures Cireract pr Open High Low Sette Copper-High (C025.000 March 2370 29775 May 240 140 Gold (CMCO-100 typ March Ap Aug Od 13730 1372.00 17010 May Opm Og July 250 2PES 201 302 28775 3000501 ML11 10940 134200-1100 100 14540 13470-110 2750 13015438-1100357 1900 1838-110001 DA 12 Palladium on-50 typer troy o March June Set 973030 Platinum oo-50 Sp A 958309740 1753045 1730 45 22,97 500 S 46 L 292479-17123 94520 952404 P Saver (OMO-5000perty March May 4400 145 Crude O, Light Sweet on Locos 1242 1258 1263 1235 1254 1254 1244 Opon Open High Low Sette Og tant Sugar-World (-us) 12000 bts part Sugar-Domestic oc-5)-112000 centsper b 2445 245 246 245 12 417,925 23274270 12 25.05 255 2491 252 26 11100 1202 7724 720 Cotton C-45-50,000s.contaper May Dec 7750 Orange Juice OC-US-25,000 May July 1362013770 -20 1,537 11729 1300 190 1977 Interest Rate Futures Treasury Bonds (CT)-100,000 pts 32ds of 100% June 144-140-20 144-130 145-200 2 300 75 14-2014-150 16-20 344-230 Treasury Notes com)-$100,000 ptsds of 100% 12-11-015 10-10 12-20 120-000120-205 45 4 16410 145 436 193 pr May 6453 525-5124 J 6.0 7 (417 63 43 7 N Sr. Treasury Notes (RT)-$100,000 pnds of 300 March 142 142 114-260114-215 2289 Ane 11441513416 1147 114-12 2Yr. Treasury Notes (RT)-200.000 pts 12hdaf100% March 106-177 106-27 106-172306-185 17 ILME June 16-776-187 DU Sept Dec 125 AL 4-0 17014 6229 00251 99 199.34 5747 15 11 NY Harbor ULSD omo-42000 gasperg A 2010 200 2005 240 2593 May 2019 20 2006 2004 0121 Gasoline-NY RBOBomb-42000g.orga Ap 22130 20 May 2199 200 Natural Gas omo-10000 MM. Sper M 30 Day Federal Funds (art)-35.000.000.300- March 10 Yr. Del Int. Rate Swaps (cm) $200,000 ps 1 of 100% June 1 Month Libor (DD $1000.000 pts of 100% 3000 3000 1000 255 14 173560 17.5 125 Eurodollar (CMD-SL000,000pts of 100% 917200 77450 77200 7.2400 500 500 122 A 29325 May June 1 2015 1 25.000 20060 243 000 Apr May A 272 27 Sept 27 2 269 270 2427 2423 201 50 Ju 9780072400 07730 25001777 20 271 279 2716 Dec 375 0175400 1710172150 200 204 2100 270 22 Od 200 27 2795 1323 2 Currency Futures 014 CT1000 May My Agriculture Futures 3743000 310500 31.75 25 Oats-000spb May My 2500 Seybeans (CT)-1000 May 225.30 2630-30402 21.00 25-15 17 38725 150+.00352099 102542549 J 3527 Apr 3795 404252 Japanese Yen (OMD2500000 200 Canadian Dollar CAD 100000 SperCAD British Pound (CMD-442500 June 100 100 110 1000 LUS 1111-51405 Swiss Franc OMDOF 125.000 Spe 1354 L Australian Dollar cOND AUD 200000p ALO 364 JAM 352-004 Jy Seybean Meal (CT) 100 petan May 200 May July 31 37 37839 37830 Soybean O-40000 Rough Rice car 2000 Spect 22-2410304 May 37153 20 June LM 7158 315 1213150 Sept 31124 Dec 37573 May Wheat (c)-5000 May 45425470 Wheat 000 Muy M 1348 Euro (CMD-125.000 June - 12 4 -45 May Wheat Str Cattle Feeder (C0000 March 135000 1300 545 AM 3140 THE 3 Mexican Peso (CE) MOON 500.000 MON 124 125 1795 1341-2014 1710 125 1254 Indes Futures Md DJ Industrial Average CT) N-00 LO 12 377 4 Jill J-3040 7701-200 10 SL 5-4303219 J 35 S 243 244 10 S&P 500 IndexO 110 3001314 12 Je 250-4130 % Cattle-Live D-40000 Mid S&P 500CM 00135425 104105250 Hogs-Laan-4000 Ap 420 475 7178 vin un P 2504226 10 275229 20 2015 475 545 M S&P Madcap 400(CE) J - - Lumber (CMD 000 prise Mi Nasdaq 100 O AM 608 May 507 4 Sept S MALE 223 22 A July 42 M200000 Mar May 3622 SAP 14 1433 Je 326 34.31 Ceco J May 2 Mind Russell 2000 ac--00 25433 Mind Russell 1000 US Dollar Index) 300 L 14.30 0x 10930 1513 JU te July 20 20 2344 2383 - LN Coffe M 16 May M 1210 S