Suppose today is March 27, 2018, and your firm produces breakfast cereal and needs 135,000 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 135,000 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 $4.29 per bushel in July. What is the profit or loss on your futures position? (Enter your answehole number, e.g., 32.)

Futures Contracts Metal Patro Open Hoe before Sugar-World (ICE-US) 112000 lbs:conts perb Table 25.2 Futures Contracts Quote, March 28, 2018 SOURCE: The Wall Street Journal, March 28, 2018, www.wsj.com. Megben Sugar Domestic ACE-US) May 24.45 24.45 2445 2445 Cotton ACESS 000 May 81.88 22.77 Julce (ICE-US) 15,000 scorts porten ERGO R$ y Bonds (CBT)-5100.000. pts 32nds of 200% 144-140 145-280 104-110 145-200 29.0 793,328 19-280.144-150-16-280 144,210 30.0 120-120 121-015 120-200 140 3.490,47 120-090120:19 12000 120-205145454 114-12 114.12.16 14.215 2,819 114.015 114-145 114-120 9033/45 106-177 106-187 100006 March 98.500 9.500 98.4988.498 122.332 99.3-364,06 Y.DOLOR MAS 583 27.183 1 Month Libor (OME) $3.000.000 peso May 92000 91000 98.000 88.1075 0175 1,411 Eurodollar (CME-S1000,000 07 KAN 0722 AC 1.550 r. Dol. 1326.98325 NNNNNN RSS NNN m-2005 21.23 l 1.4083 1,4167--0074 1.125 Swiss Franc (CME CHF 125 000 Spor CH 1.0656 1.0674 1.0589 10632 - 0028 Australian Dollar (CME) AUD 100,000 Sper AUD * 7688 -0047 7707 man 3 0048 98,419 77967763 76087695-0048 643 0701-0049 343 @ 053820539 05361 05381 -00016 197,395 OCMED-C135.000 Sper 1.24 1.2395 1241 -0056 1781 DJIndustrial Average (CBT) 55 x Index 24921 23736 23990 -337490 500 Index (CME) 5250 x index Min SEDCO 299.00 2615.70 43.80 50,5% June 265950 2679.75 2596.00 2615.7543.75 Sept 2665.00 2694.25 2000.75 2620.25 -44.25 56,800 Mini S&P Midcap 400(OME) $100x Indes 8% 86 MI ussell 2000 1548.00 155 -26,30 9,254 42 Dollar Index (ICE-US Source SIX Financial Information