Suppose today is March 27, 2018, and your firm produces breakfast cereal and needs 95,000 bushels of corn in May 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 May. Use Table 25.2 a. What is the total price are you locking in for the 95,000 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 $4.10 per bushel in May. 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. Profit Table 25.2 Futures Contracts Quote, March 28, 2018 SOURCE The Wall Street Journal, March 28, 2018. www.wsj.com. June Contract Open Open High No Low Sattle Chg interest Sugar-World OCE-US) 11.2000 tbs.cents per May 1242 12.58 1235 12:54 12 417,98 July 126 127 12.54 12.66 -10 234,770 Sugar Domestic OCE-US) 112,000 tbs.certs per 2445 24.45 2446 2445-03 July 25.05 25.052491 25.02-13 2014 Cotton-US)50.000 lbs.contsperit May 81.38 22.77 81.72 24 111,430 Dec 77.50 77.92 77.50 77.82-04 72,850 Orange Juice (ICE-US) 15.000 lbs.cortsport May 138.10 138.35 136.20 137.7) -209,537 July 132.40 13.60 137.00 138.00 190 2,977 Interest Rate Futures Treasury Bonds (CBT)-5100,000. pts 32nds of 100% June 144-140 145-280 141-100 145-200 29.0 793,328 Sept 19-280 14-150 143-280 144-210 30.0 78 Treasury Notes (CBT) $100.000 pts 3rds of 100% 1Z0-120 121-015 120-130 120-290 14.0 3,490,47 Sept 120 090 120-195 120-030 120-205145 5 Yr. Treasury Notes (CBT) $100,000 ps 32nds of 100% March 114-112 114-112 114-160 114215 92 2,819 June 114-015 114-145 114007 114120 9 3.361,565 2 Yr. Treasury Notes (CBT)-$200,000. pls 32es of 100% March 106-17 16-18 106-172 106-185 17 11.641 June 1.06-077 106-117 106-072 106-107 2.7733 30 Day Federal Funds (GT-55.000.000.000-calyang March 98.500 9.500 9.490 9.490 - 122.22 Apr 983259375 98.320 98.325 364065 10 Yr. Del. Int. Rate Swaps (CT) $100,000 ps 32nds of 100% 5.909 08193.909 68 563 27,183 1 Month Libor (ONE $3.000.000.pts of 100% May 98.1000 98.1000 92.1000 18.1078 0175 LA 97.9950 97.9600 97.9550 97.2750075 Eurodollar (CME-S2,000,000. pts of 100% April 97.7200 97.7450 97.7200 97.7400 200 303,879 June 92.6800 92.7400 97.5800 97.7300 1500 1.771.799 97.4750 975500 W.4700 97.5400 0600 2,045,185 Dec 19 97.1390 972350 97.1300 97.2200 200 2.107.522 Currency Futures Japanese Yen (OME)-V12.500.000 Spar 100% April 94889500 9460 9489 -0030 851 June 9527 9546 9454 .9528 -0030 158.978 Canadian Dollar (ME) CAD 100.000 Sper CAD Apr 7792 7760 7 - 2005 7795 25 776177-0006 121,883 British Pound (CE)-62,500 per Apri 14248 24248 14083 1446 -0074 125 14285 14293 1403 1.2001 - 2075 136,805 Swiss Franc (OMECF 13.000 Sper OF 10656 10674 L0509 LM32-0021 398 Australian Dollar (CME) AUD 100,000 per AUD April 77497754 7680 1688-0047 1,390 May 7735 7750 1494 1468-0047 492 77577760 7677 2009-00498,419 Sept 7756 7763 7628 95 0048 Dec 7740 7740783 7701 -0040 Mexican Peso (CHE) MXN 500.00Q Spor MXN 0532053% 0536105981-00016 197,395 Euro (CME-C125.000 $ 12477 1.2495 12395 12021-0056 1,781 June 12525 12554 L248 2478 -005 503,363 Futures Contracts Metal & Petroleum Futures Contract Open Open High to Low Settle ang interest Copper-High (CMX) 25.000 bs.Sperib March 2.9750 2.9775 2.9760 2.9915 0.0310 302 May 2.9540 3.0290 29775 3.0005 0.03% 150,761 Gold (CM 100 troy.Sperry March - BL -13.10 75 April 1353.00 1356.30 1339.60 1362.00 -13.00 10.30 1390.30 1362.60 1345.60 1347.90 -13.00 327,450 Aug 1365.80 1368.70 135L90 1354.10 -13.00 40.357 Od 1371.00 1372.00 1359.00 1360.10 -13.00 6.301 Dec 1376.80 1380.90 136420 1366.50 -13.10 45.274 Palladium NYM-50 trypertroy March 975.30 4.% 1 Jure 970.80 97895 966.60 971.30 495 22,978 Sept 57.10 9810 965.00 6.65 4% 1199 Platinum ONYMO 50try: Sper troy Art 952.80 961.60 999.20 946.70 2.70 12.588 July DO 952.00 -4.50 6.198 Silver (CMX 5.000 troy apertoyee March 16.68 -0.143 84 May 16.690 16.000 16.465 16611 0.18 219.163 Crude Oil, Light Sweet NYMELDOO Sertibi May 65.55 66.41 5453 45.25 -0.30 512,658 June 65.47 6.27 549 5.13 -0.23 347,725 July 65.00 55.88 6417 64.86 -0.17 156,042 Sept 64.00 54.71 -0.09 170.143 2.35 805 61.68 0.01 251,198 Dec 19 99.52 811 57.14 92.67 0:15 130.239 NY Harbor ULSDONYM 42000 gal:Spergal April 2017020460 20050 2.0224 0074 25,793 May 20199 20485 2.0065 20342 0062 128.061 Gasoline NY RBOB ONYM-42000 gal. Spergal April 2011020330 1.9987 20135 0031 25.530 May 20199 20425 20060 20210 000 150,198 Natural Gas NYM-10.000 MMS per Motu April 2629 27 2123 201 073 5.560 2669 2721 2.000 2714 057 309,906 June 2.728 2.774 2719 2.766 050 93,390 July 2789 2030 2.790 045 154,195 Sept 279 2.129 272 2.223 039 749 Od 2805 2342 2795 2.856 040 130.534 Agriculture Futures Com(CBT)-5000 bucetsperbu May 37000 376.00 372.25 374.00 655,199 July 282.50 3450 380.75 0.50 Oats (CBT)-5.000 bu.cents per bu. May 227.75 228.75 225.50 226.00 402 July 236.50 236.50 233.00 283.50 -1.75 137 Soybeans (CBT)-5000 bu.cents per bu May 1027.00 2031.25 101725 101950 -6.00 352,099 1037.75 12.00 1012800 1030.25 -4.25 244829 Soybean Meal (CET)-100 tons Sporton May 37.70 378.50 371 50 372.40 -2.50 190,304 July 370.40 341.00 31420 37.10 -2.70 123,062 Soybean Oil (CBT) 60,000 lbs.comperb May 31.46 31.54 3135 31.56 12 237,560 July 31.72 3189 3125 .13 123,056 Rough Rice (CRT) 2000 wt. Spercut May 1262.00 1250.00 1239.50 1244.50 -2.50 5,814 July 1261.50 1262.50 1255, 1261.00 1340 Wheat (CBT) 5,000 bucets perbu May 454.25457.50 448.75 449.00 -5.25 223,995 July 471.50 474.00 466.00 6.50 -5.00 120.565 Wheat C) 5.000 buscorts per bu May 469.50 473.00 463.75 4.00 4.15 108.637 July 483.50 492.00 43.00 3.50 4.15 10,634 Wheat MPLS) 5,000 buscants perbu May 597.75 604.00 591.25 583.25 -4.00 32,549 605,25 61125 599.75 675 -3.5 12,612 Cattle Feeder (CME) 50,000 lbs. cents per March 135.000 135.000 135.000 135.65 500 3264 May 135.550 137.375 135.475 136.550 800 19,288 Cattle-Live(CMB) 40.000 lbs.centsport April 115.400 116.575 115.000 115.es 250 45.226 June 105.325 126.675 104.900 105.750 -050 160,211 Hogs-Lean(CMB) 40.000 lbs. cents per April 58.000 51.225 57.5% 2.750 -25 25,619 74.150 74.750 73.725 24.025 -075 97,970 Lumber (CMD10,000 had. Sper 1.000 bd. It May 499.40 507.10 498.00 07.00 9.90 501 July 485.00 40.90 402.00494.90 10.00 313 Milk (OME) 200,000lbstspert March 14.22 14.23 1422 4245 May 14.39 14.40 153379 Cocoa CE-US) 10 tons perton May 2,423 2,423 2,534 2.554 - 110,787 2.650 2.650 2,561 2.523 -59 76,393 Coffee CE-US) 37.500 Escortpab May 118.40 119.75 u. 118.95 .30 140,765 July 122.45 121.70 119.8 121.00 160 59.291 May July July Index Futures Mini DJ Industrial Average (CBT)$5x de June 2201 2235 23691 23859-332 102,806 Sept 242312454 23736 23890 -337 190 S&P 500 Index (OME-S250 x index ke 2661.20 267920 298.00 2015.0 43.0 90,5% Mini S&P500(OME50xd 265850 267.75 2596.00 2015.75 -4.75 2,061,651 Sept 2665.00 2604.3 2000.75 2620.35 44.25 56,306 Mini S&P Midcap 400(OME) $100x index June 101201892 1943.90 185190 -21.707.10 Mini Nasdaq 100(OME) $20 de $775.3 68493 4900 5613-2123 229,719 Sept 60145 68790 65225 6592.3 -213.0 Mini Russell 2000 ICE-US)-5100 xIndex 1548.00 1557,00 1509.30 1518.90 -20.30 9,254 Mini Russell 1000 OCE-US-S100x des 1478.20 347.20 14100 1451 14.20 U.S. Dollar Index (KE-US) SLD index 3153 22.98-05 35,464 Sept 8819 38 Source: Six Pinanctal Information 1039