Suppose today is May 1, 2014, and your firm produces breakfast cereal and needs 160,000 bushels of corn in July 2014 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might rise between now and July. 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.) Total cost b. Suppose corn prices are $5.09 per pound in July. 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.) (Click to select) v $ Futures Contracts | WSJ.com/commodities 17.05 17.24 June 51,769 May Metal & Petroleum Futures Contract Open High hilo Low Settle Copper-High (CXX)-25,000 lbs.: Sparlb May 3.0780 3.0635 3.0210 3.0295 -0.0430 July 3.0740 3.0795 3.0150 3.0275 -0.0455 Gold (CMX)-100 tray Spectroy May 1296.00 1296.50 1286.60 1295.60 -0.40 1295.60 1298.40 1284.90 1295.90 -0.40 Aug 1295.50 1297.50 1285.10 1296.00 -0.50 Oct 1293.00 1298.00 1286.00 1296.10 -0.50 Dec 1295.10 1297.70 1285.60 1296.20 -0.50 Dec 15 1296.40 1296.40 1296.40 1299.70 -0.20 miNY Gold (CMX) 90 tray az: Spectroye June 129550 1298.25 1285.00 1296.00 -0.25 Aug 1291,00 129100 1291.00 1296.00 -0.50 Palladium (NY MD-90tr ge:$per trong c Sept 802.00813.70 800.00 813.45 4.60 Dec 812.00 812.00 812.00 813.85 4.60 Platinum (NYM-30troy az: $ per troy June 1991.10 1417.10 1391.10 1426.90 -3.50 July 1430.20 143120 1419.70 1427.90 -3.50 Silver (CMX)-5.000 truy es: $ per troy is May 19.435 19.450 19.025 19.119 -0.369 July 19.485 19.510 19.060 19.174 -0.364 miNY Silver (CMX)-2500 treo: $ per troya July 19.438 19.438 19.100 19.175 -0.363 Sept 19.188 19.188 19.1B8 19.200 -0.375 Crude Oil, Light Sweet (NYM)-1,000 bols: $ per bl . June 100.76 100.76 99.34 99.74 -154 July 100.06 100.06 98.72 99.11 -148 Aug 99.15 99.16 97.91 98.28 -1.43 Sept 98.24 98.24 97.00 97.39 -139 Dec 95.75 95.98 94.56 94.93 -131 Dec '15 88.56 88.57 87.73 88.03 -0.89 Heating Oil No. 2 (NYM)-42,000 gal: Speryal. May 2.9650 2.9661 2.9235 2.9349-0352 June 2.9620 2.9620 2.9168 2.9281 Gasoline-NY RBOB (NYN)-42,000 gal:Speegel. May 3.0589 3.0605 2.9918 3.0077 0557 June 3.0020 3.0055 2.9478 2.9644-0436 Natural Gas (NYX-10,000 MB Spar MMB. June 4.838 4.852 4.251 4.815 -016 July 4.860 4877 4.777 4.843 -010 Sept 4.814 4845 4.813 - 007 Oct 4.831 4.850 4.754 4.818 - 007 Jan'15 5.006 5.052 4.965 5.022 - 010 April 4.272 4.272 4.217 4.239 -015 -0354 4.747 .0009 Contract Open Open High Ne Low Settle interest Open interest Sugar-World (ICE-US)-112.000 lbs, cunts per the May 17.05 17.35 20 19,945 4,060 July 17.62 17.88 17.61 17.72 15 431.957 98,212 Sugar-Domestic (ICE-US)-112,000 hecents per lo July 24.55 24.55 2455 24.45 11 3.214 608 Nov 25.25 25.25 2450 24.85 .30 3.182 218,906 Cotton (ICE US) 90,000 the casts parlh. 94.31 94.60 9431 94.14 -12 605 10,324 July 94,00 94.58 93.81 94.29 23 115.145 27,516 10,641 Orange Juice (ICE-US) 15,000 lb, cents per lb. May 157.00 157.10 155.20 154.60 -2.40 2.202 July 160.50 161.90 160.30 160.60 -.70 15,550 552 47 Interest Rate Futures 4,780 Treasury Bonds (CBT)-$100,000. 28 of 100% 233 June 134-130 135-000 133-300 134-300 18.0 733,186 Sept 133-200 134-060 133-050 134-050 18.0 1753 1 Treasury Notes (CBT)-$100,000: pts nesat 100% 60,875 June 124-005 124-145 123-260 124-135 13.5 2,516,039 Sept 123-125 123-170 122-315 128-170 14.0 12.648 2,785 5 Yr. Treasury Notes (CBT)-5100,000: pts 32nds of 2006 100,283 June 119-060 119-150 119-027 119-145 9.7 2,078,501 Sept 118-100 118-202 118-090 118-200 10.2 18.585 124 2 Yr. Treasury Notes (CBT)-$200.000: pts 52nd af 1004 6 June 109-287 109-305 109-280 109-300 1.5 1,085,118 Sept 109-200 109-202 109-182 109-202 2.0 28670 341,594 30 Day Federal Funds (CBT)- 89.000,000;100 - daily avy. 192,620 April 99.910 99.913 99.910 99.913 48.635 101.218 Dec 99.870 99.875 99.865 99.870 26. 827 107,875 10 Yr. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 214.924 June 101-060 101-250 101-050 101-245 13.5 51,396 119,044 1 Month Libor (CME) $3,000,000; pts af004 May 99.8500 99.8500 998500 99.8500 0025 1.074 4,819 July 99,8475 99.8475 99.8450 99.8450 .0025 521 95,367 Eurodollar (CME) $1,000,000: pts at 100% May 99.7750 99.7775 99.7750 99.7750 .0025 30.867 6,961 March 15 99.6150 99,6350 99.6100 99,6300 0150 1,051.313 123,498 June 99,4300 99,4600 99.4250 99.4550 .0250 1,072,829 Dec 98.9200 98.9650 98.9000 98.9600 0450 1.222.978 190,355 182,707 Currency Futures 61,579 Japanese Yen (CME)-412.500.000Spee 100 120,745 June .97459804 9743 .9795 0043 167,682 64.347 June 16 .9947 .0041 7,000 64,511 Canadian Dollar (CME)-CAD 200,000$ per CAD June 9124 9128 9092 .9126 ,0009 115.458 Dec 9080 .9091 9078 .9086 2,385 British Pound (CME) 62,500 per 35,010 June 1.6820 1.6895 16797 16881 234,702 627,376 1.6803 1.6880 A 1.6792 1.6868 0055 1.188 Swiss Franc (CME)-CHF 125,000, 5 per CHF 294 June 1.1319 1.1385 1.1300 1.1369 .0048 46.955 1,838 Sept 1.1326 1.1373 1.1326 11378 0049 324 Australian Dollar (CME)-AUD 100,000 Spa AUD 328 June 9237 .9271 9222 .9267 0023 109,395 4,661 Sept 9199 9211 9166 .9209 .0023 517 Mexican Peso (CME)-MXN 500.000 $ per MXN 16,868 June .07600 .07630 07595 ,07628 00017 127,104 313.722 Sept 07553 .07553 07553 .0757300017 900 Euro (CME) E128.000 $ per 10,595 June 1.3810 1.3877 1.3768 1.3870 259,073 169.405 1.3806 1.3874 1.3768 1.3868 .0061 11787 Euro/Japanese Yen (ICE-US)-125.000; par 5 8,767 June 141.71 141.05 141.09 141.60 2.926 166,719 Euro/British Pound (ICE-US) E 25.000 per June 8212 8241 8198 8217 .0009 1.905 276 Euro/Swiss Franc (ICE-US) 125.000,CHF par 5,605 June 1.2197 1.2204 A 1.2200 0002 415 6,501 Index Futures 224,364 DJ Industrial Average (CBT)-$10 x index June 16461 16525 16433 16511 44 4,931 1,951 Mini DJ Industrial Average (CBT)-$5xinde 88,982 June 16460 16526 16511 44 121623 Sept 16394 16443 16378 16440 44 141 1,161 S&P 500 Index (CME) $250 x index 35,513 June 1870.40 1880.20 1866.50 1877.90 6.10 129,189 Sept 1865.40 1872.40 1850.40 1870.50 6.10 1871 8,202 Mini S&P 500(CME)-$50 x index 23,690 June 1870.50 1880.25 1866.25 1878.00 6.25 2.835,160 Sept 1863.25 1872.75 1859.25 1870.50 6.00 14711 963 Mini S&P Midcap 400 (CME)-$100 x index 173,780 June 1344.70 1354.80 1337.80 1353.10 7.90 87.449 Nasdaq 100(CME) $100 x Index 2,854 June 3555.50 3581.00 3537.00 3573.25 9.50 16,591 99,408 Mini Nasdaq 100(CME) $20 x index June 35573 3578.0 3539,0 35733 9.5 348,588 Sept 3549,3 3568.0 3534.8 3566.5 98 295 3.126 Mini Russell 2000 (ICE-US)-$100x index June 1115.00 1126.70 1103.60 1123.60 7.30 323,243 5,011 Sept 1143.00 1143.00 1135.00 1119.30 7.30 75 5,060 Mini Russell 1000 (ICE-US) $100 x index 1039.40 1048.70 1039.70 1047.10 3.70 9.229 744 U.S. Dollar Index (ICE-US)-SL,000x index 104,113 June 79.8780.02 79.51 79.53 - 35 51.335 Sept 30.02 0.02 79.66 79.67 1450 206 84,567 Source: SIX Financial Information .0056 July -2.50 Sept 411.00 0061 Sept 12187 Agriculture Futures Corn(CBT) 5.000 bu, cents perbe May 515,00 515.50 509.00 514.00 -175 520.75 521.50 514.25 519.00 Ethanol (CBT)-29.000 gal: $ pergal. May 2.297 2314 2.251 2.260 -04 June 2220 2231 2.181 2.186 -03 Oats (CBT) 5,000 boots perba. May 422.00 425.50 418.50 -3.50 July 369.00 370.00 358.25 360.50 -8.75 Soybeans (CBT) S.OCO boats per bu. May 1525.00 1532.00 A 1516.00 1530.75 6.75 July 1517.25 1517.75 1502.25 1512.75 -4.50 Soybean Meal (CBT)-200 tons Sperton May 501.70 50480 A 499.00 503.90 4.00 July 490.90 49130 A 489.20 493.70 2.50 Soybean Oil (CBT)-50,000 lbs: cms perib May 42.79 42.80 41.69 41.88 -89 July 42.91 43.00 41.82 42.11 Rough Rice(CBT) 2.000 cwt.:$parcwt. May 1555.50 1563.00 1552.50 1561.50 -100 July 1556.50 1959.50 1548.00 1555.50 1.50 Wheat (CBT) 5,000 bita perhe 706.25 716.00 702.25 713.00 5.00 July 715.00 724.75 720.75 721.50 5.00 Wheat (KC)-5.000 barcats per bu. May 196.50 81100 793.50 809.75 12.50 July 302.50 815.25 796.75 812.50 10.00 Wheat (MPLS)-5.000 bonts per bu May 746.50 758.50 742.75 757.00 9.75 July 760.00 771.25 A 756.25 768.75 7.50 Cattle-Feeder (CME)-50,000 lbs. ontspeel May 180.600 181425 179.900 181.200 Aug 186,800 187.900 186.250 187.475 .925 Cattle-Live CME) 40,000 lbs: cents per April 145.400 148.500 A 144.900 145.825 325 June 137.175 137.725 136.575 137.200 175 Hogs-Lean (CME) 40,000 Ds: cents per la May 118.675 119.000 117.275 117.675 -2600 124.425 124 500 122.500 123.125-2150 Lumber (CME)-110,000 M. ..$ per 1,000 .. May 336.70 339.00 334,80 335.90 -1.40 July 333.50 334.60 330.10 331.20 -2.30 Milk (CHE) 200,000 lbs.cents per la 24.27 24.27 24.31 .01 May 22.55 22.73 22.01 22.55 .07 Cocoa (ICE-US)-10 metricton Speeton. May 2,935 2,983 2,935 2,974 34 July 2,951 3.018 2.943 2,990 29 Coffee (ICE-US) 37.500 lbs.comnts per lb. May 207.00 206.40 200.90 203.05 -5.85 July 210.00 211.20 202.00 205.85 May 16432 June 1,074 April 2432 June -6.05