Suppose your firm produces breakfast cereal and needs $220,000$ bushels of corn in December $2020$ 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 December. Use Table $23\mathrm{.}1.$a$.$What total cost would you effectively be locking in based on the closing price of the day? $($Do not round intermediate calculations and round your answer to the nearest whole number, e$.$g$.,32.)$b$.$ Suppose corn prices are $$3\mathrm{.}25$ per bushel in December. What is the profit or loss on your futures position? $($Do not round intermediate calculations and enter your answer as a positive value rounded to the nearest whole number, e$.$g$.,32.)$ Metal & Petroleum Futures

Contract Open

Open High hi Lo Low Settle Chg Interest

Copper$-$High $($CMX$)25,000$ lb; $ per lb

May $2\mathrm{.}36552\mathrm{.}42602\mathrm{.}34002\mathrm{.}40500\mathrm{.}07151,672$

July $2\mathrm{.}33752\mathrm{.}42852\mathrm{.}33402\mathrm{.}40400\mathrm{.}073599,558$

Gold $($CMX$)100$ troy oz; $ per troy oz

May $1755\mathrm{.}701770\mathrm{.}501734\mathrm{.}101731\mathrm{.}8021\mathrm{.}601,335$

June $1757\mathrm{.}501775\mathrm{.}801729\mathrm{.}301734\mathrm{.}4021\mathrm{.}90257,707$

Aug $1769\mathrm{.}401787\mathrm{.}501741\mathrm{.}901746\mathrm{.}7021\mathrm{.}30165,420$

Oct $1780\mathrm{.}001792\mathrm{.}901750\mathrm{.}501753\mathrm{.}6019\mathrm{.}6018,096$

Dec $1780\mathrm{.}001800\mathrm{.}001756\mathrm{.}201760\mathrm{.}6018\mathrm{.}1063,563$

Feb$211765\mathrm{.}001775\mathrm{.}001762\mathrm{.}001763\mathrm{.}6017\mathrm{.}4010,863$

Palladium $($NYM$)50$ troy oz; $ per troy oz

May $.........2021\mathrm{.}80169\mathrm{.}20...$

June $1873\mathrm{.}1020770\mathrm{.}001863\mathrm{.}702027\mathrm{.}10169\mathrm{.}203,381$

Sept $1880\mathrm{.}002050\mathrm{.}001880\mathrm{.}002016\mathrm{.}20161\mathrm{.}303,318$

Dec $2000\mathrm{.}002000\mathrm{.}002000\mathrm{.}002009\mathrm{.}20161\mathrm{.}50393$

Platinum $($NYM$)50$ troy oz; $ per troy oz$.$

May $807\mathrm{.}60807\mathrm{.}60805\mathrm{.}10864\mathrm{.}7052\mathrm{.}208$

July $823\mathrm{.}10877\mathrm{.}00822\mathrm{.}70869\mathrm{.}3052\mathrm{.}2042,602$

Silver $($CMX$)5,000$ troy oz$.$; $ per troy oz

May $17\mathrm{.}22017\mathrm{.}58517\mathrm{.}22017\mathrm{.}4640\mathrm{.}418353$

July $17\mathrm{.}22517\mathrm{.}98517\mathrm{.}12517\mathrm{.}4680\mathrm{.}398111,605$

Crude Oil, Light Sweet $($NYM$)1,000$ bbl; $ per bbl

June $29\mathrm{.}5333\mathrm{.}3229\mathrm{.}5331\mathrm{.}822\mathrm{.}3954,931$

July $29\mathrm{.}8133\mathrm{.}1029\mathrm{.}5531\mathrm{.}652\mathrm{.}13308,131$

Aug $30\mathrm{.}3033\mathrm{.}5230\mathrm{.}1532\mathrm{.}272\mathrm{.}15248,058$

Sept $30\mathrm{.}9233\mathrm{.}9030\mathrm{.}6932\mathrm{.}872\mathrm{.}18304,304$

Dec $32\mathrm{.}2534\mathrm{.}7732\mathrm{.}1334\mathrm{.}072\mathrm{.}06339,481$

Dec$2135\mathrm{.}5537\mathrm{.}8135\mathrm{.}5537\mathrm{.}301\mathrm{.}76129,484$

NY Harbor ULSD $($NYM$)42,000$ gal; $ per gal

June $\mathrm{.}92051\mathrm{.}0286\mathrm{.}91951\mathrm{.}0064\mathrm{.}086052,223$

July $\mathrm{.}95851\mathrm{.}0586\mathrm{.}95561\mathrm{.}0379\mathrm{.}083170,002$

Gasoline$-$NY RBOB $($NYM$)42,000$ gal; $ per gal

June $\mathrm{.}97001\mathrm{.}0588\mathrm{.}96821\mathrm{.}0258\mathrm{.}055645,072$

July $\mathrm{.}98821\mathrm{.}0699\mathrm{.}98301\mathrm{.}0426\mathrm{.}058892,197$

Natural Gas $($NYM$)10,000$ MMBtu; $ per MMBtu

June $1\mathrm{.}7251\mathrm{.}8511\mathrm{.}7021\mathrm{.}783\mathrm{.}137101,895$

July $1\mathrm{.}9032\mathrm{.}0201\mathrm{.}8781\mathrm{.}959\mathrm{.}126311,801$

Sept $2\mathrm{.}0622\mathrm{.}1632\mathrm{.}0472\mathrm{.}110\mathrm{.}110133,670$

Oct $2\mathrm{.}1452\mathrm{.}2442\mathrm{.}1382\mathrm{.}198\mathrm{.}100102,926$

Jan$212\mathrm{.}9653\mathrm{.}0332\mathrm{.}9642\mathrm{.}993\mathrm{.}03894,105$

April $2\mathrm{.}5272\mathrm{.}5662\mathrm{.}5232\mathrm{.}541\mathrm{.}02269,921$

Agriculture Futures

Corn $($CBT$)5,000$ bu; cents per bu

July $320\mathrm{.}00322\mathrm{.}00318\mathrm{.}00320\mathrm{.}751\mathrm{.}50603,507$

Dec $332\mathrm{.}25334\mathrm{.}00330\mathrm{.}75332\mathrm{.}75\mathrm{.}75346,236$

Oats $($CBT$)5,000$ bu; cents per bu

March $313\mathrm{.}00323\mathrm{.}00309\mathrm{.}50318\mathrm{.}756\mathrm{.}752,732$

May $270\mathrm{.}00273\mathrm{.}75267\mathrm{.}50269\mathrm{.}50\mathrm{.}751,132$

Soybeans $($CBT$)5,000$ bu; cents per bu

July