Question
The futures contract quote on 5,000 bushels of soybeans traded on the CBOT, Monday, December 31, 2001 was: Open: 423-3/4 ($4.2375/bushel) High: 424 ($4.24/bushel) Low:
The futures contract quote on 5,000 bushels of soybeans traded on the CBOT, Monday, December 31, 2001 was:
Open: 423-3/4 ($4.2375/bushel)
High: 424 ($4.24/bushel)
Low: 419-1/2 ($4.1950/bushel)
Settle: 421 ($4.21/bushel)
You shorted 3 contracts at $4.22 on December 31, 2001.
The settlement for January 2, 2002 was $4.18 (the markets were closed on New Year's). If you had to post a $1,000 initial margin per contract upon placing the trade, what would be your trade account balance at the close of January 2, 2002?
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
8th edition
013342362X, 978-0133423624
