The Sugar No. 11 contract is the world benchmark contract for raw sugar trading. The contract prices the physical delivery of raw cane sugar, free-on-board the receiver's vessel to a port within the country of origin of the sugar. On 2 May 2022, a speculator who expects the sugar price to decline sells five July 2022 No. 11 sugar futures contracts on ICE at a price of USSO.180 per pound. The speculator closes out her futures position on 19 May 2022 at a price of USSO.140 per pound. The No. 11 sugar futures contract is written on 112,000 pounds of sugar and, for the speculator, the initial and maintenance margins are $3,010 and $2,150 per contract respectively. The daily settlement price for the July 2022 No. 11 sugar futures contract during the period between 2 May and 19 May 2022 are shown in the table below. Note futures contracts are traded only on business days. Required: (a). At the time the futures position is established on 2 May 2022, what is the minimum price movement that would generate a margin call in relation to one futures contract only? Report your answer in cents with 2 decimal places (dps). (3 mark) (b). Construct a table as below to illustrate the daily marking-to-market (and final settlement) of the speculator's overall futures position for the five contracts. Assume no withdrawals of any money deposited to the "Initial and Margin account balance". If there is a shortfall in the "Initial and Margin account balance" at the end of any trading day, the speculator will receive the margin call soon afterwards (i.e., within the same day), and is able to top up the margin account balance back to initial margin level by the next trading day as instructed. (13 marks)