Today is March. An Iowa corn farmer takes a short position in 22 September corn futures contracts at a futures price of 460/bu. The spot price currently is 413 per bu. In September the spot price turns out to be 417/bu. What is the farmers TOTAL gain or loss? Assume that the farmer holds the position open through delivery in September. Ignore transactions costs. The size of the corn futures contract is 5,000 bu.

Enter your answer in dollars without the $ symbol. If the farmer has a loss, then enter a negative number, e.g., -3456.78 (i.e., a loss of $3,456.78). If a gain, then enter an unsigned value, e.g., 1234.50 (i.e., a gain of $1,234.50).

Caution! The price quotes are in cents, so you must convert to dollars and cents in your calculations, e.g., 375/bu ==> $3.75.