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Use the following corn futures quotes: Corn 5,000 bushels Contract Month Mar May Open High Low Settle Chg Open Int 455. 125 457.000 451.750 452.000

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Use the following corn futures quotes: Corn 5,000 bushels Contract Month Mar May Open High Low Settle Chg Open Int 455. 125 457.000 451.750 452.000 -2.750 597,913 467.000 468.000 463.000 463.250 -2.750 137,547 477.000 477.500 472.500 473.000 -2.000 153, 164 475.000 475.500 471.750 472.250 -2.000 29,258 July Sep a. How many of the May contracts are currently open? Contracts b. How many of these contracts should you sell if you wish to deliver 110,000 bushels of corn in May? Contracts c. If you actually make delivery, how much will you receive? Assume you locked in the settle price. (Do not round intermediate calculations. Round your answer to the nearest whole number.) Price

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