Use the settlement price quotations in the following extract from the ASX website on 15 November 2019 to answer questions.

NSW wheat farmers. Gracie decides that before this evenings Four Corners expos goes to air detailing the link with Deranged Baker Disorder, she should take up a position to profit from the imminent detrimental impact the news will have on NSW wheat prices. If she is prepared to trade in 50 close-dated Eastern Australian Wheat futures contracts (of 20 metric tonnes / contract);

1. outline a possible strategy.
2. Calculate her profit or loss if all futures contract decrease in value by 60%.

Last loaded: Fri 15 Nov 2019 17:44 Eastern Australian Wheat (WM) Futures Prices are DELAYED bv a minimum of 20 minutes. Eastern Australia Feed Barley (UB) Futures Prices are DELAYED bv a minimum of 20 minutes