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

On 15 November 2019, a wheat farmer became concerned that by the time her 200 metric tonne crop was ready for delivery in April 2020 that the price would fall below $335 per tonne - her break-even price. Given that one wheat contract is for 20 metric tonne, show how the farmer can lock in a profit for her business by entering and subsequently reversing a futures market position, if by April the spot price fell to $230 per tonne while May futures price fell to $332 per tonne.

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