Yesterday, He bought 10 December live-cattle contracts at XYZ, at the closing price of $0.7455/kg. Contract size 40,000 kg. Agreed to buy 400,000 pounds of live cattle in December. No money changed hands. Initial margin required (5%-20% of contract value). Today, the futures price closes at $0.7435/kg, 0.20 cents lower. a) Calculate the value of position yesterday, b) define whether the value is profit or loss