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You believe the price of corn will go up. So, you long 100 futures contracts that expire in 3 months. The futures price today is

You believe the price of corn will go up. So, you long 100 futures contracts that expire in 3 months. The futures price today is 658 cents per bushel and there are 5,000 bushels per futures contract. (1) What is your gain if the spot price 3 months later is 677 cents per bushel? (2) What is your loss if the spot price 3 months later is 635 cents per bushels?

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