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You buy 10 September ethanol contracts at 1.985. The contract is defined as 29,000 gallons (approximately 1 railcar), $/gallon, $1000, $600. You close out in

You buy 10 September ethanol contracts at 1.985. The contract is defined as 29,000 gallons (approximately 1 railcar), $/gallon, $1000, $600. You close out in September at 1.268.

Your profit (loss) on this transaction is $___?___

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