# solution

Suppose you purchase a December 2020 soybean meal futures contract on this day at the last price of the day. What will your profit or loss be if soybean meal prices turn out to be \$285.34 per ton at expiration? Use Table 23.1. (Do not round intermediate calculations and enter your answer as a positive value rounded to 2 decimal places, e.g., 32.16.)

TABLE 23.1 Sample Wall Street Journal Futures Price Quotations Metal & Petroleum Futures Contract Open Open High hi Lo Low Settle Chg Interest Copper-High (CMX)â€”25,000 lb; \$ per lb May 2.3655 2.4260 2.3400 2.4050 0.0715 1,672 July 2.3375 2.4285 2.3340 2.4040 0.0735 99,558 Gold (CMX)â€”100 troy oz; \$ per troy oz May 1755.70 1770.50 ? 1734.10 1731.80 -21.60 1,335 June 1757.50 1775.80 1729.30 1734.40 -21.90 257,707 Aug 1769.40 1787.50 1741.90 1746.70 -21.30 165,420 Oct 1780.00 1792.90 ? 1750.50 1753.60 -19.60 18,096 Dec 1780.00 1800.00 ? 1756.20 1760.60 -18.10 63,563 Febâ€™21 1765.00 1775.00 1762.00 1763.60 -17.40 10,863 Palladium (NYM)â€”50 troy oz; \$ per troy oz May â€¦ â€¦ â€¦ 2021.80 169.20 â€¦ June 1873.10 20770.00 1863.70 2027.10 169.20 3,381 Sept 1880.00 2050.00 1880.00 2016.20 161.30 3,318 Dec 2000.00 2000.00 2000.00 2009.20 161.50 393 Platinum (NYM)â€”50 troy oz; \$ per troy oz. May 807.60 807.60 805.10 864.70 52.20 8 July 823.10 877.00 822.70 869.30 52.20 42,602 Silver (CMX)â€”5,000 troy oz.; \$ per troy oz May 17.220 17.585 17.220 17.464 0.418 353 July 17.225 17.985 17.125 17.468 0.398 111,605 Crude Oil, Light Sweet (NYM)â€”1,000 bbl; \$ per bbl June 29.53 33.32 29.53 31.82 2.39 54,931 July 29.81 33.10 29.55 31.65 2.13 308,131 Aug 30.30 33.52 30.15 32.27 2.15 248,058 Sept 30.92 33.90 30.69 32.87 2.18 304,304 Dec 32.25 34.77 32.13 34.07 2.06 339,481 Decâ€™21 35.55 37.81 35.55 37.30 1.76 129,484 NY Harbor ULSD (NYM)â€”42,000 gal; \$ per gal June .9205 1.0286 .9195 1.0064 .0860 52,223 July .9585 1.0586 .9556 1.0379 .0831 70,002 Gasoline-NY RBOB (NYM)â€”42,000 gal; \$ per gal June .9700 1.0588 .9682 1.0258 .0556 45,072 July .9882 1.0699 .9830 1.0426 .0588 92,197 Natural Gas (NYM)â€”10,000 MMBtu; \$ per MMBtu June 1.725 1.851 1.702 1.783 .137 101,895 July 1.903 2.020 1.878 1.959 .126 311,801 Sept 2.062 2.163 2.047 2.110 .110 133,670 Oct 2.145 2.244 2.138 2.198 .100 102,926 Janâ€™21 2.965 3.033 2.964 2.993 .038 94,105 April 2.527 2.566 2.523 2.541 .022 69,921 Agriculture Futures Corn (CBT)â€”5,000 bu; cents per bu July 320.00 322.00 318.00 320.75 1.50 603,507 Dec 332.25 334.00 330.75 332.75 .75 346,236 Oats (CBT)â€”5,000 bu; cents per bu March 313.00 323.00 ? 309.50 318.75 6.75 2,732 May 270.00 273.75 267.50 269.50 -.75 1,132 Soybeans (CBT)â€”5,000 bu; cents per bu July 840.50 847.75 838.75 845.00 6.50 319,483 Nov 848.00 855.00 845.75 852.75 7.25 173,440 Soybean Meal (CBT)â€”100 tons; \$ per ton July 287.80 288.00 ? 284.50 285.10 -2.40 174,198 Dec 293.50 293.80 ? 291.80 292.30 -.70 74,397 Soybean Oil (CBT)â€”60,000 lb; cents per lb July 26.61 27.40 26.61 27.32 .74 177,486 Dec 27.43 28.17 27.38 28.13 .76 87,635 Rough Rice (CBT)â€”2,000 cwt; \$ per cwt July 16.06 16.38 15.99 16.07 .05 6,877 May 11.91 11.95 11.86 11.95 .04 4,385 Wheat (CBT)â€”5,000 bu; cents per bu July 501.50 502.75 ? 493.75 497.00 -3.25 198,564 Sept 504.50 505.25 ? 497.00 500.00 -3.00 76,746 Wheat (KC)â€”5,000 bu; cents per bu July 454.25 455.50 444.50 446.25 -6.00 121,388 Sept 461.75 461.75 451.00 452.00 -6.00 39,334 Cattle-Feeder (CME)â€”50,000 lb; cents per lb May 126.175 127.000 125.500 126.600 1.875 2,013 Aug 132.100 133.700 131.575 132.550 1.475 15,413 Cattle-Live (CME)â€”40,000 lb; cents per lb June 98.000 100.000 97.175 98.725 1.725 46,632 Aug 98.625 99.825 97.500 98.850 1.025 103,245 Hogs-Lean (CME)â€”40,000 lb; cents per lb June 58.500 58.800 57.100 57.650 -.225 32,852 July 58.375 58.450 57.050 57.650 -.100 58,077 Lumber (CME)â€”110.000 bd ft, \$ per 1,000 bd ft July 349.80 351.00 343.30 346.20 1.20 1,579 Sept 351.10 352.90 346.70 349.40 2.50 715 Milk (CME)â€”200,000 lb; cents per lb May 12.25 12.29 12.20 12.24 â€¦ 4,600 June 16.75 16.90 16.32 16.66 -.19 4,992 Cocoa (ICE-US)â€”10 metric tons; \$ per ton July 2,393 2,416 2,376 2,404 5 73,008 Sept 2,367 2,390 2,354 2,379 4 57,839 Coffee (ICE-US)â€”37,500 lb; cents per lb May 105.70 105.70 105.70 105.70 .90 9 July 106.75 108.10 105.00 107.75 .90 80,326 Sugar-World (ICE-US)â€”112,000 lb; cents per lb July 10.52 10.83 10.47 10.80 .42 334,001 Oct 10.63 10.93 10.59 10.90 .40 239,325 Sugar-Domestic (ICE-US)â€”112,000 lb; cents per lb July 25.80 25.80 25.80 25.80 â€¦ 1,378 Sept 25.91 25.91 25.91 25.91 .01 2,611 Cotton (ICE-US)â€”50,000 lb; cents per lb July 58.40 58.96 57.40 57.80 -.45 86,781 Dec 57.98 58.78 57.35 57.93 -.24 60,174 Orange Juice (ICE-US)â€”15,000 lb; cents per lb July 123.00 126.95 ? 122.45 126.80 3.25 7,233 Sept 122.90 125.20 122.10 125.05 2.25 1,942 ? Interest Rate Futures Ultra Treasury Bonds (CBT)â€”\$100,000; pts 32nds of 100% June 224â€“000 224â€“020 217â€“300 218â€“030 -5â€“18.0 1,040,215 Sept 222â€“080 222â€“110 216â€“130 216â€“170 -5â€“18.0 75,948 Treasury Bonds (CBT)â€”\$100,000; pts 32nds of 100% June 181â€“010 181â€“040 178â€“020 178â€“050 -2â€“25.0 1,004,681 Sept 179â€“160 179â€“170 176â€“180 176â€“200 -2â€“25.0 17,806 Treasury Notes (CBT)â€”\$100,000; pts 32nds of 100% June 139â€“115 139â€“125 125â€“117 125â€“122 -11.0 3,265,401 Sept 139â€“035 139â€“050 125â€“062 125â€“067 -12.0 160,418 5 Yr. Treasury Notes (CBT)â€”\$100,000; pts 32nds of 100% June 125â€“255 125â€“255 125â€“117 125â€“122 -11.5 3,301,676 Sept 125â€“200 125â€“207 125â€“062 125â€“067 -12.0 357,677 2 Yr. Treasury Notes (CBT)â€”\$200,000; pts 32nds of 100% June 110â€“094 110â€“099 110â€“066 110â€“068 -2.1 2,306,556 Sept 110â€“141 110â€“144 110â€“109 110â€“110 -2.5 131,607 30 Day Federal Funds (CBT)â€”\$5,000,000; 100-daily avg May 99.9475 99.9500 99.9450 99.9475 -.0025 228,664 July 99.9450 99.9500 99.9350 99.9350 -.0150 215,465 10 Yr. Del. Int. Rate Swaps (CBT)â€”\$100,000; pts 32nds of 100% June 105â€“315 106â€“080 105â€“060 105â€“070 -1â€“01.0 73,230 Eurodollar (CME)â€”\$1,000,000; pts of 100% May 99.6375 99.6375 99.6350 99.6234 -.0141 388,142 June 99.6850 99.7000 99.6650 99.6700 -.0050 1,723,403 Sept 99.7200 99.7300 99.6950 99.6950 -.0200 1,628,149 Dec 99.7100 99.7200 99.6750 99.6800 -.0250 1,121,949 Currency Futures Japanese Yen (CME)â€” Â¥12,500,000; \$ per 100Â¥ May .9335 .9339 .9303 .9305 -.0016 703 June .9337 .9343 .9305 .9315 -.0010 154,057 Canadian Dollar (CME)â€”CAD 100.000; \$ per CAD May .7134 .7173 .7088 .7162 .0073 820 June .7087 .7175 .7086 .7162 .0073 118,950 British Pound (CME)â€”Â£62,500; \$ per Â£ May 1.2236 1.2208 1.2080 1.2181 .0064 1,718 June 1.2085 1.2229 1.2079 1.2193 .0075 173,099 Swiss Franc (CME)â€”CHF 125,000; \$ per CHF March 1.0302 1.0342 1.0253 1.0287 -.0008 42,543 June 1.0328 1.0370 1.0284 1.0316 -.0008 135 Australian Dollar (CME)â€”AUD 100,000; \$ per AUD May .6459 .6504 .6415 .6483 .0065 329 June .6414 .6528 .6413 .6515 .0096 131,261 Mexican Peso (CME)â€”MXN 500,000; \$ per MXN May .04199 .04258 .04166 .04235 .00071 1,002 June .04145 .04245 .04139 .04196 .00048 98,421 Euro (CME)â€”â‚¬125,000; \$ per â‚¬ May 1.0825 1.0866 1.0801 1.0856 .0042 1,861 June 1.0820 1.0933 1.0805 1.0920 .0100 539,884 Index Futures Mini DJ Industrial Average (CBT)â€”\$5 Ã— index June 23600 24640 23538 24507 990 71,344 Sept 23559 24526 23468 24405 971 843 S&P 500 Index (CME)â€”\$250 Ã— index June 2854.90 2947.30 2851.10 2947.90 101.50 103,060 Sept â€¦ â€¦ â€¦ 2939.20 101.30 11 Mini S&P 500 (CME)â€”\$50 Ã— index June 2859.75 2954.75 2850.00 2948.00 101.50 3,152,167 Dec 2844.25 2950.00 2838.00 2934.00 101.25 37,353 Mini S&P Midcap 400 (CME)â€”\$100 Ã— index June 1573.00 1680.90 1571.50 1672.60 96.40 71,759 June 1628.00 1672.50 1573.00 1668.40 94.00 4 Mini Nasdaq 100 (CME)â€”\$20 Ã— index June 9135.00 9361.50 9110.25 9325.50 229.00 197,701 Sept 9097.00 9344.00 9097.00 9310.50 229.50 2,118 Mini Russell 2000 (ICE-US)â€”\$100 Ã— index June 1254.10 1338.20 1247.50 1333.20 86.80 547,583 Sept 1269.70 1334.70 1246.60 1330.80 86.60 4,901 Mini Russell 1000 (ICE-US)â€”\$100 Ã— index June 1615.10 1632.40 1575.20 1625.00 50.70 8,189 U.S. Dollar Index (ICE-US)â€”\$1,000 Ã— index June 100.44 100.52 99.60 99.68 -.75 31,406 Sept 100.38 100.50 99.63 99.69 -.74 867

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