You purchased a futures contract on corn at a futures price of 331, and at the time of expiration, the price was 343. What was your profit or loss?
A. –$12.00
B. $12.00
C. –$600
D. $600
D. $600
There are 5,000 bushels per contract and prices are quoted in cents per bushel. Thus, your profit was (3.43 – 3.31) = $0.12 per bushel, or $0.12 × 5,000 = $600.
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