CME Corn Futures - Quotes
| Month | Last | Change | Prior Settle | Open | High | Low | Volume |
| Dec | 639'0 | +0'4 | 638'4 | 638'0 | 644'6 | 636'0 | 17,091 |
| Mar | 648'0 | +0'2 | 647'6 | 647'4 | 654'0 | 645'2 | 11,192 |
| May | 655'0 | +0'4 | 654'4 | 654'4 | 661'0 | 652'4 | 2,535 |
| July | 657'0 a | +0'6 | 656'2 | 656'2 | 663'4 | 655'0 | 1,926 |
| Sep | 601'4 a | -1'6 | 603'2 | 603'0 | 607'2 | 601'0 a | 200 |
The table above shows information on CME corn futures contracts. Prices are in cents per bushel with a minimum tick size of 1/4 cent per bushel. Thus, a price of quote of 601'4 is equivalent to $6.015 per bushel. There are 5,000 bushels per contract. Mr. Greenjeans grows corn on 2,000 acres near Sioux City Iowa. Mr. Greenjeans expects to harvest 165 bushels per acre or 330,000 bushels in total. Mr. Greenjeans hopes to sell his corn for $6.015 per bushel when he harvests it in September, so he uses CME September corn futures contracts to lock in this price (at the price indicated in the table).
Assume that the summer passes and September arrives. The spot price of corn falls to $5.50/bu. Mr. Greenjeans sells his harvest locally at the spot price. Simultaneously he executes an offset trade in the futures market. Assume that, due to convergence, the futures price is equal to the spot price. What are his total proceeds from selling his corn? The total proceeds include the profit (loss) from the futures transactions.
◦ $169,950
◦ $1,815,000
◦ $1,984,950
◦ $2,154,900
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