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Suppose today is December 4, 2020, and your firm produces breakfast cereal and needs 160,000 bushels of corn in March 2021 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and March. Use Table 25.2 a. What is the total price you are locking in for the 160,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $4.66 per bushel in March. What is the profit or loss on your futures position? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. Total cost b.

Suppose today is December 4, 2020, and your firm produces breakfast cereal and needs 160,000 bushels of corn in March 2021 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and March. Use Table 25.2 a. What is the total price you are locking in for the 160,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $4.66 per bushel in March. What is the profit or loss on your futures position? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. Total cost b.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter14: Capital Structure Management In Practice
Section14.A: Breakeven Analysis
Problem 6P
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Suppose today is December 4, 2020, and your firm produces breakfast cereal and needs 160,000 bushels of corn in March 2021 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and March. Use Table 25.2 a. What is the total price you are locking in for the 160,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $4.66 per bushel in March. What is the profit or loss on your futures position? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. b. Total cost
Transcribed Image Text:Suppose today is December 4, 2020, and your firm produces breakfast cereal and needs 160,000 bushels of corn in March 2021 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and March. Use Table 25.2 a. What is the total price you are locking in for the 160,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $4.66 per bushel in March. What is the profit or loss on your futures position? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. b. Total cost
Table 25.2 Futures Contracts Quote, December 4, 2020 Futures Contracts Metal & Petroleum Futures Contract Open High hilo Low Copper-High (CMX)-25,000 lbs:$per Ib Dec 3.4800 3.5055 3.4580 March 21 3.4935 3.5230 A 3.4695 Gold (CMO)-100 troy oz:$per troy oz Dec Jan 21 Feb April June Aug Palladium (NYM)-50 troy oz:$pertroy az Dec 2360.00 2360.00 March21 2417.60 2431.60 Platinum (NYM)-50 troy oz. $ per troy oz. Dec Jan 21 1020.20 1042.10 Silver (CMX)-5,000 troy oz. $ per troy oz Dec 24.100 24.340 Jan Feb March April June 1829.20 1842.00 1830.50 1844.00 1833.90 1847.40 1837.00 1850.70 1839.50 1852.90 1843.60 1854.40 Jan Feb Jan Feb March21 24.220 24.420 Crude Oil, Light Sweet (NYM) 1,000 bbls. $per bb 44.99 45.84 44.66 45.64 45.14 45.98 44.84 45.79 45.24 46.07 44.98 45.91 45.07 45.96 45.06 45.93 Dec 44.46 45.00 NY Harbor ULSD ONYMD-42000 gal. Spergal. Jan 13541 13933 Feb 45.42 45.46 44.86 45.18 46.13 March Apri May Oct 46.08 1.3612 1.3984 13721 14049 1825.30 1836.80 11.10 15,718 1824.00 1838.40 10.80 2,428 1826.70 1841.10 10.90 396,152 1830.50 1844.70 10.80 69,763 1832.90 1847.10 10.80 31,294 8,469 1836.10 1849.00 10.60 1.2376 1.2664 12447 1.2749 12357 Natural Gas (NYM)-10,000 MMBtu:$per 2.760 2768 2.756 2769 2.706 2711 2.637 2644 2.636 2649 2761 2.792 2225.10 2302.10 -95.30 102 2228.00 2317.90 -90.30 9,561 13633 1.3999 Gasoline-NY RBOB (NYM)-42,000 gal. $ pergal 12239 12617 1.2705 MMBtu -1037.00 26.60 1 1005.00 1038.60 26.50 48,031 23.935 24.087 0.062 3,337 23.850 24.137 0.057 127,183 2.484 2.486 2.441 2.393 2.405 2.560 Open Settle Chg interest 3.4790 0.0040 4,633 3.4905 0.0015 167,647 Corn (CBT)-5,000 bucents per bu Dec 419.25 423.25 March 21 424.00 427.50 Oats (CBT) 5,000 bu, cents per bu Dec March21 295.00 301.75 295.00 Soybeans (CBT) 5,000 bu.cents per bu 1154.25 1170.75 1152.00 417.75 422.00 Agriculture Futures Jan March 1156.00 1172.50 1154.00 Soybean Meal (CET)-100 tons: $ per ton Dec 389.80 394.00 389.40 Jan 21 385.60 391.00 384.70 Soybean Oil (CBT)-60,000 bs,cents per b Dec 37.81 38.72 36.88 Jan 21 37.09 37.80 Rough Rice (CBT)-2000 cwt.Sper cwt Jan 12.31 12.50 12.41 12.42 12.61 12.61 March Wheat (CBT)-5,000 bu, cents perbu Dec 573.50 576.00 March 21 588.50 591.00 Wheat (KC)-5,000 bucents per bu Dec 568.00 579.75 422.50 426.50 15.14 15.50 2.507 -273 298,896 2.515 -263 96,590 2.476 247 195,204 2.434 -223 86,784 1168.25 1170.25 37.81 38.68 0.36 377,052 0.35 205,147 0.34 192,213 0.32 97,163 2.449 -210 54,769 2.614 184 92,144 0.29 214,184 0.01 282,937 392.80 390.00 0271 110,717 0246 49,764 0218 125,665 0191 46,848 303.75 9.25 300.75 3.50 6,680 2.75 900,392 44 4.25 3,710 15.25 297,028 15.50 261,969 3.30 2,204 4.40 125,693 1.21 1,218 37.73 81 142,999 12.33 -13 8,267 12.52 -12 810 571.75 -6.25 161 584.50 -4.00 196,463 78 545.00 -5.50 544.75 549.75 -4.00 123,486 March21 553.50 556.25 Cattle-Feeder (CME)-50,000 lbs, cents perib Jan 141.725 142.000 139.225 139.800 -2.000 19,379 March 140.925 141.100 138.600 139.325 -1.650 10,095 Cattle-Live (CME)-40,000 lbs. cents per b Dec 110.600 110.600 108.950 109.600 -1100 19,012 Feb 21 113.750 113.750 111.675 112.575 -1.350 112,256 Hogs-Lean (CME)-40,000 lbs: cents perib Dec 66.425 66.450 65.850 66.025 -325 16,568 67.875 68.050 66.725 66.925 -950 84,333 Feb 21 Lumber (CME)-110,000 bd.ft, Sper 1,000 bd.ft Jan 657.50 663.40 March 626.90 638.50 Milk (CME)-200,000 lbs, cents per b Dec 15.14 15.50 Jan 21 15.60 16.06 Cocoa (CE-US)-10 metric tons Sporton Dec 2,897 2,897 March 21 2,648 2,726 653.60 660.00 11.00 1,846 636.00 16.00 735 15.45 26 4,864 15.98 34 3,509 80 2,897 2,897 -10 2,630 2,651 13 95,344 Source: The Wall Street Journal, December 4, 2020, www.wsj.com. Contract Open High hilo Coffee (CE-US)-37,500lbs.cents per b 117.65 117.65 Dec 117.65 117.65 118.60 120.05 March 21 119.65 121.00 Sugar-World (CE-US)-112,000 lbs.cents per b March 14.62 14.89 May 14.03 14.19 Low Settle Sugar-Domestic (CE-US)-112,000 lbs.cents per lb. 28.50 28.50 28.51 28.51 28.50 28.51 28.50 March 28.51 Cotton (CE-US)-50,000 lbs,cents per b 69.25 14.58 14.71 13.94 14.04 Jan 125.85 127.50 March 127.40 128.20 91.07 91.03 69.42-57 Dec 69.85 69.85 March 21 71.60 71.968 71.07 71.11 Orange Juice (ICE-US)-15,000 bs-cents per b Ch 99.9125 99.9125 99.9150 99.9150 08 99.7525 99.7625 99.7900 99.8000 99.7950 99.8050 99.7450 99.7500 136 95 116,177 Open interest 11 413,003 07 223,217 -38 125.30 126.80 1.15 6,289 126.55 127.95 1.20 3,942 Interest Rate Futures Ultra Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 213-290 1-19.0 30,469 171-290 March 21 211-050 212-180 210-210 212-060 1-19.0 1,003,784 Treasury Bonds (CBT)-$100,000.pts 32nds of 100% Dec March 21 172-140 173-040 172-050 172-280 Treasury Notes (CBT) $100,000. pts 32nds of 100% Dec 137-275 138-025 137-305 138-065 March 21 137-165 137-260 137-140 137-210 5Yr. Treasury Notes (CBT)-$100,000 pts 32nds of 100% Dec 125-150 125-185 March 21 125-242 125-282 125-140 125-167 125-230 125-262 2 Yr. Treasury Notes (CBT)-$200,000.pts 32nds of 100% Dec 110-126 110-133 March 21 110-122 110-130 110-126 110-132 110-120 110-126 30 Day Federal Funds (CBT)-$5,000,000,100-daily avg 99.9125 99.9150 Index Futures Mini DJ Industrial Average (CBT)-$5xIndex Dec 29686 30092 March 21 29782 29990 S&P 500 Index (CME)-$250x Index Dec 3668.40 3673.40 A 3658.30 1,610 3,359 64 -49 133,285 91.10 Y 90.51 91.03 Y 90.44 Dec Jan 21 99.9200 99.9200 120,495 150,645 10 Yr. Del. Int. Rate Swaps (CBT) $100,000 pts 32nds of 100% 100-235 8.0 157,513 Dec Eurodollar (CME)-$1,000,000; pts of 100% Dec 99.7575 99.7625 March 21 99.7900 99.8050 99.8000 99.8100 June Dec 99.7500 99.7550 22.0 51,139 23.0 1,109,512 75 79,375 75 3,107,347 2.7 81,914 3.2 3,043,294 7 40,276 61,805,095 Currency Futures Japanese Yen (CME)-V12,500,000: $ per 100% Dec 9578 9647 March 21 9589 9661 7742 Canadian Dollar (CME)-CAD 100,000 $per CAD Dec March 21 7746 British Pound (CME)-662,500 $ per E 7781 A 7784 A 7727 7731 Dec 13374 1.3502 A 13353 1.3450 0091 144,781 March 21 13382 1.3512A 13366 1.3461 0091 5,864 Swiss Franc (CME) CHF 125,000 $ per CHF Dec 1.1179 1.1249 A 11171 11221 0058 51,043 March 21 1.1215 1.1282 A 11206 1.1255 .0058 1,165 Australian Dollar (CME)-AUD 100,000 $por AUD 7414 7451A Dec 7448 0046 129,494 7399 March 21 7419 7456 A 7405 7453 0045 2,845 Mexican Peso (CME)- MXN 500,000 $per MXN Dec 05001 05030 04988 March 21 04957 04984 04943 Euro (CME)-€125,000 $per € Dec 12116 12177 A March 21 12146 1.2205 A 0050 1,103,367 0050 1,133,804 0050 947,506 0050 824,964 .9567 9620 0054 181,520 9582 9634 0054 3,971 7779 0041 136,425 7782 0041 7,640 05020 00032 145,745 04974 00032 3,882 12103 1.2145 0043 622,031 12132 1.2174 0042 29,764 29755 29932 64 88,990 29659 29830 62 7,438 March 21 Mini S&P 500 (CME)-$50x Index Dec 3671.00 3682.00 3655.25 3664.50 -2.75 2,494,833 March 21 3663.25 3674.00 A 3647.50 3656.75 -2.75 133,159 Mini S&P Midcap 400 (CME)-$100x index 3664.60 -2.70 32,600 3656.80 -2.70 25 2 Dec 2194.20 2216.20 2183.40 2202.70 12.20 53,476 March 21 2191.00 2210.00 2186.70 2198.90 11.60 Mini Nasdaq 100 (CME)-$20xIndex Dec 12472.00 12540.25 A 12444.00 12462.25 March 21 12474.50 12535.00 12443.00 12459.50 Mini Russell 2000 (CME)-$50x Index Dec 1842.30 1860.80 1830.30 1847.20 Mini Russell 1000 (CME)-$50x Index Dec 2046.30 2070.60 A 2057.50 2060.80 U.S. Dollar Index (ICE-US)-$1,000x Index Dec March 21 8.00 238,420 8.25 6,117 9.70 550,108 1.30 9,047 90.72 -40 35,676 90.65 -41 1,773 Source FactSet
Transcribed Image Text:Table 25.2 Futures Contracts Quote, December 4, 2020 Futures Contracts Metal & Petroleum Futures Contract Open High hilo Low Copper-High (CMX)-25,000 lbs:$per Ib Dec 3.4800 3.5055 3.4580 March 21 3.4935 3.5230 A 3.4695 Gold (CMO)-100 troy oz:$per troy oz Dec Jan 21 Feb April June Aug Palladium (NYM)-50 troy oz:$pertroy az Dec 2360.00 2360.00 March21 2417.60 2431.60 Platinum (NYM)-50 troy oz. $ per troy oz. Dec Jan 21 1020.20 1042.10 Silver (CMX)-5,000 troy oz. $ per troy oz Dec 24.100 24.340 Jan Feb March April June 1829.20 1842.00 1830.50 1844.00 1833.90 1847.40 1837.00 1850.70 1839.50 1852.90 1843.60 1854.40 Jan Feb Jan Feb March21 24.220 24.420 Crude Oil, Light Sweet (NYM) 1,000 bbls. $per bb 44.99 45.84 44.66 45.64 45.14 45.98 44.84 45.79 45.24 46.07 44.98 45.91 45.07 45.96 45.06 45.93 Dec 44.46 45.00 NY Harbor ULSD ONYMD-42000 gal. Spergal. Jan 13541 13933 Feb 45.42 45.46 44.86 45.18 46.13 March Apri May Oct 46.08 1.3612 1.3984 13721 14049 1825.30 1836.80 11.10 15,718 1824.00 1838.40 10.80 2,428 1826.70 1841.10 10.90 396,152 1830.50 1844.70 10.80 69,763 1832.90 1847.10 10.80 31,294 8,469 1836.10 1849.00 10.60 1.2376 1.2664 12447 1.2749 12357 Natural Gas (NYM)-10,000 MMBtu:$per 2.760 2768 2.756 2769 2.706 2711 2.637 2644 2.636 2649 2761 2.792 2225.10 2302.10 -95.30 102 2228.00 2317.90 -90.30 9,561 13633 1.3999 Gasoline-NY RBOB (NYM)-42,000 gal. $ pergal 12239 12617 1.2705 MMBtu -1037.00 26.60 1 1005.00 1038.60 26.50 48,031 23.935 24.087 0.062 3,337 23.850 24.137 0.057 127,183 2.484 2.486 2.441 2.393 2.405 2.560 Open Settle Chg interest 3.4790 0.0040 4,633 3.4905 0.0015 167,647 Corn (CBT)-5,000 bucents per bu Dec 419.25 423.25 March 21 424.00 427.50 Oats (CBT) 5,000 bu, cents per bu Dec March21 295.00 301.75 295.00 Soybeans (CBT) 5,000 bu.cents per bu 1154.25 1170.75 1152.00 417.75 422.00 Agriculture Futures Jan March 1156.00 1172.50 1154.00 Soybean Meal (CET)-100 tons: $ per ton Dec 389.80 394.00 389.40 Jan 21 385.60 391.00 384.70 Soybean Oil (CBT)-60,000 bs,cents per b Dec 37.81 38.72 36.88 Jan 21 37.09 37.80 Rough Rice (CBT)-2000 cwt.Sper cwt Jan 12.31 12.50 12.41 12.42 12.61 12.61 March Wheat (CBT)-5,000 bu, cents perbu Dec 573.50 576.00 March 21 588.50 591.00 Wheat (KC)-5,000 bucents per bu Dec 568.00 579.75 422.50 426.50 15.14 15.50 2.507 -273 298,896 2.515 -263 96,590 2.476 247 195,204 2.434 -223 86,784 1168.25 1170.25 37.81 38.68 0.36 377,052 0.35 205,147 0.34 192,213 0.32 97,163 2.449 -210 54,769 2.614 184 92,144 0.29 214,184 0.01 282,937 392.80 390.00 0271 110,717 0246 49,764 0218 125,665 0191 46,848 303.75 9.25 300.75 3.50 6,680 2.75 900,392 44 4.25 3,710 15.25 297,028 15.50 261,969 3.30 2,204 4.40 125,693 1.21 1,218 37.73 81 142,999 12.33 -13 8,267 12.52 -12 810 571.75 -6.25 161 584.50 -4.00 196,463 78 545.00 -5.50 544.75 549.75 -4.00 123,486 March21 553.50 556.25 Cattle-Feeder (CME)-50,000 lbs, cents perib Jan 141.725 142.000 139.225 139.800 -2.000 19,379 March 140.925 141.100 138.600 139.325 -1.650 10,095 Cattle-Live (CME)-40,000 lbs. cents per b Dec 110.600 110.600 108.950 109.600 -1100 19,012 Feb 21 113.750 113.750 111.675 112.575 -1.350 112,256 Hogs-Lean (CME)-40,000 lbs: cents perib Dec 66.425 66.450 65.850 66.025 -325 16,568 67.875 68.050 66.725 66.925 -950 84,333 Feb 21 Lumber (CME)-110,000 bd.ft, Sper 1,000 bd.ft Jan 657.50 663.40 March 626.90 638.50 Milk (CME)-200,000 lbs, cents per b Dec 15.14 15.50 Jan 21 15.60 16.06 Cocoa (CE-US)-10 metric tons Sporton Dec 2,897 2,897 March 21 2,648 2,726 653.60 660.00 11.00 1,846 636.00 16.00 735 15.45 26 4,864 15.98 34 3,509 80 2,897 2,897 -10 2,630 2,651 13 95,344 Source: The Wall Street Journal, December 4, 2020, www.wsj.com. Contract Open High hilo Coffee (CE-US)-37,500lbs.cents per b 117.65 117.65 Dec 117.65 117.65 118.60 120.05 March 21 119.65 121.00 Sugar-World (CE-US)-112,000 lbs.cents per b March 14.62 14.89 May 14.03 14.19 Low Settle Sugar-Domestic (CE-US)-112,000 lbs.cents per lb. 28.50 28.50 28.51 28.51 28.50 28.51 28.50 March 28.51 Cotton (CE-US)-50,000 lbs,cents per b 69.25 14.58 14.71 13.94 14.04 Jan 125.85 127.50 March 127.40 128.20 91.07 91.03 69.42-57 Dec 69.85 69.85 March 21 71.60 71.968 71.07 71.11 Orange Juice (ICE-US)-15,000 bs-cents per b Ch 99.9125 99.9125 99.9150 99.9150 08 99.7525 99.7625 99.7900 99.8000 99.7950 99.8050 99.7450 99.7500 136 95 116,177 Open interest 11 413,003 07 223,217 -38 125.30 126.80 1.15 6,289 126.55 127.95 1.20 3,942 Interest Rate Futures Ultra Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 213-290 1-19.0 30,469 171-290 March 21 211-050 212-180 210-210 212-060 1-19.0 1,003,784 Treasury Bonds (CBT)-$100,000.pts 32nds of 100% Dec March 21 172-140 173-040 172-050 172-280 Treasury Notes (CBT) $100,000. pts 32nds of 100% Dec 137-275 138-025 137-305 138-065 March 21 137-165 137-260 137-140 137-210 5Yr. Treasury Notes (CBT)-$100,000 pts 32nds of 100% Dec 125-150 125-185 March 21 125-242 125-282 125-140 125-167 125-230 125-262 2 Yr. Treasury Notes (CBT)-$200,000.pts 32nds of 100% Dec 110-126 110-133 March 21 110-122 110-130 110-126 110-132 110-120 110-126 30 Day Federal Funds (CBT)-$5,000,000,100-daily avg 99.9125 99.9150 Index Futures Mini DJ Industrial Average (CBT)-$5xIndex Dec 29686 30092 March 21 29782 29990 S&P 500 Index (CME)-$250x Index Dec 3668.40 3673.40 A 3658.30 1,610 3,359 64 -49 133,285 91.10 Y 90.51 91.03 Y 90.44 Dec Jan 21 99.9200 99.9200 120,495 150,645 10 Yr. Del. Int. Rate Swaps (CBT) $100,000 pts 32nds of 100% 100-235 8.0 157,513 Dec Eurodollar (CME)-$1,000,000; pts of 100% Dec 99.7575 99.7625 March 21 99.7900 99.8050 99.8000 99.8100 June Dec 99.7500 99.7550 22.0 51,139 23.0 1,109,512 75 79,375 75 3,107,347 2.7 81,914 3.2 3,043,294 7 40,276 61,805,095 Currency Futures Japanese Yen (CME)-V12,500,000: $ per 100% Dec 9578 9647 March 21 9589 9661 7742 Canadian Dollar (CME)-CAD 100,000 $per CAD Dec March 21 7746 British Pound (CME)-662,500 $ per E 7781 A 7784 A 7727 7731 Dec 13374 1.3502 A 13353 1.3450 0091 144,781 March 21 13382 1.3512A 13366 1.3461 0091 5,864 Swiss Franc (CME) CHF 125,000 $ per CHF Dec 1.1179 1.1249 A 11171 11221 0058 51,043 March 21 1.1215 1.1282 A 11206 1.1255 .0058 1,165 Australian Dollar (CME)-AUD 100,000 $por AUD 7414 7451A Dec 7448 0046 129,494 7399 March 21 7419 7456 A 7405 7453 0045 2,845 Mexican Peso (CME)- MXN 500,000 $per MXN Dec 05001 05030 04988 March 21 04957 04984 04943 Euro (CME)-€125,000 $per € Dec 12116 12177 A March 21 12146 1.2205 A 0050 1,103,367 0050 1,133,804 0050 947,506 0050 824,964 .9567 9620 0054 181,520 9582 9634 0054 3,971 7779 0041 136,425 7782 0041 7,640 05020 00032 145,745 04974 00032 3,882 12103 1.2145 0043 622,031 12132 1.2174 0042 29,764 29755 29932 64 88,990 29659 29830 62 7,438 March 21 Mini S&P 500 (CME)-$50x Index Dec 3671.00 3682.00 3655.25 3664.50 -2.75 2,494,833 March 21 3663.25 3674.00 A 3647.50 3656.75 -2.75 133,159 Mini S&P Midcap 400 (CME)-$100x index 3664.60 -2.70 32,600 3656.80 -2.70 25 2 Dec 2194.20 2216.20 2183.40 2202.70 12.20 53,476 March 21 2191.00 2210.00 2186.70 2198.90 11.60 Mini Nasdaq 100 (CME)-$20xIndex Dec 12472.00 12540.25 A 12444.00 12462.25 March 21 12474.50 12535.00 12443.00 12459.50 Mini Russell 2000 (CME)-$50x Index Dec 1842.30 1860.80 1830.30 1847.20 Mini Russell 1000 (CME)-$50x Index Dec 2046.30 2070.60 A 2057.50 2060.80 U.S. Dollar Index (ICE-US)-$1,000x Index Dec March 21 8.00 238,420 8.25 6,117 9.70 550,108 1.30 9,047 90.72 -40 35,676 90.65 -41 1,773 Source FactSet
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