Question: A baker takes a long position in one July corn futures contract at a futures price of 370c/bu. In July the spot price turns out

A baker takes a long position in one July corn futures contract at a futures price of 370c/bu. In July the spot price turns out to be 399c/bu. Assume that the baker holds his position open through July. What is the baker's gain or loss (in cents per bushel)? Ignore transactions costs. Express your answer in cents per bushel. If a gain, enter as a positive number (for example, 327 for a profit of 327c/bu.). If a loss, express as a negative number (for example, -125 for a loss of 125c/bu.)
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