Hi, could you please help with the below commodity question.

A grain company, Grant's Grains has distributed a genetically modified grain that has been widely used by NSW wheat farmers.Grant decides that before this evening's (15th November 2019) 'Four Corners' expos goes to air detailing the link with 'Deranged Baker Disorder', he should take up a position to profit from the imminent detrimental impact the news will have on NSW wheat prices.If he is prepared to trade in 50 close-dated Wheat futures contracts (of 20 metric tonnes / contract);

i) Outline a possible strategy to profit.

ii)What would be his profit or loss if all futures contract decrease in value by 60%?

Wheat Futures Pricing

BidAsk

Jan 20334.50363.00

Mar 20331.50360.00

May 20-371.00

July 20340.00-

Sep 20--

Jan 21- 342.00

Jan 22-343.00