Question: John opens a long position in one September corn futures contract at $ 3.46 per bushel. He leaves his position open through the end of

John opens a long position in one September corn futures contract at $ 3.46 per bushel. He leaves his position open through the end of the day. The settlement price is $ 3.51 per bushel.

What is his gain or loss for the day on his position? The size of the corn futures contract is 5,000 bu.

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