Kelloggs takes a long position on July futures contracts at $4.65 per bushel of wheat in May.
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Question:
Kellogg’s takes a long position on July futures contracts at $4.65 per bushel of wheat in May. At maturity, the company purchased 10,000 bushels of wheat at the spot price of $4.95. Ignoring the transaction costs, calculate Kellogg’s gain or loss from buying the futures at maturity?
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