Suppose that on December 3 you sell three July 2022 corn contracts at a price of $5.86 per bu.
(a) Draw a graph of the payoff (per bu of corn) from your short position as a function of the buyback price (3 points)
(b) Then, in January 2022, you cancel your position by buying three July 2022 corn contracts at $5.80 per bu. How much money did you gain or lose on this transaction (remember, there are 5000 bu per contract)? (Ignore brokers fees, etc.) Show your work. (3 points)
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