What is the closing value of one December futures contract on corn?
$\begin{array}{llll}
&\text { Contact } & \text { Open } & \text {High} & \text { Low}& \text { Close}\
\text { Dec. Corn. }&\text { 5,000 bu, cents/bu } & 620.50 & 623.50 & 613.00 & 617.00\
\text { Dec. Wheat, }&\text { 5,000 bu, cents/bu } &804,00 &810.00 &798,50 & 801,00
\end{array}$
A)$6.17
B)$617.00
C)$30,850
D)$308,500
E)$3,085,000

Question

What is the closing value of one December futures contract on corn?
$\begin{array}{llll}
&\text { Contact } & \text { Open } & \text {High} & \text {  Low}& \text { Close}\
\text { Dec. Corn. }&\text { 5,000 bu, cents/bu } & 620.50 & 623.50 & 613.00 & 617.00\
\text { Dec. Wheat, }&\text { 5,000 bu, cents/bu } &804,00 &810.00 &798,50 & 801,00
\end{array}$
A)$6.17
B)$617.00
C)$30,850
D)$308,500
E)$3,085,000

Quizplus · Accepted Answer

The closing value of one December futures contract on corn is calculated by multiplying the closing price (617.00 cents or $6.17 per bushel) by the contract size (5,000 bushels). Therefore, 617.00 cents/bu * 5,000 bu = 3,085,000 cents, or $30,850.

What Is the Closing Value of One December Futures Contract