if you actually make delivery how much will you receive 551564

Futures Quotations The following quotations for the cotton futures trading on the New York Cotton Exchange appear in today’s newspaper. How many of the March 1996 contracts are currently open? How many of these contracts should you sell if you wish to hedge 400,000 pounds of cotton for March delivery? If you actually make delivery, how much will you receive?

COTTON (CTN) — 50,000 lbs.; cents per lb.

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Lifetime

Open

Open

High

Low

Settle

Change

High

Low

Interest

Oct-95

83.75

85.9

81.16

83.19

0.85

99.54

58.72

30,129

Dec

85

87.3

83.02

85.22

1

99.24

60.19

42,522

Mar-96

84.15

86.75

82.35

84

1.25

98.75

61.3

18,752

May

83.42

84.55

82.16

83.68

0.66

87.67

74.14

8,616

Jul

79.77

80.83

78.48

79.44

0.39

81.23

75.25

3,456

Est vol 19,000; vol Wed 11,313; open int 103,475, +255

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