You have a long position in one corn futures contract. Each futures contract calls for...
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You have a long position in one corn futures contract. Each futures contract calls for the delivery of 5.000 bushels of No. 2 corn. The initial margin was $3,000 and the maintenance margin is $1,500. At the close of trading yesterday, the futures price was $6.18 per bushel and the balance in your margin account was $3,500. Today, the settlement price for corn futures is $5.76. What is the balance in your account at the end of today's trading? Assume that you made the minimum deposit necessary if there was a margin call.
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