没太看懂题及答案

NO.PZ2020012001000040问题如下 On January 15 of Ye1, a company cis to hee the sell of 100,000 bushels of corn on February 15 of Ye2. The following table gives futures prices (cents per bushel) of three selectecontracts on four fferent tes. Explain how the company cuse the contracts to create the requirehee. Whis the net (after heing) prireceivefor the corn a function of the spot prion Febru-ary 15 of Ye2? Eacorn contrais on 5,000 bushels. The company shoulshort 20 Mcontracts on January 15 of Ye1 anclose them out buying 20 Mcontracts on April 15 of Ye1. It shoulshort 20 September contracts on April 15 of Ye1 anclose them out buying 20 September contracts on August 15 of Ye1. It shoulshort 20 Marcontracts on August 15 of Ye1 anclose them out on February 15 of Ye2. The gain on the short positions in cents per bushel is (300 - 320) + (330 - 320) + (325 - 300) = 15 The prireceiveis therefore S + 15 cents per bushel, where S is the spot prion February 15 of Ye2. 老师，您说这个同学的红线话从总收益的角度是正确的，但是我不太明白，最后short futures平仓，期货头寸变成0了，总共赚了15，一开始未来就是计划sell spot ，所以卖出货物收到市场价格S，总收益应该是S+15啊？

NO.PZ2020012001000040问题如下 On January 15 of Ye1, a company cis to hee the sell of 100,000 bushels of corn on February 15 of Ye2. The following table gives futures prices (cents per bushel) of three selectecontracts on four fferent tes. Explain how the company cuse the contracts to create the requirehee. Whis the net (after heing) prireceivefor the corn a function of the spot prion Febru-ary 15 of Ye2? Eacorn contrais on 5,000 bushels. The company shoulshort 20 Mcontracts on January 15 of Ye1 anclose them out buying 20 Mcontracts on April 15 of Ye1. It shoulshort 20 September contracts on April 15 of Ye1 anclose them out buying 20 September contracts on August 15 of Ye1. It shoulshort 20 Marcontracts on August 15 of Ye1 anclose them out on February 15 of Ye2. The gain on the short positions in cents per bushel is (300 - 320) + (330 - 320) + (325 - 300) = 15 The prireceiveis therefore S + 15 cents per bushel, where S is the spot prion February 15 of Ye2. 请老师详细写下每个合同的买或者卖，买卖时间，价格是多少？表格是什么意思？基础课此题听好几遍仍然非常糊涂。比如八月份到底该干啥，九月价格有没有用？最后合同为啥减去300？谢谢。计算规则是什么

NO.PZ2020012001000040 问题如下 On January 15 of Ye1, a company cis to hee the sell of 100,000 bushels of corn on February 15 of Ye2. The following table gives futures prices (cents per bushel) of three selectecontracts on four fferent tes. Explain how the company cuse the contracts to create the requirehee. Whis the net (after heing) pripaifor the corn a function of the spot prion Febru-ary 15 of Ye2? Eacorn contrais on 5,000 bushels. The company shoulshort 20 Mcontracts on January 15 of Ye1 anclose them out buying 20 Mcontracts on April 15 of Ye1. It shoulshort 20 September contracts on April 15 of Ye1 anclose them out buying 20 September contracts on August 15 of Ye1. It shoulshort 20 Marcontracts on August 15 of Ye1 anclose them out on February 15 of Ye2. The gain on the short positions in cents per bushel is (300 - 320) + (330 - 320) + (325 - 300) = 15 The pripaiis therefore S + 15 cents per bushel, where S is the spot prion February 15 of Ye2. net (after heing) pripai什么是S+15，而不是S-15？担心价格下降，所以short futures,最后期货赚了15。到期后，买现货支付S,net (after heing) pripai是s-15吗？谢谢老师解答。

NO.PZ2020012001000040 问题如下 On January 15 of Ye1, a company cis to hee the sell of 100,000 bushels of corn on February 15 of Ye2. The following table gives futures prices (cents per bushel) of three selectecontracts on four fferent tes. Explain how the company cuse the contracts to create the requirehee. Whis the net (after heing) pripaifor the corn a function of the spot prion Febru-ary 15 of Ye2? Eacorn contrais on 5,000 bushels. The company shoulshort 20 Mcontracts on January 15 of Ye1 anclose them out buying 20 Mcontracts on April 15 of Ye1. It shoulshort 20 September contracts on April 15 of Ye1 anclose them out buying 20 September contracts on August 15 of Ye1. It shoulshort 20 Marcontracts on August 15 of Ye1 anclose them out on February 15 of Ye2. The gain on the short positions in cents per bushel is (300 - 320) + (330 - 320) + (325 - 300) = 15 The pripaiis therefore S + 15 cents per bushel, where S is the spot prion February 15 of Ye2. In total, the cost in USis 1,000(S-15). prirealize100000（S+15），虽然是cents但书上例题没有 用1000，为什么会还有cost （S-15）？