Problem:
Today you enter into a short futures position of 10 contracts on wheat at $6.5 per bushel, maturing in 6 months. One contract is for 5,000 bushels of wheat, and you plan on keeping it until expiration.
Required:
Question: If wheat is trading at $6.86 at maturity, what is your net profit from this position?
Note: Please show the work not just the answer.