To determine the total profit or loss on seven wheat futures contracts, subtract the opening price from the closing price, then multiply the result by seven. Without specific prices, you cannot calculate the exact total profit or loss.
To calculate your total profit or loss on these wheat futures contracts, you'll need to consider the price at which you bought the contracts at the open and the price at which you sold them at the close. The difference in price, multiplied by the quantity (in this case, seven contracts), will give your total profit or loss, not including transaction costs or commissions.
Here's the formula for your total profit or loss:
Determine the buying price (opening price) per contract.
Determine the selling price (closing price) per contract.
Subtract the buying price from the selling price to find the profit or loss per contract.
Multiply the profit or loss per contract by the number of contracts (seven).
The calculation would be as follows:
Profit/Loss per Contract = Selling Price - Buying Price
Total Profit/Loss = Profit/Loss per Contract × Number of Contracts
Without the actual numbers for the opening and closing prices, we cannot calculate the exact total profit or loss.