问题 单项选择题

7月5日,小麦现货价格为1280元/吨,某农场对该价格比较满意,但小麦10月份才能收获。为了避免将来价格下跌带来的风险,该农场决定在郑州期货交易所对小麦进行套期保值。鉴于(小麦)期货合约中所规定的交割月份为1、3、5、7、9和11月,该农场决定卖出10手11月份小麦期货合约,交割价格1300元/吨。10月,该农场在现货市场出售小麦的同时,买入10手11月份小麦期货合约平仓,该期货的交割价格为1270元/吨。在不考虑佣金和手续费等费用的情况下,当10月份小麦基差______时,该农场能实现净盈利(基差=现货价格一期货价格)。

A.>-20元/吨
B.<-20元/吨
C.<20元/吨
D.>20元/吨

答案

参考答案:A

解析: 7月5日,该农场卖出11月份的期货合约,交割价格为1300元/吨。10月份小麦收获时该农场出售现货,并同时买入11月份的期货合约平仓,期货的交割价格为1270元/吨。故该农场在期货市场每吨小麦获利1300-1270=30元。因此,只有当现货市场每吨小麦的损失小于30元时,即10月份的现货价格X-1280>-30时,农场才能实现盈利,此时X>1250,所以10月份基差=X-1270>-20。

单项选择题
阅读理解

阅读理解。

    Bob always took the newspaper to Grandpa White's home last before going home. Grandpa

White's was at the end of the road. Bob liked Grandpa White. He was often waiting for him

near the front gate with sweets or a nice cake. Besides, he often asked Bob about things

he was doing-about what he was going to do for the summer and what he liked to do.

    The thing that Bob didn't like about Grandpa was his never-ending stories about his

boyhood (童年)in California. Bob never asked to hear about Grandpa's boyhood, but he could

n't get away.

    After Grandpa's wife died in October, Bob could see that Grandpa was lonelier than

ever. He would often join Bob halfway along the road and walk along with him as he gave

out the papers. Grandpa seemed to have all day, and Bob often was late getting his papers

to his customers (订报者), Bob didn't want to complain (抱怨), but the customers were

unhappy.

1. When he took the newspaper to Grandpa White, Bob would often receive _____.[ ]

A. old newspapers

B. sweets or a cake

C. some money

D. a paper with questions for him to answer

2. Which do you think is true? [ ]

A. Bob lived with Grandpa.  

B. Grandpa had many stories about his boyhood.

C. Grandpa didn't like to read newspapers.

D. Bob took the newspaper to Grandpa first.

3. Bob could do nothing when _____. [ ]

A. the customers got their newspapers late

B. Grandpa began to tell him about his boyhood

C. he saw Grandpa feeling lonely

D. Grandpa asked him about the things he was doing

4. The reading mainly (主要) tells us that _____. [ ]

A. Bob was still a child

B. Grandpa liked to tell stories

C. the customers sometimes got angry

D. lonely people need other people

5. The sentence "Grandpa seemed to have all day" means "_____". [ ]

A. Grandpa always seemed to like daytime

B. Grandpa liked telling stories to Bob all day

C. Grandpa liked to stay with Bob all the time

D. Grandpa seemed to be lonely all day