A farmer expects to harvest 20,000 bushels of wheat in late September. On 10 August, the price of wheat is $ 160 per bushel.

A farmer expects to harvest 20,000 bushels of wheat in late September. On 10 August, the price of wheat is $ 160 per bushel. The farmer is worried as he suspects that price will fall below $ 160 before his September delivery date. He can hedge his position by selling September wheat futures. The September wheat futures price is $ 160 per bushel. The farmer sold the September wheat futures. When September end approached, the price had fallen to $ 150 per bushel. What is the value of the hedged position?