On May 10, American exporters sold 600,000 Canadian dollars, that is, 0.8239 * 600,000 US dollars = 494,340 US dollars. Six futures contracts of 1 1. 1.00 million were sold, with a total value of 600,000 Canadian dollars, equivalent to the forward exchange rate of 1. 1.00, with a contract value of 0.824 * 600,000 = 494,400 US dollars.

On165438+1October 10, the exporter got 600,000 Canadian dollars, which was converted into 0.821* 600,000 = 492,600 US dollars.

49.26-49.434=-0. 174, which is equivalent to the exporter's loss of $0.65438+$0.74 million. In the futures market, the contract value is 0.8201* 60 = $492,060. After buying and closing the position. 49.206-49.44=-0.234, which is equivalent to the exporter earning $2340 in the futures market.

To sum up: 0.234-0. 174=0.06. Through this hedging operation, the exporter not only preserved the value, but also made a net profit of $0.6 million.

Without hedging, exporters will lose $0.65438+$0.7400 due to exchange rate fluctuation.