The primary American exchange for trading wheat futures is the Chicago Board of Trade (CBOT), where contracts are for “lots” of 5,000 bushels of wheat. The primary Canadian exchange is ICE Futures...

The primary American exchange for trading wheat futures is the Chicago Board of Trade (CBOT), where contracts are for “lots” of 5,000 bushels of wheat. The primary Canadian exchange is ICE Futures Canada, where contracts are for “lots” of 100 metric tonnes of wheat. There are 36.744 bushels in a metric tonne of wheat. The current price for a lot of CBOT wheat delivered in July is $26,780 USD, while the price for an ICE lot of July wheat is $23,800 CAD. At today’s exchange rate of 1.2452 CAD/USD, what is thedifference in price between the two exchanges? Express your answer in CAD per metric tonne.