This limit business is so stupid. It should be closer to 5 or even 10% per day. That might open up the door manipulation and squeezes, but we're in a free market. I don't trade Arg, so I don't know what I'm talking about. Just an observation.
Thats is exactly what would happen (manipulation and squeezes)without limits. See the great March Wheat spike of 1996 . . .
The March-1996 Wheat isn't a good example. "It" happened on the last trading day, during the last minute of trading in that contract. The only market participants who had any business having an open-position at that time were commercial users, not speculators. Instead of a single, fixed price limit, it may be better if there were multiple upside and downside limits, similar to stock index futures.
I reversed with 10 contracts . . . so net long 6 contracts seconds after the open yesterday. I pulled out 10cents on each 6 contracts for 3k. But still in the hole from the original shorts.
i dont know what to think BOUT CHI MARCH? LOCKED LIMIT SEVERAL TIMES BUT ENOUGH SELLING AT 1063 TO PUSH IT OFF AND BACK DOWN, ANY OPINIONS HERE GUYS??
I don't think Chi March is running the show right now. I think Minni is running the show. Chi is the weakest out of all of the wheat products, it came off, but kansas and minni did not. I don't think there will be significant selling in chi until minni starts to at least level off. Just my opinion, not an expert.
Buy 1042.00 - Sold 1062.75 = +19.25 Buy 1049.50 - Sold 1062.75 = +13.25 Buy 1058.00 - Sold 1062.75 = + 4.75 = +37.25 x $50 = $1862.5 per contract $1862.50 x 10 contracts = $18,625.00 That's what good the eGrains are!