Lease a seat for $30 dollars!!!!!!!!!

Discussion in 'Financial Futures' started by will2205, Dec 12, 2005.

  1. will2205


    You can lease a seat at the Minneapolis Grain Exchange for $30 dollars and buy one for $32,000 currently. What a deal!!!!!!!

    I know because I work there.
  2. Brandonf

    Brandonf ET Sponsor

    What are you going to do with it once you lease it? Don't get me wrong, I think the MGEX is great, and there are some super traders there. I learned a lot many years ago from Helen Pound -but the volume is not all that much etc. If you want to spread KC/Mpls/Chi then there are some opportunities..but for most people it would not be worth even the $30 for the lease.

  3. will2205


    The volume is increasing and there are still money making opportunities everyday. Althought it may not be a place for everyone.
  4. I thought they were breaking volume records this year. What's the pit population now? Maybe the observer guy could tell us since I think that is one of his jobs. I recall there were often around 35 or 40 traders there on good days several years ago. Is it the same now?
  5. IDEA: stocking stuffer
  6. will2205


    We are breaking records and the pit pop is about the same. We are really hoping the NCI contract will also gain some OI and vol. since it is now being pit traded.
  7. So why are you unloading your seat?
  8. will2205


    We aren't they were never that high to begin with. I don't know how anyone could think this isn't a good deal. Mpls is a exchange with easily liquid contracts. It isn't like we are talking about Winnipeg.
  9. $30 makes it seem like something is wrong but you need to realize that there were MANY more traders on the floor during the Depression. You should see the photos. Just like the CME today. There is a huge number of excess memberships which have an inherent value because they give you exposure to downtown Minneapolis commercial real estate.

    Over the years the exchange has decided not to expend its capital on buying back those memberships.

    You should tour the floor if you can. Look at the members lounge. Its from an era where grain barons smoked cigars, drank cognac and sent in their orders to the floor by runners. Its got this old school telegraphic type price display. I hope they refurbish the room someday.
  10. will2205


    I feel another reason the seats are so cheap is due to the fact that we are in Minneapolis for God's sake. It isn't exactly known as one of the world's financial centers. This means that every twenty year old that has seen Trading Spaces isn't kicking the door down like Chicago, because they don't know it exists.
    #10     Dec 12, 2005