I've been a customer 15 years. They have auto rolled them every time if I stayed in too close to delivery. This time they decided to liquidate my 9 soybean contracts on Friday with no call or warning instead of auto rolling them like they have every time since I've been a customer since 2008. I had over 100K of excess margin money in the account, and the postions were protected with puts even! So to my huge surprise last night I had to buy them back for 19 cents higher than what they were sold out from under me for. How is this not bad business or illegal? Again, in the past every single time were ALWAYS rolled into the next contract month automatically not just liquidated! What should I do next? If they had always rolled in the past, and then this happens. This is no consistent behavior at all. Why would have they not called me at least to ask what I wanted to do?!
Seems like Schwab was providing a non-standard add-on service for your account. No broker or FCM that I've ever traded at 'auto-rolled' for me. Only liquidation.
it doesn't seem right for a broker to roll your position unless the broker is being paid to do it and the broker was instructed to do it. Who knows, there might be some very angry customer who will bash the broker for rolling the contract. Ukraine is a major producer of grain. With the war going on, and the ships are being bombed, the broker is not going to take additional risks. not sure if you are aware; last 2 days, soya futures were very volatile. and the soya price went down massively.
I had puts protecting my position. And of course I know soya is volatile, I've been long since December.
I had an update to the platform recently, and was wondering that also. It would be annoying if it didn't keep your settings, but not unusual with tech updates.