big move against wheat today -124 is it time to go long wheat/short corn doesnt-100 represent some floor i know markets ignore socalled ceilings/floors local,how is the spread called out in the pit wheat over or corn over ? where would all the inter market spreads be quoted in which pit? biggest local where they all spreaders? i miss fast markets in the pit you would make your month right there...got any good stories
I didn't trade in Chicago so I can't answer your question about how the corn/wht is quoted. I think you should be buying wht and selling corn if only because there is legit demand for wht at these levels and poor corn exports. As for fast markets, they were implemented on the floor to protect those traders filling paper in case the market went through an order. During fast markets the brokers were not held liable. As a local, it really didn't mean too much, at the openings, if the market was called higher there would be jostling around those traders selling hedges. Here is a fast market story. In the summer of 1988 we are going through a drought and the market gets a little volatile. Now there were all kinds of characters on the floor including this one guy who unfortuneatly had this tendancy to stutter. He was a likeable guy but the trading floor just was not the place for someone that stuttered. It would be a fast market and he would be trying to spit out his quote and you would be standing there waiting for him to say something. Anyways, he lasted one summer and then took another job in the industry. Good guy. Regards, local
I believe you can trade options now on this spread. I also don't know of any pit where they would be calling out the spread on wheat over corn.