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| When prices reach these levels--it gets a little hairy. I think I've posted this before, but I recall an old acquaintance- a huge trader from the old merc. very accustomed to moving a market--bought a CBOT membership & on the first day stepped into corn & asked the quote & don't remember details but it was something like 1/8 to 1/4 (bid & offer)--"3 million" he bid...the very seasoned Cargill deck holder, always handy, took the trade in a blink of an eye...my acquaintance returned in a half hour or so asked the quote "1/8 to 1/4,,want some more?" asked the seasoned trader. My acquaintance kept the membership but returned to the Merc to trade commenting how deep these grain markets are & how quickly the big grain boys can respond if you simply try to be cute..those boys know value & of course all has changed in electronic trading...but they remain in the wings and do have deep pockets. We might still have a few hills yet to climb. | |
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Paper Mache?
