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02-09-2017 10:14 PM
Here is a chance to offer your opinions on Wheat Convergence. You have to do it by Friday, 10 Feb. Of course, you don't have to do it at all. Why do it? No one will pay any attention to you , anyway. Oh, you want to offer your opinion? How droll.
Below was copied from Kansas State web site.
Subject: KC HRW Wheat Survey
Thank you for your previous input on our KC HRW Wheat contract. CME Group is soliciting feedback on the potential implementation of VSR on this contract, and we would appreciate if you’d take the survey found at the link below to make your voice heard. Please also feel free to pass along the survey to others in the wheat industry.
Survey link: https://cmeg.co1.qualtrics.com/jfe6/form/SV_dhyzCQ
Please contact me with any questions.
Commodity Research and Product D
02-09-2017 10:53 PM
i asked last year, after a bad night with the back, i read the CME handbook on wheat......according to the rules, i could
haul to a delivery point...in the handbook, there is a set basis in the contract for the various delivery points...i could be
charged 8 cent unload fee....according to the rules, i could unload, get a warehouse rept, which can be used for delivery,
and then call my broker, and sell it on the board, and then just send my recipet......according to the rules.....this was
legal...rather than $1.20 to $1.30 basis, the max i could lose is 15 cents.(stated basis in contract)....i tried to put things into motion, but every
location would have nothing to do with it. talked to the state, and there was one thing they could force the elevator
do...you noticed that at one location, at hutch, they refused to issue a wharehouse recpt.......which i believe could be
challanged, from what i'm told. (no it wasn't me they did that to !!)
i talked to several well known advisory services, and they said we're weird down here, that what i'm saying is done
on the river with beans and corn every day.
02-10-2017 08:48 AM
Palouser used to rail about convergence. Haven't seen him on here in years. Too bad, he had some good observations.
It destroys faith in a system when "smart guys" use technical tricks to avoid following rules that most of us feel are clear and common-sense. There is no doubt that some traders have gotten rich by doing this, among many other things. One could say, "well, then learn the system". However, it seems one can learn the system and still not have the financial clout to make the arrogant ones comply.