Aug

29

 With the merger of the CBOT and the CME, a physical consolidation of the two exchanges' trading floors will take place with the Merc floor being shuttered. As a result some current open outcry pits will move exclusively to the screen, a move that will likely mean the death of the product in certain cases. Oh Frozen Pork Bellies, how we knew thee.

Ryan Carlson writes:

On Monday, bellies traded only 148 contracts, all in the pit, with an open interest of 710. Not a huge loss for the floor crew.

The meats are funny at the Merc because it's such an old-school crew down there. Walking down to those pits, everyone will eyeball anyone new. Also, they've been trying to push the meats to the screen but they won't go. I've been told that no one will trade with you if you wear a headset (computer trader on other end). Also, I've been told that unless you know people down there, they won't trade with you either.

The power of the CME always flowed from the meat pits, so I've done my best to align my interests with theirs.


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