Does anyone know what happened with the cbot September wheat mini futures (YW/XW) in the last 2 minutes of trade today? Massive 6% spike down just before the close on (high?) volume. No similar move on the corresponding ZW futures.
Wheat Mini movement
- Thread starter AusTrader84
- Start date
Don't know.
An exact 6% price movement looks like it hit the down limit. I'm guessing that with this very low volume and open interest contract, someone's fat finger tried to sell too many right at the close.
KH
Thanks that does seem like a logical explanation. No doubt triggered a few stops too.
volume was 36 contracts in the last couple of minutes which was significantly above the normal volume in that time period.
Hi @AusTrader84. I used to trade mini wheat, corn and soybean, but the volume was just too low to trade all three.
I just stick to mini corn now, with limit orders only. If it doesn't get filled at the price I want, then I don't trade. The bids usually get filled, but might take some time.
KH
I just stick to mini corn now, with limit orders only. If it doesn't get filled at the price I want, then I don't trade. The bids usually get filled, but might take some time.
KH
Thanks @KevinBB yeah I don’t tend to trade more than one of them at time either, for me the it’s more the correlation between them.
It’s unusual to see a big move like because they are usually in lockstep with the full contract. Gave me somewhat of a heart attack as my broker cancelled my stop but when I checked the main wheat contract I could see it was anomaly so was glad the stop didn’t fire.
It’s unusual to see a big move like because they are usually in lockstep with the full contract. Gave me somewhat of a heart attack as my broker cancelled my stop but when I checked the main wheat contract I could see it was anomaly so was glad the stop didn’t fire.
this will happen when the volume is almost zero.
Yeah, I just haven’t seen it happen in a front month contract before. I’ve seen some odd moves on out months before.
Do wool futures still exist in Australia?
Well that was an instant 8% turn around at the open. I hope someone capitalised on the fat fingers.