Youngtrader's Commodity Journal

Young

Thanks for the advice man, I really appreciate it. I don't know why I want to go to the pits.....I guess I just really want to experience them before they are gone for good. There is just something about the action and the excitement in the pits that is addicting, not saying electronic trading isn't exciting but nothing compared to the pit and im sure pabst would agree on this.

But I think Chicago would have a way better night life and I have always wanted to have a few drinks at that bar at the CBOT (I hear they serve the strongest drinks in town, is that right pabst?)

Anyway I got 2 shorts off at 571.75
Looking to take profit at 568.50 or whenever I decide to call it quits for tonight lol!
 
Just a question because you seem pretty active trading grains ... since corn is so expensive and so much of it is being used for fuel instead of animal feed, I wouid assume the traditional users of cheap corn - pig farmers - are getting squeezed right now. Wouldn't this be bullish for the price of hogs?
 
Quote from ralph00:

Just a question because you seem pretty active trading grains ... since corn is so expensive and so much of it is being used for fuel instead of animal feed, I wouid assume the traditional users of cheap corn - pig farmers - are getting squeezed right now. Wouldn't this be bullish for the price of hogs?
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I have 2 hog farmers that sit in my office each week. These guys are finished because, particularly, they are contract farmers. This means they contract out their pigs. Both of them have lost all of their clients because they cancelled their contracts in the last 4 weeks. In essence they are lossing $50 per pig. No one can stay in business with those losses . . . unless they speculate or hedge the markets.

So yes, in the further months this will be bullish for hogs because the supply will start to dry up but demand will not. We are already seeing a turn in the May, june, July & August contracts. But this won't save the many many hog operations that will disappear in the meantime. I get disgusted with the local/state extension offices that turn a blind eye to educating these small to medium size producers to help them save their operations.
 
Quote from youngtrader:

Ok guys help me out here

Im going to be a senior in high school next year and that means that this summer I will already be applying for admission into college. But I am in kind of a rut. One side of me wants to attend college in Minneapolis or somewhere very close to Minneapolis while the other wants to attend college in Chicago.

I am planning on working as a clerk in the Spring Wheat pit at the MGEX this summer to get some extra experience and knowledge from some of the top traders there. I figure this would be an excellent way to get my foot in the door and try to work my way up the ladder. My family owns seats on the MGEX so eventually becoming a local in the pit and then moving to the screen when/if it becomes all electronic is kind of the goal with this plan. If I chose this path I would certainly have to attend college in Minneapolis and would be working down in the pit during the day and then taking afternoon/evening classes at college. The problem is there really isn't very many colleges to choose from in Minneapolis other than U of M. Also the night life doesn't really sound all that great either. Thats an important feature too because the next best thing to trading is partying!!!

The other option is to go to college in Chicago. I would still be working in the futures industry during the day and taking classes in the afternoon/evening but I wouldn't get much of a chance in the pits and would probably end up at a prop firm or something along those lines. The positives of this path are that there are many good colleges to choose from (im thinking about loyola, depaul and north park). Also the night life is good and there are plenty of opportunities to land a job in the futures business in Chicago. The downside is that I won't have the "ins" in Chicago like I do in Minneapolis and it just seems like it will be harder to get my foot in the door at the CBOT and CME compared to the MGEX.

I am going to have to make up my mind pretty quick but I thought I would ask for some advice from some et members.

Thanks Guys

YT
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No contest YT, Twin Cites as Pabst suggested. You will learn so much more and be so much further ahead in the end.

Hell, you will only be in college for 3-4 years tops. You have the rest of your life to party and raise hell. What you learn in the next few years in the pits will be the foundation for the rest of your life. That experience is priceless and a prop firm is a poor substitute. Sure everything is going to be electronic soon but the well rounded experience will pay off 100 fold in the end. What you are learning in the meantime on the screen is far more information than a lot of those pit traders know now. You will be ahead of the game in Minneapolis.
 
Your connects are to the MGEX. It's the only place you'll get a shot at pit trading. Better quality of life. Easier place to hook up with some Nordic looking chick. Less expense and WAY less hassle. Yea Loyola (my old school) and De Paul are quality but hardly schools so illustrious that I'd "go away" to attend. North Park? C'mon.

I'd move to St. Paul, go to Hamline or St. Thomas. Enjoy the new Twins ballpark that's being built. Freeze your ass off........:D
 
Thanks guys for the advice I do appreciate it.

ProfLogic did you get my pm last night?

Well guys Im interested in a quick short in may corn today with a break below yesterday's low. I think we could set back a little in this corn but not by too much and I will look to be a buyer right away when we start to turn around. Everything just kind of fell apart last night.....there was simply no bid!!! I heard china fell apart also last night on their ag contracts. The really crazy one was soy oil, it was limit up and then turned around and went I think damn near limit down!!! Thats insane and I might look at shorting soy oil this week.

Tried to get a few shorts off on some may/july soybeans but no luck.

Good Trading Guys
 
Got a 5 lot of corn sold at 564 today.

Grains overall got hit pretty hard today and I don't see corn getting any bid until we reach 540 and even then, that is only a minor support and our real support lies at 530 (at which point I plan on getting long a substantial amount of corn). Just a minor selloff in the midst of a massive bull market that I don't expect to shut down anytime soon.
 
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