Advancing technology made the end of open outcry pit trading of futures inevitable, but it will still be sad to see such a historic, colorful era conclude.General Douglas MacArthur once famously observed that "old soldiers never die, they just fade away." Like an old soldier, open outcry pit trading of CME futures contracts in Chicago and New York will now just fade away in only a few months.The CME Group announced late yesterday that it will close all of its futures trading pits in Chicago involving corn, wheat, oats, soybeans, soybean products, interest rates and currencies. It will also close the open outcry trading pits for crude oil and other energy-related contracts at the old NYMEX in New York. The effective date of the closures will...
What You Need to Know Today: Chinese purchases of U.S. soybeans continued to accelerate, with USDA reporting another 558 KMT sold to China and 236 KMT to unknown destinations. Combined with sales announced Wednesday and Thursday, the latest purchases bring the three-day total to approximately...
From WPI Consulting
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.