CHICAGO - John Schneider's work is all shouts and hand gestures. Get him on the phone and you'll strain to hear over the barks and cries of his fellow commodities traders in the corn pit at the Chicago Board of Trade. The board's art deco building has long been an icon, and Schneider compared it at its founding in 1848 to a business like Groupon Inc. today - operating on the economic frontier and pushing Chicago toward its future. Even as the shouts and gestures gave way to the bits and bytes of modern electronic trading, the Board of Trade and the city's other exchanges had a strong hand in making Chicago the financial center it's become.
While commodity prices took a beating again Friday, most blame jittery world markets more than the much-anticipated U.S. Department of Agriculture world supply and demand report, also out Friday. On the Chicago Board of Trade, corn, soybean and wheat prices traded erratically after the report estimated growers will harvest the nation's largest corn crop since 1933.
A recent surge in corn futures and other commodity prices has triggered concerns about potential jump in food prices, but grocers and food producers say any such increases likely wouldn't come until after the holiday season, if at all. In the latest commodities-market lurch, corn prices dropped in early October, then soared later in the month, in response to changing assessments by the federal government of grain supplies and coming harvests, according to the New York Times. Experts told the Times that the impact on food prices could be much greater if next year's harvest disappoints and if 2011 grain harvests in the Southern Hemisphere also fall short of the current robust expectations. Corn futures on the Chicago Board of Trade earlier this month reached $5.84 a bushel in trading, abo...
...Spot month. Single month. All months. Chicago Board of Trade. Corn and Mini-Corn 1. 600. 13,500....
The Chicago Board of Trade is considered the center for agricultural commodities trading, with benchmark contracts for soybeans, oats, rice, corn and wheat. And back in 2004, the exchange began collaborating with the Kansas City Board of Trade (KCBT), the Minneapolis Grain Exchange (MGEX) and the Winnipeg Commodities Exchange to host their native agricultural commodities on the e-cbot electronic trading platform, consolidating access and thrusting these regional exchanges onto the line of fire for speculative trading. Both the MGEX and the KCBT facilitated the transition by installing electronic trading stations on the trading floor, allowing floor traders to monitor and execute trades with hand-held devices, adding liquidity to electronic trading and to the pit. With the electronic tra...
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