Stocks & Commodities V. 33:04 (43): Q&A by Don Bright
Product Description
Q&A by Don Bright
OPEN OUTCRY
Before we get to this month’s question and answer, I would like to share a few words about the upcoming closure of many of the Chicago Mercantile’s open outcry trading pits. The Chicago Mercantile Exchange (CME) was opened in 1848 and was the world’s first futures exchange. Back then it allowed farmers to “lock in” future prices on their grains, thus giving them an “automatic buyer” for the upcoming harvest. They soon added commodities ranging from butter (at the Chicago Product Exchange) to pork bellies, with livestock becoming central. We can thank those exchange members for coming up with nearly 30 rules governing butter grading. (Are there really that many grades of butter?)
OPEN OUTCRY
Before we get to this month’s question and answer, I would like to share a few words about the upcoming closure of many of the Chicago Mercantile’s open outcry trading pits. The Chicago Mercantile Exchange (CME) was opened in 1848 and was the world’s first futures exchange. Back then it allowed farmers to “lock in” future prices on their grains, thus giving them an “automatic buyer” for the upcoming harvest. They soon added commodities ranging from butter (at the Chicago Product Exchange) to pork bellies, with livestock becoming central. We can thank those exchange members for coming up with nearly 30 rules governing butter grading. (Are there really that many grades of butter?)
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