wheat pit

About 100 traders usually work the wheat pit.

In the wheat pit at the Chicago Board of Trade, traders said the market was ready for a rebound.

Traders lingered in the wheat pit well after the closing bell, and some argued with exchange officials about the settlements.

The Chinese drought caused headlines, but traders in Chicago and Paris wheat pits have so far largely ignored it.

The ups and downs of the Chicago wheat pit in the novel follow the pattern of Leitner's market.

In the wheat pit, the traders sold yesterday after a sale of export wheat to China that was rumored Friday failed to materialize.

At Chicagocorp, Dave Armstrong said technical factors could keep buyers streaming into the wheat pit, which was extremely active yesterday.

Concerns escalated this week as CBOT floor traders circulated a letter within the wheat pit that outlined their worries.

Wheat prices slipped after an up and down day in the wheat pit as traders waited for the government's revised inventory report that included this year's production estimate.

CBOT wheat pit traders say 'phantom' bids and offers regularly appear on the screens at the day-side market open or when price movement gets volatile.

The initial tests involve four traders dealing in mark futures at the Mercantile Exchange and five in the wheat pit at the Board of Trade.

James Daehler, a trader in the wheat pit at the Chicago Board of Trade, was seen puzzling over his computer after he had pressed an incorrect button.

Anne Frick, senior oilseed analyst with Prudential-Bache Securities Inc., said some of yesterday's soybean selling reflected the bearish sentiment from the corn and wheat pits.

The traders in the wheat pit question if electronic traders are providing true liquidity to the market place or is their questionable activity driving primary risk taking market makers away?'

But if action in the MGE wheat contract drops off with the pit closing, it could lengthen the life for KCBT's wheat pit. '

We are struggling for the ideal of civilization; for culture, for poetry, for the Only Things Worth Preserving, he said at the Chicago Wheat Pit Festival.

Corn Prices Weaken Corn futures suffered from the Commodity Credit announcement, although the losses were trimmed a bit on spill-over buying from the enthusiasm in the wheat pit.

At the center of the room, Time reported on the items being traded in "pits" organized based on commodities type with pits names such as the corn pit, soybean pit or wheat pit.

Differing Strategies "But there was relatively little straddling in the corn and wheat pits," said John H. Frazier Jr., executive vice president at the Chicago office of the Balfour Maclaine Corporation.

At the Chicago Board of Trade, word from the United States Department of Agriculture that China was being offered 550,000 tons of wheat under the export bonus plan produced buying in the wheat pit, analysts said.

That move, along with expectations that the Soviet Union would bid on a half-million tons of wheat this week, built some optimism in the wheat pit, said Victor Lespinasse, a trader with Dean Witter Reynolds Inc.

He made his money in real estate, and afterwards in the wheat pit at Chicago, but he spent it in buying up as much land as would make one of your counties, lying along the Arkansas River, west of Fort Dodge.

The action in the wheat pit was disappointing because the Soviet Union did not reappear in the market after making an overnight purchase of 480,000 metric tons of wheat, said Dale Gustafson, an analyst with Drexel Burnham Lambert Inc. in Chicago.

But there are all kinds of more minute rules and regulations surrounding our wheat pits, stock markets and economic exchanges that have significant wealth effects: limits on retail buyers flipping shares after an I.P.O., rulings allowing exchanges to cut communication to non-member dealers, fixed prices in extended after-hour trading, even the advent of options markets.