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Wheat/Soybean trading.
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Wheat/Soybean trading.

  #1 (permalink)
Elite Member
Brisbane + Queensland/Australia
 
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Wheat/Soybean trading.

Hi,
Is anyone here trading wheat or soybeans? Was wanting to get some advice if there is anything I need to keep in mind when trading it.
Is it prone to slippage or gaping during the cash session?
How is it getting fills in live market, should I use market or limit orders?
Are there any upper limits on how many contracts you can trade and still get good fills?

Thanks for any advice

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Linz Austria
 
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SilverFut View Post
Hi,
Is anyone here trading wheat or soybeans? Was wanting to get some advice if there is anything I need to keep in mind when trading it.
Is it prone to slippage or gaping during the cash session?
How is it getting fills in live market, should I use market or limit orders?
Are there any upper limits on how many contracts you can trade and still get good fills?

Thanks for any advice

I regularly trade wheat and soybeans - outrights as well as speads and options.

Volume of the front month futures is ok during the day trading hours (former pit trading) from 8.30 am until 13.15 pm (Chicago time). Slippage is limited, you can use market orders for futures of the front month. (Back months are a different story.).

I have no idea how many futures you can trade and get good fills. Thus, if you intend to trade more than a small number, use limit orders.

In case of further questions, please let me know.

Best regards, Myrrdin

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  #4 (permalink)
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I use stop market orders in soybeans. Sometimes there's a tick or two of slippage and every now and then it's more, like a cent or greater. Sometimes there are small gaps at the morning open, but where I see it more is the Sunday night open. Although that's usually only in summer. I'm afraid to use limit orders because beans can move quick. Plus the exact entry is the least of my concerns.

Know when the crop reports come out. Always around the 10th or 11th of each month at 11 am, and some monthly reports are more volatile than others. Again, usually summer, though the January report is one of the biggest of the year.

If you're going to trade wheat look up something called the voice from the tomb. It's an old trading program with buy and sell signals on certain dates of the year, based on seasonal tendencies in the wheat market. Interesting story behind it too. Apparently it's long-term accuracy rate is like 75%.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #5 (permalink)
Market Wizard
Linz Austria
 
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Pariah Carey View Post
I use stop market orders in soybeans. Sometimes there's a tick or two of slippage and every now and then it's more, like a cent or greater. Sometimes there are small gaps at the morning open, but where I see it more is the Sunday night open. Although that's usually only in summer. I'm afraid to use limit orders because beans can move quick. Plus the exact entry is the least of my concerns.

Know when the crop reports come out. Always around the 10th or 11th of each month at 11 am, and some monthly reports are more volatile than others. Again, usually summer, though the January report is one of the biggest of the year.

If you're going to trade wheat look up something called the voice from the tomb. It's an old trading program with buy and sell signals on certain dates of the year, based on seasonal tendencies in the wheat market. Interesting story behind it too. Apparently it's long-term accuracy rate is like 75%.

I agree that for medium or longer term traders the entry point is not of big importance. I also do not consider it as significant.

Yes, crop reports (on supply & demand) move these markets significantly, and everyone trading wheat or soybeans should think about being in the markets during publishing.

Generally seasonals are of special importance for all grains, beans, softs, and meats markets. I use the MRCI data.

Furthermore, I pay attention to the COT data.

Best regards, Myrrdin

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