The Wall Street Casino, always looking for new items to place a wager on......

[marmar]

from 24/7WallStreet:



Futures Contracts For Everything, Even Cheese
Posted: June 21, 2010 at 2:58 pm


Some have said that if it moves, it can be taxed. But based upon what we have seen over the last decade, if it moves you can also create a financial futures contract around it. Today was supposed to mark the introduction of cheese futures at the CME.

CME Group lists the cash-settled contracts on the e-trading platform CME Globex. Trading was scheduled to begin on June 20, 2010 for trade date June 21, but it seems that a technical issue has kept the launch from coming on time.

The CME noted that the cheese contract was requested by customers (manufacturers and processors of cheese) so that they can attempt to hedge their risk profiles. When this launch was announced, the CME noted that many of its customers were already involved in Class III milk and dry whey futures and options markets. This new contract will allow these customers, in theory, to lock in prices.

These contracts will be listed monthly with each representing about 20,000 pounds of domestic cheddar cheese. The tick size is $0.001 per pound. ........(more)

The complete piece is at: http://247wallst.com/2010/06/21/futures-contracts-for-everything-even-cheese/

[amborin]

1. K-12 charter/financialized schools are surely high on their list....

[DJ13]

2. Lets short the short kids!

[dkf]

3. One of the Democratic Senators was on tv opposing cap and trade saying it would create yet another

Speculative instrument that would create pricing the average Joe will land up paying.

I can't believe they would still be considering this seeing how crazy the high frequency trading is making things.

[Hassin Bin Sober]

4. I once knew some degenerate gamblers who would bet which sugar cube the fly would land on.

[KillCapitalism]

5. Don't mess with my cheese!!!

All Wall Street is good for is creating bubbles and inflating prices on things. I'll be pissed if my Brie, Camembert, Gouda, or Sharp Cheddar prices skyrocket at my local market.

On a side note: this thread made me hungry, goin to the fridge now for some Mozzarella String Cheese!

[Nikki Stone1]

6. THANK YOU for posting this

Bets can be placed on anything. And the large bettor will do what it takes to insure a "sure thing" (win), even if whole industries and millions of people have to suffer. This is why so many religions prohibit gambling. It can destroy body, soul, and society.