Friday, June 18, 2010 14 loads of blocks traded and one offer was left which settled the price at $1.4050 - up half a cent. The traders were Jerome seller/offerer and Schreiber buying.
Today, June 21, 2010 with one trade, the half cent was lost. The traders - the same.
If you were looking for a lot of players in barrels on Friday, forget it. Jerome sold 27 out of the 35 and Schreiber bought all except for four.
Someone recently suggested Jerome had extra cheese which they placed on the CME. The fact is that every load carries a fee from the CME. So, if Jerome is the seller, most often and Schreiber is the buyer, most often, a great deal could be saved by dealing directly with each other. Except, that would not affect farm milk price or, dare I say, futures.
And this is what USDA and all the experts call a market. As the ancient Greeks said, "Who will guard us from the guards?"
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if we were to want to get rich quick all we need are some friends in jerome or schreiber. no need to do all these fancy studies. i wonder if any insiders had the same thought
ReplyDeleteNo corruption there, all in the name of supply and demand-Jerome has an excellent way of controlling thier COP. What a farce the "system" is!!!!!
ReplyDeleteWhen will it catch up to Jerome? We've had 2.20 cheese in the past. How could they not control it then but can now?
ReplyDeleteCan you see if they also hold Class III positions?
ReplyDeleteIt's almost like this is a secret and USDA is going Shhhhhhh. It's so blatant and has been for some time that this must be the new transparancy we hear so much about. I don't know how many futures Jerome has, but I know how to drive the milk price down and obviously SO DO THEY!
ReplyDeleteJohn do you have any idea or do any of your responders know how the "fee" is calculated?
ReplyDeletehttp://www.cmegroup.com/rulebook/CME/II/50/53S/53S.pdf
ReplyDeleteRule 53S10 $25 per load to both buyer and seller
So Jerome paid an extra $675 and Schreiber paid an extra $775 on Friday. For that pittance I guess it's worth it if you can lower the milk price.
ReplyDelete