Chicago Board of Trade 40 Years Ago: 

A Personal Reflection Ahead of 2011

In 1971, my Walter Mitty-esque lifestyle (as a floor clerk at the CBOT) was focused on the trading activity of the trader spotlighted in the attached WSJ article.  I thoroughly enjoyed watching Edward Wilson practice his craft and was elated when my employer (crop forecaster Conrad Leslie) invited him to attend a birthday/Christmas party for me.  I got Mr. Wilson to autograph the article that was written that summer about his trading prowess.

Today, I was drawn to my ephemera archive trying to justify being "price neutral" on corn in face of the most accelerated bull move in history.  My catalyst (analysis) was wrapped in the Ed Wilson profile about "disposable income" and my view of the economy. It is the best "excuse" I can come up with!

Everything you read, and CNBC's business outlook, points to "more to come" in the upcoming year... and where are the acres coming from?

By the way, Mr. Wilson tore up his daily statement and threw it outside the corn pit.  I remember he had an unlit cigar in his mouth.  Last week, I called the CME president's office and told them I wanted to get in touch with Mr. Wilson to offer my mea culpa.  No one has called me yet.

If you read the 40 year-old article, you will find no mention of China or hedge funds.  Margin requirement for soy oil today is ten times what it was in 1971.

Blessings to all for 2011!