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Middle Tennessee | I've got a new brokerage, I liked my old brokerage but I didn't need to pay for the expertise. To the point: with my old broker, I had a long May KC wheat from 2/26. I had MULTIPLE recorded conversations with him where he led me to believe I needed to exit on THURSDAY, not WEDNESDAY. After the close, he called and told me "you need to be out, you're eligible for delivery." Crap!
1. He told me my risk was 1% over prime (so about 5%) of the full value of the contract ($25k), so that's about 1000$. Is that right? Any other significant risks or penalties?
2. I know open interest last night in the contract was a couple thousand, and there are about 300 lots registered, basis is about 10 under. Given the date of my position and that info, any guess on how likely I am to receive delivery?
3. Any other advice?
Edited by LongKC 4/29/2015 17:32
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Panic has subsided, sorry for overposting
