Discount broker

[samhill]

Like to hedge a bit of this years crop, and keep fees low. Is there any difference,
In which discount broker. Not going to trade, but haven't used a futures position
before. Only do one, maybe 2 contracts. TIA.

[iceman]

Like to hedge a bit of this years crop, and keep fees low. Is there any difference,
In which discount broker. Not going to trade, but haven't used a futures position
before. Only do one, maybe 2 contracts. TIA.

First issue with discount brokers is not many let you trade ice canola futures and options. Questrade for one will let you do some corn, wheat, soy but no canola and I don't believe any options. Interactive brokers last time I looked didn't let you trade canola. The only one I think that might would be RJO brien.
Say you make 5 trades a year that's a max of $750 a year spent on trades not a lot of money. i have yet to see any brokers that charge a annual fee. My advice would be to go through a full service broker it's not a huge cost at the end of the day.

Also these discount brokers have data fees and etc which really add up

Iceman Out

[samhill]

Thanks for the comeback Iceman, I don't want to pay for a full course meal,
Will keep looking, I'm close to Winnipeg, see what I can find.

[HappyFarmer]

Keith Ferly out of Winnipeg with RBC Dominion Securities does a great job I think. I know your looking for a cheap path but honestly having someone to talk to like Keith is well worth the extra cost for sure. It will save you money in the long run.

[farmaholic]

Too dangerous to price the physical that doesn't or may not exist here and I don't play with paper.

Things could get explosive...what's the strategy? Calls? Puts? Under the circumstances, I don't think futures are that stellar yet.

[samhill]

Thanks Happy and Farma,
My "strategy" is a joke, I don't plan on trading. Simply pick a Nov price I like and sell
one contract. If that's a mistake I'll wait for the best number I think shows up and sell
one Jan contract. Timing being the most important decision, but I will do it close to July 30.
Or not.

[iceman]

One contract is 20 mt of canola. Personally I would throw $5000 into a full service brokerage account and start from there. The annual fees and data fees of a online broker will really add up. IMO go with a Canadian one RBC, prairie futures or RJO brien remember this will be a learning experience for you.

Good luck

Iceman Out