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Re:Oil plunges below zero for first time with May contract e... by ISL on Monday April 20, 2020 @02:06PM (#22926571)
My grandfather in Colorado did the opposite once in the 1970s. He needed some cattle, so he bought a small quantity of cattle futures of some form (I was too young when I heard the story to remember the details) from a broker/commodity trader in Chicago.

When the contract approached the settlement date, the broker called to ask him to sell. Trouble was, my grandfather just wanted cows, not cash. The broker was frustrated to no end.

Long story short, my grandfather got the cattle, as the contract required, but was asked by the broker never to do business with them again.

N.B. Don't do this unless you're interested in financial silliness, or if the futures are really badly mispriced. It is a lot easier, and you get to see the cattle first, if you buy through a local cattle auction.

Re:Oil plunges below zero for first time with May contract e... by mcv on Monday April 20, 2020 @04:50PM (#22928385)
I don't know. Somebody has to take delivery of the cattle, so why not the guy who wants some cattle?
Re:Oil plunges below zero for first time with May contract e... by chrisco255 on Monday April 20, 2020 @05:13PM (#22928641)
People do take delivery on commodities obviously but you don't want to go through a speculator for this.
Re:Oil plunges below zero for first time with May contract e... by baq on Monday April 20, 2020 @05:06PM (#22928551)
yeah, this just makes the whole business of futures trading seem like a scam where the people actually interested in the things being traded are pawns.
Re:Oil plunges below zero for first time with May contract e... by cerberusss on Monday April 20, 2020 @02:55PM (#22927079)
Marvelous story, thanks for sharing.