The Chicago Board of Trade (CBOT®) today announced that total exchange volume continued its impressive, consistent growth in May, hitting a third consecutive monthly record. Total trading volume in May was 55,145,368 contracts, up 25.9 percent from May 2003 and up 44.7 percent year-to-date (YTD). The exchange saw average daily volume in May rise 32.2 percent to 2,757,268 contracts from May 2003 levels.
CBOT Chairman Charles P. Carey said, "The ongoing increases in trading activity in the CBOT's agricultural, financial and equity products are a clear sign of the benefits these markets bring to the industry. Our customers highly value the exchange's superior electronic trading platform for the full price discovery, transparency and functionality it offers. I am pleased to note that every one of the CBOT's top ten record daily volume days occurred in the first five months of the year, with four of those records occurring in May."
Market activity on May 7 resulted in the CBOT?s best single session ever, with 4,403,218 contracts traded. Activity on May 27 produced the second highest daily volume of 4,166,270 contracts.
Total exchange open interest at the end of May rose 41.2 percent from last year to 10,583,546 contracts. The CBOT also set a total exchange daily open interest record on May 14 at 12,486,446 contracts.
May was a particularly busy month for the CBOT's U.S. Treasury markets, which are the most transparent and liquid in the world for those benchmark products. Monthly volume records were set in Ten-Year Treasury Note futures and Five-Year Treasury Note futures and options. Volume in Ten-Year Treasury Note futures rose to a record 17,785,763 contracts in May. Trading activity in Five-Year Treasury Note futures reached a high of 10,979,440 contracts for the month, while activity in Five-Year Treasury Note options rose to a peak of 1,843,083 contracts. Daily volume records also were hit in Ten-Year and Two-Year Treasury Note futures and Five-Year Treasury Note futures and options contracts.
Year-to-date, 3,751,524 futures and options orders, excluding futures spreads, were electronically sent directly to floor brokers using Electronic Clerks, order receipt devices. Those orders were up 44.3 percent from 2,600,634 orders in the same period in 2003. In addition, 77.0 percent of total Agricultural futures orders were filled electronically in May compared to 65.0 percent in 2003.
Agricultural Futures and Options
Agricultural futures and options complex trade was up 20.1 percent from May 2003 and 50.8 percent YTD at 7,171,926 contracts.
Corn futures rose 12.0 percent from May 2003 and 56.9 percent YTD to 1,855,313 contracts.
Soybean futures rose 16.4 percent from May 2003 and 39.3 percent YTD to 1,593,202 contracts.
Soybean Meal futures rose 32.7 percent from May 2003 and 25.9 percent YTD to 795,793 contracts.
Soybean Oil futures rose 21.4 percent from May 2003 and 26.0 percent YTD to 631,157 contracts.
< LI> Mini Soybean futures rose 15.3 percent from May 2003 and 257.4 percent YTD to 25,626 contracts.
Oat futures rose 90.5 percent from May 2003 and 60.5 percent YTD to 38,951 contracts.
Corn options rose 87.1 percent from May 2003 and 145.8 percent YTD to 716,301 contracts.
Soybean options rose 44.7 percent from May 2003 and 76.9 percent YTD to 567,584 contracts.
Soybean meal options rose 94.5 percent from May 2003 and 160.4 percent YTD to 88,071 contracts.
Soybean oil options rose 80.1 percent from May 2003 and 109.6 percent YTD to 92,404 contracts.
Financial Futures and Options
Financial futures and options complex trade was up 25.5 percent from May 2003 and 42.4 percent YTD to a record high at 45,798,605 contracts.
Ten-Year Treasury Note futures reached an all-time daily high of 1,475,974 contracts on May 27.
Five-Year Treasury Note futures achieved a daily high of 1,130,115 contracts on May 27.
Five-Year Treasury Note options hit a daily record of 249,161 contracts on May 7.
Two-Year Treasury Note futures rose to a daily record of 155,153 contracts on May 26.
Thirty-Day Fed Fund futures rose to a daily peak of 205,061 contracts on May 7.
Two-Year Treasury Note futures rose 69.7 percent from May 2003, 88.6 percent from April, and 107.1 percent YTD to 872,216 contracts.
Thirty-Day Fed Fund futures rose 19.2 percent from May 2003, 18.9 percent from April, and 13.6 percent YTD to 1,286,371 contracts.
Ten-Year Treasury Note options rose 28.9 percent from May 2003 and 54.5 percent YTD to 4,538,547 contracts.
Thirty-Day Fed Fund options rose 6.7 percent from May 2003, up 17.2 percent from April, and 102.3 percent YTD to 469,097 contracts.
Equity Complex Futures and Options
DJIASM (SM)futures and options complex trade was up 60.5 percent from last year and 67.2 percent YTD at 2,135,666 contracts.
Mini ($5) DowSM futures were up 107.9 percent from May 2003 and 137.8 percent YTD to 1,884,387 contracts.
DJIA options were up 17.2 percent from May 2003 and 87.3 percent YTD to 15,338 contracts.
Seat Sales
CBOT Full Membership last traded at $885,000, the highest ever, on May 26, 2004.
CBOT Associate Membership last traded at $340,000 on May 19, 2004.
CBOT COM membership last traded at $89,000 on June 1, 2004.
CBOT IDEM Membership last traded at $39,000 on May 21, 2004.
For more information on CBOT volume figures, please visit the exchange's Website.
