During the January to October period, CBOT volume hit 381,647,269 contracts rising 32 percent over the prior year and surpassing the CBOT's all-time volume record of 343,882,529 contracts recorded in 2002.
Total exchange month-end open interestwas 8,829,810, up 11.5 percent from October 2002 and up 21.0 percent from September 2003.
Chairman Charles P. Carey said, 'The CBOT surpassed its yearly trading volume record on October 3, and the exchange continues to build on that record. Market users worldwide are sending the message that for unparalleled liquidity, transparency, and integrity, the CBOT's U.S. Treasury, equity and agricultural futures and options complexes are the place to trade. Further, we expect this positive trading momentum to continue as we launch our new electronic trading platform and CME/CBOT Common Clearing Link on November 23; both systems will provide our customers with superior trading technology and significant cost-saving measures'.
Agricultural Futures and Options Post Higher Volumes
Lower-than-anticipated U.S. soybean production and continued strong demand for U.S. farm products from overseas buyers helped drive the exchange to a monthly record in its agricultural complex, with 8,699,779 contracts traded, surpassing the prior record of 8,315,406 contracts reached in April 1996. Volume in the CBOT agricultural complex was up 43.6 percent from October 2002.
The CBOT reached a monthly volume record in October in five contracts: Soybean futures, Mini-sized Soybean futures, Soybean Meal futures, Soybean Oil options, and Wheat futures.
Soybean futures surged 62.6 percent from October 2002 levels to a record of 2,416,325; Mini-sized Soybean futures, which were launched in April 2003, traded a monthly record 51,107 contracts; Soybean meal futures were up 32.4 percent to 896,429 contracts traded; Soybean Oil options increased 39.7 percent over October 2002 levels to a monthly record of 107,391; and Wheat futures rose 27.8 percent from October 2002 to a monthly record of 778,863.
Financial Futures and Options Volume Up 37.0 Year-to-date
Also underpinning the CBOT's gains for the month was the solid performance of its financial futures and options complex, with October trading volume for the entire financial product line at 32,218,203, up 12.1 percent from last year.
Electronic trading volume in financial futures was up sharply in October, rising 34.5 percent to 21,502,916 contracts over 2002 levels, with 83 percent of financial futures volume traded electronically in October, compared with 71.6 percent in October 2002.Uncertainty about the direction of short-term interest rates helped lift volume in CBOT's Treasury complex, with Five Year Treasury Note futures up 26.6 percent from October 2002 at 6,364,317 contracts traded. Two-Year Treasury Note futures were up 60.8 percent from October 2002 at 281,118 contracts.
Ten-Year Treasury Note options volume hit 35,474,873 contracts for the January through October period, up 30.7 percent from last year.
Additionally, Ten-Year Interest Rate Swap futures volume was up 97.2 percent from October 2002 at 60,476 contracts.Equity Complex Volume Increases in October Lead by the mini-Dowsm Contract
CBOT's stock index complex volume for October was up 19.1 percent from 2002 at 1,445,211 contracts and up 73.5 percent in the January through October period at 13,130,214 contracts. Volume in the mini-DowSM contract rose sharply, trading 1,184,793 contracts and rising 151.4 percent over October 2002 levels, and volume in the January to October period was 8,953,165, up 494.6 percent.
Other CBOT October Highlights
- Two daily volume records were reached in October Soybean futures at 153,541 contracts on October 10, 2003 and Corn futures at 244,701 contracts on October 23, 2003.
- The CBOT's electronic trading system volume reached 22,899,396 contracts, up 37.4 percent from October 2002 and up 86.4 percent YTD at 197,824,965 contracts.
- To enhance the efficiency of the exchange-trading floor, the CBOT has incorporated electronic order routing technology. Year-to-date 5,913,952 futures and options orders were electronically sent directly to floor brokers using Electronic Clerks, special order receipt devices.
- The last October sales of CBOT seats were: CBOT Full Membership at $450,000 on October 31, 2003; CBOT Associate Membership at $163,000 on November 3, 2003; CBOT Commodity Options membership at $38,000 on October 28, 2003; and CBOT IDEM membership at $22,500 on October 23, 2003.
