CBOT Chairman Charles P. Carey said, "The 50% increase in volume in May comes atop a gain of 29% in April. This trend of sharply increased volume reflects the fact that our markets remain the bulwark of liquidity and transparency in times of continually shifting uncertainty and risk, whether it's related to the Federal Reserve no-action stance on interest rates, the easing of tensions related to the Iraq war, rebounding equity values, or while the weaker dollar proves helpful for our agricultural markets."
May Highlights and Records Included:
- May average daily volume at 2,085,586 was up 57.6% from 1,323,627 a year earlier.
- Total exchange open interest on May 31 at 7,493,064 was up 21.5% from 6,167,131 a year before.
- Financial futures and options trade in May at 36,484,723 was up 55.5% from a year before and at 137,365,325 YTD was up 41% from 2002.
- Agricultural futures and options volume in May totaled 5,971,606, up 19.2% from 2002 and YTD at 26,301,804 was up 10% from last year.
- Equity Index futures and options volume in May totaled 1,330,288, up 105.3% from a year before and YTD at 5,871,933 was up 112.2% from last year.
- Metals volume in May was 9,927, up 312.3% from 2002 and YTD at 34,748 was up 507.4% from a year before.
- Daily volume records (open auction) included: 10-Year Treasury note futures 497,385 on May 28; 30 Day Fed Funds futures 87,525 on May 2; 30-Day Fed Funds options 50,859 on May 2; mini-sized Corn futures 1,641 on May 9; and mini-sized Wheat 652 on May 12.
- Monthly volume records for May (open auction) included: 30-Day Fed Funds futures 995,973; 30-Day Fed Funds options 439,560; Two-Year T-note futures 419,635; mini-sized Corn futures 7,769; and mini-sized Wheat 4,333.
- Daily volume records (combined, open auction/electronic) included: 10-Year T-note futures 1,241,076 on May 28; 5-Year T-note futures 692,711 on May 28; 30-Day Fed Funds futures 93,078 on May 6; and 2-Year T-note futures 71,922 on May 29.
- Daily open interest records included: Total exchange (combined) 8,819,418 on May 22; 5-Year T-note options 753,782 on May 22; 30-Day Fed Funds options 388,005 on May 30; 30-Day Fed Funds futures 337,219 on May 30; 2-Year T-note futures 132,939 on May 27; mini-sized Soybean futures 7,019 on May 23; mini-sized Corn futures 3,641 on May 12; and mini-sized Wheat futures 1,230 on May 15.
Financial Futures and Options Highlights:
- Treasury bond futures May volume was 7,188,416, up 38.5% from a year earlier, up 89.4% from April 2003, and at 24,556,505 YTD up 9.2% from 2002.
- Treasury bond options in May was 1,679,423, up 46.2% from a year earlier, up 96.7% from April 2003, and up 15.3% YTD at 5,685,708.
- 10-Year T-note futures May trade was 13,816,971, up 66.3% from 2002, up 47.3% from April 2003 and up 68.7% YTD at 54,381,767.
- 10-Year T-note options at 3,521,240 in May were up 49.7% from a year earlier, up 20.8% from April 2003 and up 31.5% YTD at 15,311,262.
- 5-Year T-note futures trade in May at 7,267,585 was up 56.7% from 2002, up 57.2% from April 2003, and up 48% YTD at 27,038,927.
- 5-Year T-note options volume in May was 841,130, up 5.4% from 2002, up 4.9% from April 2003, and up 23.1% YTD at 4,145,589.
- 2-Year T-note futures trade in May was 513,945, up 36.3% from 2002, up 235.2% from April 2003, and up 10.7% YTD at 1,499,507
- 30-Day Fed Funds futures in May were 1,079,438, up 132.8% from a year before, up 69% from April 2003, and YTD up 38.1% at 3,451,763.
- 30-Day Fed Funds options in May were 439,560, up 116.2% from April 2003 and totaled 704,834 YTD.
- Ten-Year Interest Rate Swap futures in May were 96,301, up 40.3% from a year earlier, up 297.8% from April 2003 and YTD up 103.2% at 389,272.
Agricultural Futures and Options Highlights:
- Corn futures volume in May was 1,657,011, up 15.5% from a year earlier, up 1.5% from April 2003, and YTD up 14% at 7,210,106.
- Corm options trade in May was 382,835, up 39.3% from April 2003, and totaled 1,442,473 YTD.
- Soybean futures trade in May was 1,368,241, up 30.5% from a year before, and YTD up 20.9% at 6,444,408.
- Soybean options volume in May was 392,210, up 23.2% from last year and up 4.5% YTD at 1,609,673.
- Wheat futures volume in May at 638,590 was up 52.3% from last year, up 28.5% from April 2003, with the YTD total 2,510,399.
- Wheat options in May totaled 231,970, up 94% from last year, up 153.1% from April 2003 and YTD up 15.8% at 634,024.
- Soybean meal futures trade in May was 599,614, up 5.7% from last year and YTD up 14.3% at 2,995,105.
- Soybean meal options volume in May was up 59.1% at 45,283 from a year earlier, and YTD totaled 178,896.
- Soybean oil futures trade in May was 520,043, and YTD was up 8.6% at 2,675,804.
- Soybean oil options volume in May was 51,319, up 10.5% from April 2003, and at 234,566 YTD was up 3.5%.
Stock Index Futures and Options Highlights:
- CBOT $5 Dow JonesSM Industrial Index volume in May was 906,229, up 583% from a year earlier, up 15.9% from April 2003, and YTD was up 1,449.7% at 3,530,014.
- CBOT DJIASM futures volume in May was 410,967 and YTD was 2,278,088.
CBOT Electronic Trading System:
- Volume in May reached 22,216,949, up 117.1% from the year earlier month, up 43.8% from April 2003, and up 111.9% YTD at 85,023,578.
- Average daily trading volume in May was 1,057,950, up 127.4% from last year, up 43.8% from April 2003, and YTD at 825,472 was up 113.9% from the year before.
- Daily volume records included: 10-Year Treasury note futures, 743,691 on May 28; 5-Year Treasury note futures, 373,820 on May 28; Treasury bond futures, 356,471 on May 21; CBOT $5 mini Dow Jones Index futures, 54,639 on May 20; 30-Day Fed Funds futures, 15,200 on May 7; and 2-Year Treasury note futures, 8,695 on May 29.
- Monthly volume records included: 10-Year Treasury note futures, 10,686,861; 5-Year Treasury note futures, 5,269,731; Treasury bond futures, 4,953,434; CBOT $5 mini Dow Jones Index futures, 906,229; 2-Year Treasury note futures, 94,310; 30-Day Fed Funds futures, 83,465; 10-Year Treasury note options, 71,996; Treasury bond options, 37,407; and mini-sized N.Y. Gold, 8,686.
- Daily open interest record, CBOT $5 mini Dow Jones Index futures, 38,602 on May 27.
CBOT May 2003 Order Routing Statistics:
- Year-to-date, 2,600,634 futures and options orders, excluding futures spreads, were electronically sent directly to floor brokers using order receipt devices.
- Monthly totals for both Financial and Agricultural orders filled by brokers using order receipt devices (Electronic Clerk).
Futures:
- Financial room, 49% (a new high)
- Agricultural room, 65% (a new high)
- Total (Agricultural and Financial), 61% (a new high)
Options:
- Financial room, 12%
- Agricultural room, 43%
- Total (Agricultural and Financial), 31%
- Monthly Records established for both Futures (213,672) and Option (26,808) orders filled electronically using the Electronic Clerk device. A daily record for both Futures Orders entered (35,254) and Futures Orders filled (18,333) was set on May 12, 2003.
CBOT Seat Sales:
- CBOT Full membership last traded at $351,500 on May 28, 2003.
- CBOT Associate membership last traded at $115,000 on May 28, 2003.
- One-half Associate membership last traded at $70,000 on April 30, 2003.
- CBOT Commodity Options membership interest last traded at $35,000 on May 29, 2003.
- CBOT IDEM membership interest last traded at $29,000 on May 29, 2003.
For additional information see the volume and open interest statistics on the CBOT Website.
