Impressive Trading Volume Continues As NYBOT Sustains Record Pace - Ag And Financial Products Register Another Month Of Big Gains In 2003

The New York Board of Trade® (NYBOT®) rolled up more dramatic gains amid intense activity across nearly every market. Heading into the final month of 2003, the NYBOT markets maintained a 17% lead over the previous year (year-to-date [YTD] 2003 = 22,593,799 vs. 2002 = 19,384,177). By the end of the first week of November 2003, the NYBOT markets had surpassed the total trading volume for the entire year of 2002.

Total volume for 2003 has been running well ahead of 2002 since January with growth accelerating in the past three months. Trading in September soared to the highest monthly total volume in the 132-year history of the NYBOT exchanges.

Another set of all time open interest levels in November eclipsed records previously hit in October. Coffee "C" futures set a new open interest mark of 86, 177 contracts on November 6, 2003. Coffee "C" options open interest hit a new high of 110,363 on November 10th, and a new Cotton options record of 395, 092 was established on November 6th. On the same date, a new total Ag options open interest high water mark of 792,853 contracts was reached

NYBOT's total futures volume is up 14% for the year-to-date (2003 = 17,173,323 vs. 2002 = 15,078,229), and total options are up 26% YTD (2003 = 5,420,476 vs. 2002 = 4,305,948).

All the Ag markets (Cocoa, Coffee, Cotton, FCOJ and Sugar) saw volume climb, with Ag futures realizing a 14% growth YTD (2003 = 15,035,509 contracts vs. 2002 = 13,162,963 contracts). Additionally, Currency futures rose 31% YTD (2003 = 1,549,859 vs. 2002 = 1,180,866).

Ag options experienced a 16% advance (Nov. 2003 = 492,378 vs. Nov. 2002 = 424,228), Currency options hit a 184% increase (Nov. 2003 = 3,422 vs. Nov. 2002 = 1,206), and Indexes a 134% increase (Nov. 2003 = 10,549 vs. Nov. 2002 = 4,503).

Other significant performance includes:

Futures increases

FCOJ futures (symbol OJ) increased 75% month to month (Nov. 2003 = 42,084 vs. 2002 = 24,111)
Coffee futures (symbol KC) had a 33% increase (Nov. 2003 = 314,182 vs. Nov. 2002 = 236,307)
Cocoa futures (symbol CC) 29% increase (Nov. 2003 = 209,775 contracts vs. Nov. 2002 = 162,982 contracts)
Reuters CRB Index (symbol CR) contract rose 59% YTD (2003 = 20,842 vs. 2002 = 13,142)
US Dollar Index (symbol DX) saw a 40% YTD increase (2003 = 487,674 vs. 2002 = 348,213)
Cotton futures (symbol CT) 33% increase YTD (2003 = 2,887,682 vs. 2002 = 2,170,219)
Sugar #11 futures (symbol SB) had a 11% increase YTD (2003 = 6,466,369 vs. 2002 = 5,833,198)

Options volume increases

Cotton options rose 81% YTD (2003 = 1,970,272 contracts vs. 2002 = 1,087,906 contracts)
Reuters CRB saw an 118% increase YTD (2003 = 1,638 vs. 2002 = 751)
Russell 1000® options experienced a 3,795% increase (2003 = 53,288 vs. 2002 = 1,368)

The full NYBOT Monthly Volume and Open Interest Report is available at www.nybot.com.