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The Kansas City Board of Trade trading volume for the month of May dipped slightly with the onset of wheat harvest in the hard red winter wheat areas.
However, open interest saw increases. Wheat futures open interest increased 7.7 percent in the past month. Wheat options open interest increased 6.8 percent when compared to the end of last May and 4.1 percent when compared to last month.
Annual wheat futures volume thus far in 2008 is running 1.7 percent ahead of this time in 2007.
Also, changes to the KCBT hard red winter wheat futures contract went into effect with the July 2008 wheat futures contract month. Salina/Abilene and Wichita, Kansas are now delivery points, along with Kansas City and Hutchinson. The deliverable grade is now No. 2 or better with a maximum of 10 IDK per 100 grams. No. 3 hard red winter wheat will no longer be deliverable unless the warehouse receipt holder pays for and upgrades such receipts to a No. 2 pursuant to KCBT rules and within the time frame of June 26, 2008 through July 3, 2008.
The Kansas City Board of Trade, founded in 1856, is the world's largest futures market for hard red winter wheat. Daily price limits, quotes, market commentary, historical data, minimum margin requirements and charting services are available on our website at www.kcbt.com.
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Value Line® is a registered mark of Value Line® Inc., a New York corporation that provides financial services and publications. Since 1982, the Kansas City Board of Trade has been licensed to use the Value Line® mark in connection with its efforts to establish futures markets tied to the Value Line® index. The Kansas City Board of Trade and Value Line, Inc. are not affiliated corporate entities.
