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The Kansas City Board of Trade set a new single-day volume record in the hard red winter wheat futures contract today and set a new single-day volume record for electronic trading in that contract. Total wheat futures volume today (pit and electronic) was estimated at 47,962 contracts, an increase of 20.8 percent over the previous record of 39,711 contracts, set on Aug. 2, 2006.
A total of 22,407 contracts traded electronically in wheat futures, an increase of 37.9 percent from the previous record of 16,248 contracts set on August 13, 2007.
The record trading volume comes on the first day of new daily price limits for the exchange following five sessions of lock-limit trading. The five previous sessions were limit up each day at 30 cents, resulting in the inability of some market users to transact business. With the price limit at 60 cents, trading activity greatly increased, allowing price discovery to work properly.
In today’s session, the March contract traded in a 120-cent range, moving both limit up and limit down. The contract closed down 56 1/2 cents at $10.83 3/4 per bushel. Each KCBT hard red winter wheat futures contract represents 5,000 bushels.
The Kansas City Board of Trade, chartered in 1876, is the world's largest futures market for hard red winter wheat.
