Wheat futures trading volume on Friday tallied 37,253 contracts, breaking the previous record of 36,088 contracts, set only a few days earlier, on Tuesday, February 21. Each wheat futures contract represents 5,000 bushels, with trading volume on Friday amounting to 186.265 million bushels. Concerns about the hard red winter wheat crop and some fund buying led to the continued surge in trading activity.
The Kansas City Board of Trade also set a new all-time record for the sale of a Class “A” or full membership (share) on Friday with a sale at $178,000, topping the previous record of $175,000 that was set on December 5, 2005.
Membership values at an exchange tend to fluctuate, often reflecting trading opportunities. Memberships have been steadily rising, with the average sale price for 2005 at $152,000 and 2004 at $112,667.
The KCBT is a for-profit corporation organized under the laws of Delaware. There are 192 Class A memberships or shares of stock in the exchange and 60 “B” or associate memberships.
The Kansas City Board of Trade, chartered in 1876, is the world's largest futures market for hard red winter wheat.
