The previous record of 22,181 contracts or 110.905 million bushels was set nearly a year ago on Feb. 25, 2000.
Traders attributed the heavy volume to the rolling of positions in front of first notice day for delivery of the March contract, which is Wednesday, Feb. 28. Commission houses were entering into spread trades between March and May, and March and July, in preparation for first notice day.
During Thursday's session open interest in the March 2001 contract decreased by 6,787 contracts, while open interest climbed 1,476 contracts in the May 2001 contract and gained 2,015 contracts in the July 2001 contract. At the conclusion of trade on Thursday open interest in the March 2001 contract stood at 19,092 contracts.
"The Kansas City Board of Trade set new volume records in January and now again in February, " said KCBT Chairman Craig N. Deeds. "These records are indicators that the year 2001 may be very active and hopefully we will set many more records as January and February are not typically extremely active months."
