KCBT wheat options volume sets new May record

Kansas City Board of Trade wheat options volume traded during the month of May amounted to 11,647 contracts, breaking the previous May record of 10,596 contracts set in 1997. Wheat options volume grew 21.5 percent when compared to May of 1998. Wheat options open interest also posted increases this month. Open interest grew 31.5 percent when compared to May 1998 and 18.5 percent when compared to April of this year. Wheat futures open interest increased 22.1 percent over last year at this time and 8.4 percent compared to last month. Traders attributed the increase in activity to the start of harvest in hard red winter wheat growing areas. Further volume increases are anticipated as harvest intensifies. A slight increase in Mini Value Line options open interest was noted when compared to last month.