This week marked a new daily record for electronic futures and options volume of the Hard Red Spring Wheat Contract (HRSW) traded at MGEX (Minneapolis Grain Exchange or Exchange). The daily volume of 7,363 contracts traded Wednesday, December 10, 2008 topped the former daily record set January 31, 2008 of 7,343 contracts traded.
The new daily record also pushed December 2008 in to the top 20 for total monthly electronic volume. To date, 33,521 contracts have traded electronically in December with 13 trading days left in the month. October 2008 currently holds the top spot for monthly electronic volume with 82,931 contracts trading electronically. An average electronic trading volume of 1,053 contracts per day would set a new December electronic volume record and 3801 contracts per trading day through December would push the current month to the top spot in the monthly electronic volume record book at the Exchange.
“Advancements to the MGEX electronic trading platform make this electronic volume record possible,” said Mark G. Bagan, President & CEO, MGEX. “One example: In January 2008, MGEX began listing its products on the CME Globex® electronic trading platform and this platform has led to an increase in new users of our Hard Red Spring Wheat futures and options in Minneapolis. This has increased the availability of our products,” Bagan said.
For the 128th time in its history, the Minneapolis Grain Exchange Wednesday held its Annual Meeting of membership. The turnout included the floor community, current and former members of the Board of Directors, as well as several others owning one or more of the 399 Exchange memberships. The Exchange began as the Minneapolis Chamber of Commerce and changed its name to the Minneapolis Grain Exchange January 1, 1947. The Exchange began as a cash market and through the years has become the exclusive market for trading futures and options contracts for Hard Red Spring Wheat.
