MGEX (Exchange) today reported a 34 percent increase in October 2009 open interest compared to the previous October. Month end futures and options open interest totaled 52,690 compared to 39,271 in the previous year. Hard Red Spring Wheat (HRSW) futures and options open interest increased 28 percent to 50,400 compared to 39,246 in October 2008.
The Exchange also reported active trading and open interest in October for its Soft Red Winter Wheat Index (SRWI). Monthly SRWI October futures and options volume totaled 6,125 and nearly 2,300 contracts of total open interest. October 21 marked a new daily futures volume record for the SRWI and all MGEX Index contracts when 875 SRWI contracts traded. This surpassed the previous daily index contract futures trading volume record set December 6, 2005 when 518 National Corn Index (NCI) futures contracts traded.
A new October electronic trading record for Hard Red Spring Wheat (HRSW) futures and options was set in October 2009 with 89,049 contracts trading, surpassing the October 2008 record by nearly 7 percent or 6,143 contracts. October 2009 ended as the fifth best electronic volume month in Exchange history. A catalyst to the strong October 2009 electronic trading volume was October 23 when 8,985 contracts traded, marking the fourth highest daily electronic volume on record.
“The increase in October open interest and electronic trading volume reflects our market participants’ desire to take advantage of the quality risk management products offered by MGEX,” Mark G. Bagan, President & CEO, MGEX said. “From our flagship Hard Red Spring Wheat contract to the innovative risk management alternatives represented by our Soft Red Winter Wheat Index and our four other index products, the MGEX commitment to providing alternative risk management products to the marketplace continues,” Bagan said.