Total MGEX volume during April 2005 was 158,688 contracts, nearly 30 percent ahead of total exchange volume during April 2004 and 18 percent ahead of the previous April volume record established in 1997. Spring wheat futures volume comprised the lion’s share of the April record with 155,632 contracts traded.
“The spring wheat market experienced heavy fund participation during April,” according to Ryan Kelbrants of ADM Investor Services, “Fund activity coupled with weather concerns and volatility in other areas of the agricultural sector contributed to the record volume.”
Many agricultural markets have experienced increased interest from funds over the past several months; volume in the spring wheat futures market reflects that interest. In addition to having a high volume month, MGEX had record single-day trading volume on April 25 when spring wheat futures volume totaled 23,602 contracts. Year-to-date, MGEX total exchange volume is 556,335 contracts, 13.5 percent ahead of total volume for the same period last year, which was a record volume year for the exchange.
