Marc Chiodo of Slipka Trading Corporation in Minneapolis attributes the sudden rise in volume to recent frost damage across the hard red spring wheat growing areas. Wheat fields in Northwestern Minnesota and the Dakotas were showing signs of frost damage from Friday night’s low temperatures. News of damaged fields hit the trading floor Monday morning with no warning.
“We took off on the open based on frost problems that hit Friday night. It’s nice to see some higher numbers and higher prices coming through,” Chiodo mentioned. “We’ll have to wait to see the crop ratings tonight to see how much wheat harvest has been done in the spring wheat. Any more frost warnings will be paid close attention by the trading floor as we move along.”
With 10,723 contracts trading today, September 2004 spring wheat futures closed up 15 cents per bushel closing at $360.25. With 8,683 contracts, December 2004 spring wheat futures closed up 11 cents per bushel at $362.50.
August 11, 2004 logged the eighth high daily volume record for hard red spring wheat futures. Total volume for August 2004 stands at 88,849 hard red spring wheat futures contracts. Record volume months were established this year in February, April and June.
