New Single-Day Volume Record Anticipated In Kansas City Board Of Trade Wheat Futures

Today's trading volume in Kansas City Board of Trade wheat futures is expected to set a new single-day record, fueled by heavy spread activity and a price move to new contract lows. Estimated trading volume in KCBT wheat futures today is 24,428 contracts or 122.140 million bushels, compared to the previous single-day record of 22,637 contracts or 113.185 million bushels set on August 2 of this year. Official trading volume figures for today will be issued Tuesday morning. Traders said much of today's activity came in the December/March futures spread, with market participants moving out of December 1999 contract positions and into March 2000 positions as the December contract heads into its delivery period. Tuesday is first notice day for December wheat deliveries. Prices moved to new contract lows, with December futures falling 5 ½ cents for the day to settle at a new contract low of $2.59 ¼ per bushel.