SFE Wheat Futures Set New Trading Record

A new trading record for Wheat futures was set at the Sydney Futures Exchange (SFE) last Monday, when 710 contracts, representing 35,500 metric tonnes of wheat, were exchanged. The previous highest daily volume was 526 futures contracts traded on 3 August 1999. For the year thus far, over 7,000 Wheat futures and options contracts have been traded. The record turnover was largely the result of the approaching delivery period for the January 2000 Wheat futures contracts. High trading volumes are likely to continue once efficiency amendments to the Wheat contract are introduced for the January 2001 contract month and onwards. Subject to regulatory approval, the amendments include: An expansion of wheat pricing points to include Port Kembla for the Southern; New South Wales delivery locations of Parkes and Junee; A shift in contract delivery locations to demand areas up-country, away from port. Changes are being made in response to requests from market participants. SFE's Wheat futures are used by farmers, grain trading organisations and end-users such as flour millers and stock feed companies. All SFE's futures and options contracts are traded on its SYCOM® electronic trading system, which allows SFE to distribute its products around the clock and around the world.