Winnipeg Commodity Exchange: April Witnesses Increased Option Levels

Total futures volume in the month of April was 32.9% lower compared to the previous year. With Exchange for Physicals (EFPs) included, April 2002 futures trading volume totaled 192,243 contracts. Open interest levels for total futures as of April 30, 2002 were 76,497 contracts, 24.6% below the 101,440 contracts open on April 30, 2001. Crop year-to-date total futures pit trade in 2001/02 was down 20.6% at 1,677,899 contracts compared to 2,112,531 contracts in the 2000/01crop year.

WCE total futures and options pit trade combined, declined 33.4% from the year ago month, totaling 188,095 contracts. Overall decreases in canola and feed wheat contributed to the decline, however, within this total western barley options volume levels witnessed an increase of 135.5%. Crop year-to-date total futures and options pit trade combined in 2001/02 was down 20.6% at 1,723,691 contracts compared to the 2,171,507 contracts traded during the same period one year earlier. Within this total, feed wheat options volume levels saw a 210.0% increase compared to the 2000/01crop year.

The chart below shows WCE crop year-to-date volume for the past six years, with crop year total volume shown for the past five years. The 2000/01 crop year witnessed record high volume levels. With three months remaining in the 2001/02 crop year, volume levels appear to be on track with those observed in the late 1990's.