Winnipeg Commodity Exchange Total Futures & Options Open 13% Higher Than October 31, 1998

Many new records were set in open interest during the month of October. Most were in canola futures and options, which finished the month with open interest up 7% and 364% respectively over October 31, 1998. Open interest in canola futures peaked at a record 77,405 contracts on October 15. The January contract reached an historical high of 34,982 contracts open on October 29 and continues to set new records in the current month. Traders cite a record canola crop, increased Australian activity in the market, large exporter buying, and growing fund activity as contributing factors. Total futures and options open interest on the last day of the month was 13% higher than the same date a year ago. Canola futures volume during October was up 42% compared to September 1999, 2% higher than contracts traded during the same month last year. When the Exchange for Physicals (EFPs) is factored in, October 1999 canola futures volume totals 223,087 contracts, slightly more than October 1998 (223,026 contracts). Flaxseed futures volume for October more than doubled last month's volume. Activity in the western barley market has increased, with crop year-to-date volume up 11% over the previous crop year. Open interest in barley futures was 46% higher on October 31 than the same date a year ago. Trade was revived in the oats futures contract by WCE's October 13 Board decision to waive all exchange and clearing fees. Feed wheat futures traded well during October, up 12% from the same month in 1998. Total futures and options volume during October surpassed September 1999 by 24%. Canola options volume rose 94% over the same month last year.