Winnipeg Commodity Exchange Total Futures & Options Volume Up 17% Over Last Crop Year

During September 1999, total futures and options volume increased 16% compared to the same month a year ago, and rose 28% over August 1999. This contributed to a 17% increase in total futures and options volume for the first two months of the 1999/00 crop year over the same period in 1998/99. When Exchange for Physicals (EFPs) are included, the month's futures volume totals 199,763 contracts, compared to September 1998 (186,568 contracts). Crop year-to-date canola futures volume was up 16% over last crop year. Industry sources cite an expected record Canadian canola crop of approximately 8.3 mmt (Stats Can, August 26, 1999) and good demand from China as contributing factors. Open interest on the last day of the month was 15% higher than one year ago. Traders suggest that limited export opportunities for flaxseed due to a larger European crop limited futures volume the past month, compared to a year ago. However, volume was up 107% over August 1999. Western barley trading volume was up 81% and 84% over volumes for September 1998 and August 1999 respectively. The surge in barley trade is reflected in the crop year-to-date volume, up 32% from the same period in 1998/99. Open interest was 26% higher at month-end compared to September 30, 1998. Volume in feed wheat futures jumped 86% over last month, 17% higher than the same month last year. The oilseeds options market continued to attract strong interest, with volume in canola and flaxseed rising 111% and 112% respectively over September 1998. Open interest in total WCE options contracts on September 30, 1999 was up 14,434 contracts compared to the same date last year.