Winnipeg Commodity Exchange Volume Exceeds 2 Million Contracts for Third Consecutive Year

Total futures and options trading volume for the 1998/1999 crop year exceeded 2 million contracts for the third year in a row, slightly lower than the record (2,101,280 contracts) established in 1996/1997. In the final month of the current crop year, total volume was 11% lower than July 1998 (149,735 contracts). When Exchange for Physicals (EFPs) are included, July 1999 futures volume totals 130,963 contracts, compared to July 1998 (159,132 contracts). Volume in canola for July 1999 was down 13% from July 1998 (107,816 contracts). However, crop year canola volume rose 16% compared to the same period one year ago. Canola open interest on July 31, 1999 was 13% lower than July 31, 1998 (54,184 contracts). Although total flaxseed volume for the crop year dropped 44% below the previous crop year, trade in this commodity rose 9% during July 1999 over July 1998 (4,468 contracts). Despite western barley volume dropping 15% in July, it rose 10% over June 1999. On July 31, 1999, open interest in western barley was 4% higher than the same date one year ago. Overall options volume increased 445% and open interest on the last day of the month was 156% higher than the same date a year ago. Trade in the options market focused on canola, where volume of trade was up 577% compared to July 1998. Open interest in both oilseed options contracts as of July 31, 1999, increased 172% (canola) and 64% (flaxseed) compared to the last day of July 1998.