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The Kansas City Board of Trade set a new all-time monthly trading volume record in the hard red winter wheat futures contract as 565,463 contracts were traded, topping the previous monthly record of 559,282 contracts that was set in August 2006.
Total exchange volume of 595,032 contracts was the second largest ever, falling just shy of the record level of 612,113 contracts, also set last August. Hard red winter wheat futures were trading at record levels at month’s end. For the first time in the history of the exchange, a wheat futures contract traded above $7.44 a bushel as the December 2007 contract traded at $7.50 a bushel on Friday, Aug. 31. The previous record of $7.44 was set on April 26, 1996 in the May 1996 contract. Each KCBT wheat futures contract represents 5,000 bushels.
Traders attribute the rising prices to continuing concerns about world wheat supply and increasing export demand. Also, on Friday the largest number of wheat delivery intentions in the history of the exchange was posted: 3,140 contracts (representing 15.7 million bushels) against the KCBT September contract, in Hutchinson, Kansas.
As this release goes to press, new price records are being set as the first four KCBT wheat futures contracts are locked limit up (30 cents) at: September, $7.51; December, $7.61 ¼; March, $7.63 ½; and May $7.14.
The Kansas City Board of Trade, founded in 1856, is the world's largest futures market for hard red winter wheat. Daily quotes, market commentary, historical data and charting services are available on our website at www.kcbt.com.
