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Another monthly volume record was set at the Minneapolis Grain Exchange (MGEX or Exchange). November trading volume exceeded the previous November record volume set in 2004 by 7 percent (179,486 vs. 165,833 contracts). It also ranked as the fifth highest monthly volume in the history of the Exchange and was 25-percent higher than last November’s volume.
In addition, trading on MGExpress posted the highest ever monthly electronic volume for the second month in a row with 65,644 contracts traded, exceeding the previous record (61,887 contracts) by 6 percent. There were two record daily volumes set in electronic trading in November as well with the highest daily volume occurring on Nov. 28 when 5,250 contracts traded on the electronic platform. Electronic volume was 37 percent of the total volume for November.
Another record to fall this month was the calendar year total. At the end of November, total year-to-date volume for the calendar year was 1,696,009 contracts, which is 8 percent higher than the 2006 total volume of 1,565,217 contracts.
“The growth trend continues at the MGEX,” says Mark G. Bagan, President & CEO of the Exchange. “The demand for wheat throughout the world is steady and remains a strong force in driving record volume and pushing prices to record levels as well. A growing overnight market has also contributed to our record growth.”
A key indicator of market growth is open interest which also has shown significant increases over previous records. Open interest at the end of November was 26-percent higher than a year ago (66,049 contracts vs. 52,318 contracts). The top 20 open interest days at the Exchange have all occurred since late September.
A link to MGEX volume and open interest records is on the lower right corner of the MGEX website (www.mgex.com).
About Minneapolis Grain Exchange
MGEX, established in 1881, is the only market for Hard Red Spring Wheat, National Corn Index (NCI), National Soybean Index (NSI), Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI) and Soft Red Winter Wheat Index (SRWI) futures and options. To learn more about the MGEX visit our website at www.mgex.com.
