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MGEX Nearly Doubles Trade Volume

Cindy Zimmerman

The Minneapolis Grain Exchange (MGEX) keeps setting – and breaking – new records.

MGEXMGEX’s July 2010 trading volume was 170,679 – a 98 percent increase over the same period last year and the thirteenth-best monthly Exchange volume in MGEX’s 129 year history. July futures open interest soared 61 percent year-over-year and total Exchange open interest increased by 51 percent in the same period.

Numerous records were set in July including a daily total exchange volume record of 17,973 set on July 15, making it the eighth best volume day in Exchange history. A new July futures trading volume record was also set with 168,490 Hard Red Spring Wheat (HRSW) futures contracts trading during the month. Electronic milestones included four top 20 electronic volume days; July 15 when 17,255 contracts traded electronically; July 22 when 12,820 contracts traded electronically; July 29 when 10,964 contracts traded electronically; and July 30 when 10,859 contracts traded electronically. Additionally, July total electronic volume reached 155,644, making it the second-highest electronic trading month in MGEX history.

“Stronger wheat market fundamentals have spurred trading interest from both the buy side and the sell side in our Hard Red Spring Wheat contract,” Rita Maloney, Director, Marketing and Business Development, MGEX said. “As the only U. S. wheat contract with a protein specification, our flagship contract continues to be an affective risk management tool for our worldwide market participants,” Maloney said.

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