Posted on 03/03/2008 10:13:11 PM PST by TigerLikesRooster
Minneapolis Grain Exchange Sets February Volume Record
Minneapolis, MN—Unprecedented volatility and record prices continued in the Minneapolis Grain Exchange’s (MGEX or Exchange) Hard Red Spring Wheat contract contributing to another record-setting volume month.
February trading closed with an all-time high volume for February of 190,327 contracts surpassing the previous February volume record set in 2005 of 175,748 contracts by 8.3 percent.
This is the 4th highest volume month in MGEX history and the fifth month in a row to post a new volume record.
February electronic volume was the 2nd highest electronic volume month in Exchange history with 70,140 contracts traded.
It falls just behind January 2008 when 72,624 contracts traded electronically.
In addition, options trading this month reached an all-time high volume with 14,554 options contracts traded.
This surpasses the previous record of 11,357 contacts set in September 2002.
“Our market has seen significant volume growth as well as unparalleled volatility and record high prices,†said Mark G. Bagan, President & CEO of the Exchange.
“The MGEX is committed to bringing solutions to the marketplace to ensure there is a forum for price discovery and risk management, which is a founding tenant of the MGEX. One example is the adjustments we made in price limits this month.â€
Bagan added that the new price limit rules can result in daily changes to the trading limits for the spring wheat contract.
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