January 23, 2008

Minneapolis Grain exchange sets new volume records

The Minneapolis Grain Exchange has set new records for daily electronic volume and daily volume on January, the exchange said Tuesday.

Electronic volume at the MGE on Friday reached 5,373 contracts, exceeding the previous high of 5,260 contracts set on November 28, 2007.

Total daily volume Friday was 14,295 contracts, topping the previous record for January of 14,108 contracts. The previous record for the month was set on January 19, 2005, the exchange said.

The MGE saw volume surge Friday as MGE March wheat soared to a new all-time high of US$11.94 3/4 per bushel. The contract broke that record Monday by climbing to US$12.24 3/4 amid concerns about tight supplies and solid demand, marking the highest price ever for a wheat contract at any US exchange.

Mark G. Bagan, exchange president and CEO, said the industry is seeing unprecedented prices and volatility in the marketplace, which brings new players to the market, resulting to new opportunities for all.