April 6, 2004

CBOT Sees Record Soy, Corn Trading Volume In March

Trading volume at the Chicago Board of Trade (CBOT) in the month of March hit record highs at 51,569,493 contracts, rising 48.7 percent over March 2003 and increasing 17.7 percent from February. Average daily volume reached 2,242,152, up 35.7 percent from March 2003 and up 41.2 percent year-to-date.

The CBOT says the rare combination of shortages and simultaneous increases in global demand for grain and oilseed has buoyed both trading and the prices of CBOT's agricultural products to historic levels. CBOT Soybean futures and options, in particular, have seen brisk trading activity, with price levels hitting double digits, a phenomenon unseen since the drought-ridden summer of 1988. Overall, CBOT agricultural futures and options were up 98.0 percent from March 2003 at 8,426,878 contracts and up 62.3 percent at 23,271,256 contracts. Corn futures were up 89.4 percent from March 2003 at 2,190,924 contracts, and up 68.0 percent, trading 6,583,657 contracts; while Corn options traded 788,304 contracts, up 230 percent compared to March 2003, 39.8 percent higher than the previous month, and up 155.4 percent.

Soybean futures were up 96.3 percent from March 2003 at 1,957,236 contracts and were up 53.3 percent. Soybean options volume was 692,153 contracts, up 199.1 percent from March 2003, up 40.6 percent compared to the previous month, and up 101.2 percent. CBOT Soybean Meal and Soybean Oil futures posted gains of 40.4 percent and 55.4 percent from March 2003 at 740,696 and 736,173 contracts, respectively. Meanwhile, Soybean Meal options were at 131,548 contracts, up 417.6 percent March 2003 and up 75.2 percent from the previous month, while Soybean Oil options increased 177.2 percent from March 2003 at 111,762 contracts.

The CBOT reached monthly volume and open interest records in the following agricultural products: mini-sized Soybean futures set a monthly volume record in March of 12,702 contracts; Soybean Oil options set a daily open interest record on March 25, 2004 of 133,528 contracts; Wheat futures set a daily open interest record on March 30, 2004 of 167,543 contracts; mini-sized Soybean and mini-sized Wheat futures set a daily open interest record on March 31, 2004 of 16,379 and 2,578 contracts, respectively. Mini-sized Corn reached a daily open interest record of 6,416 contracts on March 31, 2004.