MINNEAPOLIS, MINNNESOTA, U.S. — MGEX announced on Sept. 1 a new fiscal year (FY) futures and options trading record of 2,013,025 contracts. The new milestone shattered the previous record by more than 328,000 contracts.

Futures trading of the MGEX hard red spring wheat (HRSW) contract also set a new fiscal record of 1,968,967 contracts traded. Both new records unseated the previous records set in FY 2007-08. The MGEX fiscal year is defined as Sept. 1 to Aug. 31 of the following year.

The surge in the fiscal volume was highlighted by February 2011, when the exchange marked the highest monthly trading volume in its 130-year history. Five of the top 20 total exchange volume months occurred in FY 2010-11: November 2010, February 2011, April 2011, June 2011, and August 2011.

Year-over-year volume strongly increased across all categories. Total fiscal year exchange volume and total fiscal year futures volume each increased by 30% when compared to the previous fiscal year. Fiscal year options volume showed an impressive fiscal year over year increase of more than 52%.

Electronic trading volume of HRSW futures and options set new fiscal records as well, including the new record for contracts traded electronically. The 1,768,711 electronically traded contracts exceeded the previous record set in FY 2009-10 by over 445,000 contracts. Both Aug. 2 and Aug. 11 were top 20 electronic volume days and August 2011 was the seventh best monthly electronic volume ever at MGEX.

“Reaching the two million contracts traded mark is an incredible milestone for MGEX and our membership,” Mark G. Bagan, president and chief executive officer, MGEX said. “New participants from North America and across the globe have entered our marketplace to utilize the quality risk management products MGEX offers. Fiscal year 2010-11 highlights the commitment MGEX has to grow and expand our business.”