MINNEAPOLIS, MINNESOTA, U.S. — The Minneapolis Grain Exchange (MGEX) announced on June 1 that May futures and options volume for its flagship hard red spring wheat (HRSW) contract included a dramatic increase in options volume.

When compared to the previous month, options volume increased by a staggering 228% and marked a year-over-year increase of 36%. A total of 87,882 futures and options contracts traded on the exchange in May with futures trades accounting for 85,536 contracts.

MGEX in May also announced new trading functionality for its HRSW futures contract. Beginning with the May 20 trading session, market participants now have the ability to spread trade MGEX spring wheat and Chicago Board of Trade winter wheat by way of a single-click. Available on the CME Globex trading platform, the single-click spread functionality offers MGEX market participants a more convenient and secure way to spread trade the two contracts. The new functionality effectively eliminates the risk of legging a spread by executing the trade only when both legs have been filled.