KANSAS CITY, MISSOURI, U.S. — The Kansas City Board of Trade (KCBT) on Feb. 23 set a new all-time daily volume record in its hard red winter (HRW) wheat futures contract.

Total HRW wheat futures volume tallied 61,328 contracts, breaking the previous daily record of 60,534 contracts set on July 30, 2010 by 1.3%. The increased trading volume could be attributed to several reasons.

Massive trade in the intra-market spreads was the primary feature that contributed to the record volume recorded, KCBT traders said. KCBT March/May and March/July were very active as traders moved positions ahead of the approaching first notice day in the KCBT March contract on Feb. 28. KCBT May/July also witnessed active trade. Increased export interest and uncertainty around the world continued to contribute to trading volume.