The daily volume record was led by electronic futures trading of the MGEX flagship Hard Red Spring Wheat (HRSW) contract. Preliminary electronic volume totaled 18,294 futures and options contracts, the second highest electronic trading day in MGEX history.
The electronic volume comes on the heels of a top five electronic volume day on Feb. 15 and the eleventh highest electronic volume day on Feb. 4. To date, February electronic trading volume totals 113,016 contracts, the best February electronic month in history with seven trading days remaining in the month.
“Today’s volume was driven by uncertainty in Northern Africa and the Middle East as political riots continue in the region,” said Joe Victor, business development specialist, MGEX. “Additionally, a lack of confidence looms large in the North American spring wheat planting region because of excess moisture.”