MINNEAPOLIS, MINNESOTA, U.S. — MGEX announced on Feb. 23 preliminary electronic trading volume reached 20,836 contracts, setting a new record. The total tops the former daily electronic trading record set Nov. 9, 2009 by 2,244 contracts.

Preliminary total exchange volume reached 22,485 futures and options contracts, second only to April 25, 2005 when 23,630 contracts traded.

The preliminary electronic trading volume makes February the third highest electronic trading month in MGEX history with 167,172 contracts trading electronically. Including Feb. 23, MGEX experienced six top 20 electronic volume trading days in February.

February 2011 is now the eighth highest total exchange monthly volume ever at MGEX with 187,842 contracts traded. With three trading days remaining in the month, February 2011 has already outpaced year ago trading levels with trading volumes 73% higher than February 2010.

“Weather, politics and market fundamentals affected today’s markets in varying degrees,” Mark G. Bagan, president and chief executive officer, MGEX said. “Market participants worldwide recognize the value of our spring wheat contract in their risk management and trading strategies, as shown by today’s record volume.”