A volatile day of trading ended a record-volume month for the Minneapolis Grain Exchange (“MGEX” or “Exchange”). Trading volume for Hard Red Spring Wheat futures in June was 172,238 contracts, which is the highest June volume in the history of the Exchange. It was also the seventh record-volume month during the last 12 months and the third monthly record set in 2007.
Electronic trading posted the second highest volume month in Exchange history with 37,686 contracts traded. Daily electronic records were challenged in June with three of the top 10 electronic trading volume days occurring during the month.
June spring wheat open interest closed at 52,160 contracts, which is 3-percent higher than open interest at the same time last year.
“The derivatives industry is in exciting times, and the MGEX continues to push forward with record volume and membership values,” said Mark G. Bagan, President & CEO. “The record June futures volume, record membership sales, and the signing of a letter of intent with Dean Kinnas to act as a market maker in our five financially settled agricultural index contracts lead me to believe our solid growth will continue. We anticipate a strong performance in July and look forward to renewed activity in our index contracts by the end of the summer.”
Membership values at the MGEX continued to grow in June with two memberships selling at a record-high $140,000. A total of eight memberships traded during the month.
More information on trading and membership is available at www.mgex.com.
Key accomplishments at MGEX in June:
June 8 – four memberships trade in a single transaction ($135,000 each)June 11 – a membership trades at the record price of $140,000
June 14 – 12th highest daily SW futures volume (14,981 contracts)
June 15 – 6th highest electronic volume day (3,356 contracts)
June 21 – 3rd highest electronic volume day (4,232 contracts)
June 22 – 9th highest electronic volume day (3,322 contracts)
June 20 – MGEX Announces Market Maker letter of intent with Dean Kinnas
June 29 – Trading finishes with record volume of 172,238 spring wheat futures contracts