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CME corn futures hit daily volume record as USDA report drives trading

CME Group said its agriculture business averaged 2,022,488 contracts per day in the third quarter, up 18% year over year, while corn options volume averaged 179,674 contracts.

Reported · Written up by our desk · Agriculture

CME Group said corn futures logged a new daily volume record of 1,206,376 contracts on Oct. 9, topping the prior record of 1,128,597 contracts traded on March 29, 2019, according to World Grain. The outlet said the spike followed a surprise USDA report that prompted rapid position adjustments and price risk management.

World Grain reported that CME Group attributed the activity to expectations and how the USDA data landed versus the market’s pricing. The firm pointed to ending stocks, yields and production coming in above expectations, after the market had priced in lower yields following a challenging summer.

CME Group also cited higher activity across its agriculture unit, with average daily volume of 2,022,488 contracts in the third quarter, up 18% year over year. World Grain added that corn futures averaged 502,004 contracts per day in the third quarter, up 35% year over year, and corn options averaged 179,674 contracts per day, up 31% year over year.

In the same update, CME Group said September average daily volume was 1,936,761 contracts, up 29% year over year, the outlet reported. CME’s global head of agricultural products, John Ricci, said the move reflected why the firm focuses on equipping clients to manage risk in changing market conditions.

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