2. Monthly Agricultural Review
AGRICULTURAL TRADING HIGHLIGHTS
October 2012
Average daily volume for October 2012 Grain and Oilseed futures was 675,518 contracts,
compared with 753,414 during October 2011, a decrease of 10.34 percent.
Average daily volume for October 2012 Grain and Oilseed options was 184,460 contracts,
compared with 195,450 during October 2011, a decrease of 5.62 percent.
Average daily volume for October 2012 Oilseed complex futures was 388,196 contracts,
compared with 405,033 during October 2011, a decrease of 4.16 percent.
Average daily volume for October 2012 Oilseed complex options was 84,073 contracts,
compared with 70,521 during October 2011, an increase of 19.22 percent.
Electronic average daily volume for October 2012 Grain and Oilseed options was 80,295
contracts, compared with 49,427 during October 2011, an increase of 62.45 percent.
Average daily volume for October 2012 Live Cattle and Lean Hog futures and options
was 95,447 contracts, compared with 105,149 during October 2011, a decrease of 9.23
percent.
Electronic average daily volume for October 2012 Live Cattle and Lean Hog futures
was 67,263 contracts, compared with 69,483 during October 2011, a decrease of 3.2
percent.
Electronic average daily volume for October 2012 Live Cattle and Lean Hog options
was 8,260 contracts, compared with 6,601 during October 2011, an increase of 25.13
percent.
Average daily volume for October 2012 cleared OTC Corn Calendar Swaps was 238
contracts, compared with 1,062 during October 2011, a decrease of 77.59 percent.
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Scorecard - Average Daily Volume and Open Interest Statistics
October 2012
Average Daily Volume Open Interest
Spot Month
Spot Month Close in 20-Day
Ticker Symbols $ Notional $ Notional Close on US$/MT Historical
Electronic - Pit Contracts ($ Millions) Contracts ($ Millions) 31-Oct-'12 31-Oct-'12 Volatility
Corn Futures ZC C 204,416 $7,724 1,286,956 $48,631 755 3/4 $297.53 26.92%
Mini Futures XC YC 1,010 $8 8,167 $62
Total Futures 205,426 $7,732 1,295,123 $48,693
Options 85,559 1,944,905
Wheat Futures ZW W 77,236 $3,339 466,197 $20,151 864 1/2 $317.65 20.85%
Mini Futures XW YW 265 $2 2,955 $26
Total Futures 77,501 $3,341 469,152 $20,177
Options 17,047 463,504
Soybeans Futures ZS S 229,220 $17,750 633,974 $49,093 1548 3/4 $569.07 20.07%
Mini Futures XB YK 1,702 $26 9,149 $142
Total Futures 230,922 $17,777 643,123 $49,235
Options 69,460 695,700
Soybean Oil Futures ZL BO 104,022 $3,131 334,166 $10,057 50.16 $1,105.84 18.12%
Options 8,917 224,675
Soybean Meal Futures ZM SM 54,954 $2,650 224,187 $10,810 482.20 $531.53 20.97%
Options 6,059 200,058
Rough Rice Futures ZR RR 1,737 $53 13,893 $421 15.14 $333.78 15.72%
Options 68 1,226
Oats Futures ZO O 957 $19 12,845 $250 389 $225.68 16.58%
Options 52 4,654
Live Cattle Futures LE LC 42,486 $1,589 310,162 $11,597 125.93 7.81%
Options 9,400 247,261
Lean Hog Futures HE LH 37,790 $1,111 217,584 $6,395 78.28 13.00%
Options 5,772 156,312
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4. Monthly Agricultural Review
Grain and Oilseed Combined Futures and Options - Average Daily Volume
Futures Options
1,400,000
1,200,000
1,000,000
Contracts
800,000
600,000
400,000
200,000
0
Corn and Wheat Futures - Average Daily Volume
Corn Wheat
600,000
500,000
400,000
Contracts
300,000
200,000
100,000
0
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Average Hourly Electronic Volumes - All Hours - October 2012
160,000
Lean Hog Futures
140,000 Live Cattle Futures
Soybean Oil Futures
120,000 Soybean Meal Futures
Soybean Futures
100,000 Wheat Futures
Corn Futures
Contracts
80,000
60,000
40,000
20,000
0
Chicago Time
Average Hourly Electronic Volumes - Extended Trading Hours - October 2012
45,000
Lean Hog Futures
Live Cattle Futures
40,000
Soybean Oil Futures
Soybean Meal Futures
35,000
Soybean Futures
Wheat Futures
30,000
Corn Futures
Contracts
25,000
20,000
15,000
10,000
5,000
0
Chicago Time
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14. Monthly Agricultural Review
CFTC COT Report - Corn Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
900,000 40%
800,000 35%
700,000
Open Interest - Contracts
30%
600,000
25%
500,000
20%
400,000
15%
300,000
10%
200,000
100,000 5%
0 0%
Source: CFTC
CFTC COT Report - Wheat Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
350,000 60%
300,000
50%
Open Interest - Contracts
250,000
40%
200,000
30%
150,000
20%
100,000
10%
50,000
0 0%
Source: CFTC
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CFTC COT Report - Soybean Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
400,000 40%
350,000 35%
Open Interest - Contracts
300,000 30%
250,000 25%
200,000 20%
150,000 15%
100,000 10%
50,000 5%
0 0%
Source: CFTC
CFTC COT Report - Soybean Meal Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
140,000 45%
40%
120,000
35%
Open Interest - Contracts
100,000
30%
80,000 25%
60,000 20%
15%
40,000
10%
20,000
5%
0 0%
Source: CFTC
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16. Monthly Agricultural Review
CFTC COT Report - Soybean Oil Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
200,000 40%
180,000
35%
160,000
Open Interest - Contracts
30%
140,000
25%
120,000
100,000 20%
80,000
15%
60,000
10%
40,000
5%
20,000
0 0%
Source: CFTC
CFTC COT Report - Live Cattle Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
300,000 45%
40%
250,000
35%
Open Interest - Contracts
200,000 30%
25%
150,000
20%
100,000 15%
10%
50,000
5%
0 0%
Source: CFTC
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CFTC COT Report - Lean Hog Futures Open Positions - Long
Swap Dealers Long Managed Money Long
% Swap Dealers Long % Managed Money Long
180,000 45%
160,000 40%
140,000 35%
Open Interest - Contracts
120,000 30%
100,000 25%
80,000 20%
60,000 15%
40,000 10%
20,000 5%
0 0%
Source: CFTC
Disclaimer
Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and
because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of
money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without
affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot
expect to profit on every trade.
All references to options refer to options on futures.
The Globe logo, CME® and CME Group™ are trademarks of Chicago Mercantile Exchange, Inc. CBOT® and Chicago
Board of Trade® are trademarks of The Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile
Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. All other trademarks are the property of their respective owners.
The information within this presentation has been compiled by CME Group for general purposes only. Although every
attempt has been made to ensure the accuracy of the information within this presentation, CME Group assumes no
responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used
for explanation purposes only, and should not be considered investment advice or the results of actual market
experience.
All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT
and CME Group rules. Current rules should be consulted in all cases concerning contract specifications.
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