CME Group reported a new daily volume record for corn futures on October 9, with 1,206,376 contracts traded. This surpassed the previous high of 1,128,597 contracts set on March 29, 2019. The surge came after a surprising USDA report that showed higher-than-expected ending stocks, yields, and production, prompting market participants to adjust their positions.
John Ricci, global head of agricultural products at CME Group, noted that the unexpected report led traders to use corn futures to manage price risk efficiently. He emphasized the importance of CME Group's tools in helping clients navigate volatile market conditions.
In its third-quarter announcement, CME Group revealed that its agriculture business saw an average daily volume of 2,022,488 contracts, an 18% increase year over year. September alone recorded an average daily volume of 1,936,761 contracts, up 29% year over year. Corn futures averaged 502,004 contracts daily in the third quarter, a 35% rise, while corn options averaged 179,674 contracts daily, up 31% year over year.
CME Group operates major futures exchanges, including the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), and Commodity Exchange (COMEX). The company's focus remains on providing clients with the tools to manage risk in any market environment.