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Source: Kansas City Board of Trade news release

The Kansas City Board of Trade (KCBT) has set a new annual trading volume record in the hard red winter wheat futures contract as of November 12.

At the conclusion of Friday's trade 4,798,488 contracts or 23.99 billion bushels had traded thus far in 2010. The previous record was set in 2006, at 4,763,168 contracts or 23.82 billion bushels.

Six weeks remain in the year to add to the record. The KCBT hard red winter wheat futures contract is the world benchmark pricing mechanism for bread wheat.

Total exchange trading volume through yesterday totaled 4,941,069 contracts, 346,121 contracts shy of the previous annual volume record of 5,287,190 contracts set in 2006. With six weeks remaining in the year, trading volume is on track to break the previous record.

Volume and open interest in KCBT contracts have increased as demand for milling-quality wheat has taken center stage, traders said. In fact a new open interest record was set in the wheat futures contract just last Thursday at 250,506 contracts, capping a spate of recent open interest records. Trading has been active in both the intermarket and intramarket spreads. There has also been interest from traders looking at commodities in general as an inflation hedge, traders said.

Each KCBT wheat futures contract represents 5,000 bushels of wheat.

The Kansas City Board of Trade, founded in 1856, is the world's largest futures market for hard red winter wheat. Daily quotes, market commentary, historical data and charting services are available on our website at

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