What Record Trading Day Means For The Corn ETF
September 08, 2010 at 02:00 AM EDT
The Friday before Labor Day is generally quiet in the trading pits, as investors squeeze in one last long summer weekend ahead of a holiday-shortened week. But last Friday was anything but quiet at the Chicago Board of Trade, where 556,034 corn futures contracts traded hands. That marked the busiest day of activity in corn markets since the CBOT began trading corn in 1877; Friday’s volume was nearly 8% higher than the previous record set in 2008. So far in 2010, average trading volume for corn futures has been about 250,000 contracts per day, or well less than half of Friday’s figure. The record trading day comes near the end of a wild summer for corn markets. A severe drought in Russia has crippled one of the world’s largest exporters of wheat, sending shock waves through global commodity markets. In certain corners of the world, analysts are becoming more concerned [...] Click here to read the original article on ETFdb.com. Related Stories: What’s Gotten Into The Corn ETF? Corn ETF (CORN) Debuts Inside The Corn ETF (CORN)