“It was the building of storage in Chicago that really facilitated the drive to the first forward contracts and eventually to futures contracts for corn, wheat and oats. It was those contracts in 1877 that became the first futures contracts.”Fred Seamon, executive director, Commodity Research and Product Development at CME Group
Did you know that corn futures were the first standardized futures contracts listed on the Chicago Board of Trade (CBOT)?
Almost 150 years later, corn futures are still one of the most-traded commodities, with an average daily exchange volume of more than 350,000 contracts.
Did you know that the Chicago Soft Red Winter (SRW) Wheat Futures were introduced by the CBOT before the KC Hard Red Winter (HRW) and European Union (EU) Wheat Futures, more than 140 years ago?
In the past month, the Chicago SRW Wheat Futures traded, on average, a whopping 136,360 contracts per day!
Did you know that the annual exchange volume for oats in 1921 was 530,738 contracts, with an average daily exchange volume of approximately 2,050 contracts.
Today, the CBOT’s daily exchange volume averages less than 400 contracts! That’s because oats were widely fed to horses when they were the main form of transportation.