CME Group corn futures hit record daily volume after USDA report

CME Group (NASDAQ: CME) reported that its corn futures reached a new daily volume record of 1,206,376 contracts on October 9, surpassing the previous record of 1,128,597 contracts set on March 29, 2019.

The surge followed a U.S. Department of Agriculture report that showed corn ending stocks, yields, and production all came in above market expectations, according to the company's statement.

"Following last week's surprise USDA report, market participants turned to our Corn futures to quickly adjust positions and manage price risk," said John Ricci, Global Head of Agricultural Products at CME Group. "The market had priced in lower yields after a challenging summer, yet the report showed ending stocks, yields and production all above expectations."

CME Group's agriculture business posted an average daily volume of 2,022,488 contracts in the third quarter, up 18.1% year over year. In September, average daily volume reached 1,936,761 contracts, up 28.8% year over year.

Corn futures averaged 502,004 contracts per day in the third quarter, up 35.2% year over year, while corn options averaged 179,674 contracts per day, up 31.4% year over year.

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