Agricultural Options Product Suite

March 2024 Highlights

Agricultural options posted the best Q1 ADV ever with 337,024 contracts trading on average a day. Soybeans, Live Cattle, Soybean Meal, Lean Hogs, Feeder Cattle and Short-Dated New Crop options all set record quarterly volume. Record average open interest for Q1 was established for:

  • Lean Hogs = 383,758
  • Feeder Cattle = 80,064
  • Soybean Meal = 255,803
  • Short-Dated New Crop = 131,806

In March, KC Wheat options (7,155) and Agricultural Weekly options (20,260) set all-time monthly records. Agricultural Weekly options set an all-time open interest record of 89,548 heading into the Prospective Plantings report on March 28 and traded a record 89,635 contracts the day of the report.  

Live Cattle options traded a single-day record of 81,178 on March 26.  

Option Products March ADV ADV YoY % Change CVOL Low CVOL High CVOL Range
Corn 115,661 16% 22.44 27.11 4.67
Soybean 101,781 42% 15.21 20.40 5.19
Chicago SRW Wheat 30,807 -5% 29.31 35.26 5.95
Soybean Meal 19,345 -9% 21.95 25.54 3.59
Live Cattle 21,654 47% 12.25 17.54 5.29
Hogs 15,683 -2% 20.52 22.03 1.51
Soybean Oil 16,346 22% 25.77 32.96 7.19
KC HRW Wheat 7,155 111%      
Feeder Cattle 3,243 -9% 14.26 19.94 5.68
Class III Milk 1,310 -9% 15.91 20.99 5.08

Source: CME Group

In this report
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Short-Term option ADV

  Weekly Options Short-Dated New Crop Options New Crop Weekly Options
  Mar ADV Mar ADV Mar ADV
Corn 9,980 7,992 292
Soybean 7,961 5,625 209
Chicago SRW Wheat 1,848 2  
Soybean Meal 443    
Soybean Oil 28    

Source: CME Group

Feeder Cattle options

Feeder Cattle options continue to set open interest records as the market utilizes options to offset risk with risking volatility and put skew.

Agricultural Weekly options

The market continues to use short-term options to help hedge specific event risk with record open interest heading into the Prospective Plantings report and record volume the day of the report. The entire month of March had an elevated level of weekly activity leading to the most active month ever.

Live Cattle volatility

On March 21, Live Cattle CVOL (LEVL) settled at 12.4. Later on March 26, the record volume day for cattle options the index shot up to 17.54.

Lean Hogs

As Lean Hogs rallied with tighter supplies, impled volatltiy decreased significantly and call skew increased.

All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

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