October 2023 Highlights
Soybean Meal and Live Cattle options were very active as the market navigated USDA reports and geopolitical situations. CVOL for Feeder Cattle is now available.
In this report
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|
Option Products |
Sept ADV |
Year/Year % Change |
|---|---|---|
|
Corn |
91,700 |
9% |
|
Soybean |
73,955 |
65% |
|
Chicago SRW Wheat |
30,406 |
12% |
|
Soybean Meal |
31,749 |
263% |
|
Soybean Oil |
13,595 |
25% |
|
Live Cattle |
21,141 |
126% |
|
Hogs |
19,268 |
74% |
|
KC HRW Wheat |
2,539 |
-10% |
|
Feeder Cattle |
4,122 |
122% |
|
Class III Milk |
1,348 |
25% |
Source: CME Group
Short-Term option ADV
|
|
October ADV | |
|---|---|---|
|
|
WEEKLY OPTIONS |
SHORT-DATED NEW CROP OPTIONS |
|
Corn |
6,317 |
578 |
|
Soybean |
3,643 |
130 |
|
Chicago SRW Wheat |
1,926 |
|
|
Soybean Meal |
1,035 |
|
|
Soybean Oil |
607 |
|
Source: CME Group
Soybean Meal
As December Soybean Meal futures rallied ~14% in October, Meal options set an all-time volume record of over 30K contracts a day. Measured by the CVOL Index, Soybean Meal volatility increased from 20% on Sept. 26 to close out October above 30%
Weekly options
Agricultural Weekly options posted the second best ADV (~14K) during October as North American producers navigate harvest along with geopolitical situations:
- Over 57K contracts of weekly open interest on October 12 around the WASDE report, fifth highest level ever.
- Soybean Meal weekly options traded a single-day record 4,198 contracts on October 12, establishing a new open interest record of 5.8K and set an all-time monthly ADV record.
- Soybean Oil set an all-time volume record of 4,500 contracts and an all-time-high open interest of 4,573 on October 5.
Live Cattle
Live Cattle options posted two top five volume records of 57,312 and 66,319 during October. The Cattle on Feed report was released Friday, October 20 with the two record days occurring Monday and Tuesday following the report. Live Cattle options are up 130% MoM for October. Live Cattle CVOL spiked during the two days following the Cattle on Feed report.
CVOL Index – Feeder Cattle
Feeder Cattle CVOL Index is now available helping traders follow implied volatility and skew. The new addition rounds out the CME Group Livestock space, giving another useful market metric to help enhance trading decisions.
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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.
