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.

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