Commodity Challenge Chapter 5: Futures markets and commodities traded

Futures markets and commodities traded major agricultural futures exchanges types of commodities traded understand common characteristics of futures traded commodities

Major agricultural futures exchanges CME: live cattle, feeder cattle, lean hogs and dairy products CBOT: corn, soybeans, soybean oil and meal, and soft red winter wheat (part of CME) KCBOT: hard red winter wheat (part of CME) ICE Futures U.S.: the "softs" - coffee, cocoa, sugar, cotton and orange juice MGEX: hard red spring wheat ICE Futures Canada: canola

Annual Futures Trading Volume, 2011 Commodity Exchange Contract Size Year Started Volume (contracts) CornCBOT5,000 bu ,004,801 SoybeansCBOT5,000 bu ,143,755 Sugar #11ICE U.S.112,000 lbs ,704,245 WheatCBOT5,000 bu ,283,331 Soybean OilCBOT60,000 lbs ,156,509

Annual Futures Trading Volume, 2011 Commodity Exchange Contract Size Year Started Volume (contracts) Soybean Meal CBOT100 tons195116,920,194 Live CattleCME40,000 lbs ,532,554 Lean HogsCME40,000 lbs.19669,969,961 WheatKCBOT5,000 bu.18766,342,782 CottonICE U.S.50,000 lbs.18705,288,454

Annual Futures Trading Volume, 2011 Commodity Exchange Contract Size Year Started Volume (contracts) CoffeeICE U.S.37,500 lbs.19645,174,538 CocoaICE U.S.10 tonnes19254,948,052 CanolaICE Canada20 tonnes19634,274,882 WheatMGEX5,000 bu.18831,732,331 Feeder Cattle CME50,000 lbs.19711,580,387

Annual Futures Trading Volume, 2011 Commodity Exchange Contract Size Year Started Volume (contracts) Orange Juice ICE U.S.15,000 lbs ,610 Class III Milk CME200,000 lbs ,614 OatsCBOT5,000 bu ,316

Agricultural Futures Worldwide, 2010 Commodity Exchange Contract Size Volume (contracts) White SugarZCE10 tonnes305,303,131 RubberSHFE5 tons167,414,912 Soy MealDCE10 tonnes125,581,888 Soy OilDCE10 tonnes91,406,238 Cotton No.1DCE5 tonnes86,955,310 ZCE: The Zhengzhou Commodity Exchange, established 1990 DCE: The Dalian Commodity Exchange, founded 1993 SHFE: Shanghai Futures Exchange

Agricultural Futures Worldwide, 2010 Commodity Exchange Contract Size Volume (contracts) Palm OilDCE10 tonnes41,799,813 No.1 SoybeanDCE10 tonnes37,393,600 CornDCE10 tonnes35,999,573 Early RiceZCE10 tonnes26,854,086 ZCE: The Zhengzhou Commodity Exchange, established 1990 DCE: The Dalian Commodity Exchange, founded 1993 SHFE: Shanghai Futures Exchange

Selected Futures Contracts at the CME Group, 2010 Commodity Exchange Contract Size Volume (contracts) CornCBOT5,000 bu.79,004,801 WTI Crude OilNYMEX*1,000 barrels168,652,141 Henry Hub Natural Gas NYMEX 10,000 mil. BTU 64,323,068 EurodollarCME1,000,000 USD510,955, Year T-NoteCBOT100,000 USD293,718,907 E-mini S&P 500 Index CME50 USD555,328,670

Common Characteristics bulk commodities that can be graded into interchangeable lots not processed to the point where they can be branded variable prices and competitively determined