Commodities

In 2016, the traded volume in derivatives on agricultural products, which cover the Rosafé Soy Index (ISR), Chicago Corn (CRN), Chicago Soy (SOY), Factory Condition Soy (SOF), Chamber Condition Soy (SOJ), Corn (MAI) and Wheat (TRI) futures and options, was of 4.92 million tons, thus marking a 31% increase in comparison to 2015, when 3.75 million tons were traded. Out of the total of agricultural derivatives in 2016, the 66% corresponded to futures, and the remaining 34% to options. The daily average open interest in this segment during 2016 was 470,206 tons, 40% more than the previous year.

In turn, in the gold and WTI oil futures, a volume of 51,309 and 178,160 contracts respectively was registered in 2016, showing a 164% and 436% increase respectively, in comparison to 2015, while the average open interest during 2016 was 3,408 gold contracts and 4,475 oil contracts.




In the agricultural derivatives, the Chicago Soy contracts were remarkable, which reached a volume of 2.25 million tons (+ 179% in comparison to the previous year) and a 46% participation in the contracts total operation of the agricultural segment. In the second place were the SOF futures with a delivery of 1.27 traded million tons, thus representing the 26% of the agricultural derivative business operations. In the third place were the ISR futures with a volume of 919,530 tons (+ 42% in comparison to the previous year), followed by the CRN futures and options which totaled 344,485 tons (32% less than in 2015). The Rosario Chamber Corn contracts totaled 84,390 tons (+ 39% year-on-year), whereas the Chamber Wheat contracts with delivery totaled 36,390 tons, 17% below the volume operated in 2015. Lastly, the SOJ operation reached 19,230 tons.


When comparing the total volume traded in both markets where the agricultural derivatives (ROFEX + MATBA) are traded to the soy, wheat and corn national production, an increase is observed in the ratio volume of derivates/production after three falls in the last three cycles which, after having reached a maximum of 50% in the 2011/12 cycle, was situated in 30% during 2016. Is worth mentioning that from early January 2017 MATba and ROFEX, signed a historical agreement to interconnect both market trading platforms. Thus, participants from each market will have access to a single market place where they can trade every commodity or financial future listed in ROFEX or MATBA. This agreement puts an end to 30 year of competition between both institutions in the agricultural commodity futures field.


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