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MINNEAPOLIS GRAIN EXCHANGE VOLUME ON FEB. 11 WAS HIGHEST EVER.

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 MINNEAPOLIS GRAIN EXCHANGE VOLUME ON FEB. 11 WAS HIGHEST EVER
 MINNEAPOLIS, Feb. 12 /PRNewswire/ -- Rumors over credit to the Commonwealth of Independent States and market corrections were the reasons most cited as spurring a recent record volume trading day in Hard Red Spring Wheat futures.
 Prices dove on Feb. 11 and volume activity increased. Spring Wheat futures volume was 27,365,000 bushels that day, beating the previous all-time daily record of 27,115,000 bushels traded on June 16, 1988, during the region's drought.
 Spring Wheat prices began falling around 11 a.m. on Feb. 11 as the market anticipated that the Commonwealth's wheat purchases would not exceed USDA credit allocations issued in December. A USDA report issued during the afternoon of Feb. 11 confirmed the rumors. The drop in prices was also spurred by traders taking profits after wheat prices had hit their highest levels in four years.
 March, September and December futures closed Feb. 11 down to the daily 20-cent limit. May futures was down 19-3/4 cents and July futures was down 19-1/2 cents.
 March futures, for example, dropped from a 4-1/2-year high at the close Monday, Feb. 10 at $4.57-3/4 to $4.37-3/4 on Tuesday, Feb. 11.
 -0- 2/12/92
 /CONTACT: Colleen Smith of the Minneapolis Grain Exchange, 612-338-6212/ CO: Minneapolis Grain Exchange ST: Minnesota IN: SU:


AL -- MN015 -- 9311 02/12/92 14:11 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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