October busheling futures buy beats September total
CME Group’s US Midwest busheling contract enjoyed a robust start in October, with a trade on Tuesday October 2 outperforming the entire volume purchased in September.
One buyer purchased 1,650 lots, the equivalent of 33,000 gross tons, on October 2 in 11 blocks of 150 lots each that expire between November 2018 and September 2019. The contracts start out priced at $387 per ton and end the period at $380 per ton.
The single-day purchase beats the 1,501 lots traded in all of September by 149 lots, with each lot representing 20 tons. Open interest stood at 4,670 lots as of the close of business Tuesday.
The monthly contract is settled against Fastmarkets AMM’s Midwest index for No 1 busheling, which settled at $372.79 per ton on September 10. The next monthly settlement will be on October 10.