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Hard red winter wheat futures are the mainstay of the Kansas City Board of Trade. Hard red winter wheat represents the bulk of U.S. wheat production and is the primary ingredient in the world's bread. Market users from around the globe look to this contract as the international benchmark for bread wheat prices.
In 2011, the exchange traded more than 6.3 million wheat futures contracts, equivalent to more than 31.71 billion bushels, setting an exchange record. KCBT wheat futures have a record of consistent growth, and volume in 2011 was nearly five times that of 20 years earlier.
The exchange prides itself on the fact that most of the wheat business transacted here is commercially based, testimony to the efficient and fair markets the KCBT provides.
Options on wheat futures were introduced in 1984, and record options volume was traded in 2002. Options provide still another pricing tool for the grains industry and provide unique risk-management benefits to wheat producers.
On December 12, 2004, the exchange began trading wheat electronically after hours.
On August 1, 2006 the wheat futures contract began side-by-side trading.
On April 14, 2008 side-by-side trading in the hard red winter wheat options contract began.
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