Buenos Aires, November 12th. During October, more than five million tons of grains contracts were operated at the MatbaRofex Futures Exchange. It was the third-largest volume of the year, behind May, when close to 6 million tons were hedged and June (5.1 million tons).

Despite soybean was the largest product hedged in October with 3,05 million tons, corn expressed the largest increase in a YoY basis, reaching 1.07 MT versus 0.53 Mt in November 2018. Wheat was the third grain operated reaching 0.86 MT versus 0.66 last year.

The volume hedged in November resulted in 19% up on an interannual basis, and a sixth in a row since May, when operations surpassed by 43% the volume of 2018. In this way, from Jan to Nov, the unique futures market in the country covered 43.87 million tons of grains versus 37.78 million in 2018, exhibiting a 16% growth.

A large corn harvest this latest campaign helps us to explain the biggest activity of this grain in the future market. No less than 55 MMT was chopped last fall and, in fact, exports are beating records since March.

But the uncertainty about the ag-policy of the elected government, that will assume office next December 10th, is pushing farmers to cover its grain not only in the futures market but via forward contracts with exporters.