Chicago Board of Trade (CBoT) launched its much anticipated South American soybean futures contract on 20 May, with the contract getting off to an expected slow start. It traded 219 on the first day, 170 on 23 May and 88 on 24 May with open interest slowly rising to 189 contracts by 24 May.
Exchange officials and traders had anticipated a modest start for the contract as participants work out how best to use the product. Some traders also said volumes will be slowed by the timing of the launch, which is just after the South American bean harvest season.
Market consensus had said...