Agricultural Futures and 

Options Trading – A Global 

Perspective

FIA presentation to the Agricultural Advisory 

Committee of the Commodity Futures Trading 

Commission

9 June 2021
2

Table of Contents

Part 1: Volume and Open Interest Measured by Number of Contracts Traded

• Global volume and open interest in 2020 by jurisdiction

• Five-year trends in global volume and open interest 

• Contract-level rankings by volume and open interest

• Sunburst-style visualization of market share by sector

Part 2: Volume and Open Interest Adjusted by Contract Size

• Goal: Compare market size from end-user perspective

• Focus on leading contracts based on six commodities

• Cotton, Sugar, Corn, Wheat, Palm Oil, Rapeseed, Soy
3

Understanding the Data

FIA collects data on volume and open interest from nearly all derivatives exchanges in 

the world.

The data consists of two metrics:

• Volume - the number of contracts traded and/or cleared per month at each 

exchange and/or clearinghouse

• Open Interest - the number of contracts outstanding at the end of the month at 

each exchange and/or clearinghouse

FIA makes adjustments to the data to avoid double counting and to reflect revisions 

and corrections by the exchanges.

FIA does not collect information on the location of customers trading on those 

exchanges.
4

Understanding the Data 

• The first part of this analysis provides an overview of global trends in agricultural 

futures and options volume and open interest.

• The data on volume and open interest are sorted by jurisdiction. In some cases, 

such as China and the European Union, a jurisdiction may include more than one 

exchange.

• No adjustments are made for differences in contract sizes. In other words, a 

contract based on 10 metric tons is treated the same as a contract based on 25 

metric tons. This matches how exchanges and intermediaries measure trading. 

• In the second part of the analysis, the data on volume and open interest for certain 

contracts are converted into metric tons by multiplying the number of contracts by 

the size of the contract. This provides insights into market size from the 

perspective of an end-user managing price risk on the underlying commodity. 
5

Trading Volume in 2020 by Location of Exchange

China

79%

United States

18%

Volume of Agriculture Futures and Options

China

United States

EU

United Kingdom

Malaysia

India

Singapore

All Other

21%

21%

18%

15%

13%

4%

4% 2% 2%

Global Trading Volume - Excluding China and the US

EU

United Kingdom

Malaysia

India

Singapore

South Africa

Brazil

Japan

All Other

Chinese exchanges accounted for 79% of all agricultural futures and options contracts traded in 2020

Note: these charts do not indicate the location of customers trading on exchanges in these jurisdictions
6

Trading Volume in 2020 by Location of Exchange

Annual Volume Year-End 

Open Interest

China 2,037,491,551 9,309,219 

United States 451,609,044 11,322,009 

EU 17,278,906 884,479 

United Kingdom 17,247,807 581,514 

Malaysia 14,670,716 180,097 

India 11,740,444 140,140 

Singapore 10,678,962 74,424 

South Africa 3,444,896 169,746 

Brazil 3,243,985 141,284 

Annual Volume Year-End 

Open Interest

Japan 1,603,088 19,560

Argentina 1,097,708 72,047

New Zealand 360,887 58,287

Australia 138,689 35,611

Indonesia 30,183 0

Thailand 17,597 197

Pakistan 2,344 11

Russia 488 24

Turkey 12 0

Note: Volume and open interest measured by the number of futures and options contracts traded on exchanges in these jurisdictions.
7

Open Interest by Location of Exchange

China, 40%

United States, 

49%

2020 Year-End Open Interest in Agricultural Futures 

and Options

China

United States

EU

United Kingdom

Malaysia

India

Singapore

All Other

37%

25%

8%

6%

3%

7%

6%

1%

7%

2020 Year-End Open Interest - Excluding China and 

the US

EU

United Kingdom

Malaysia

India

Singapore

South Africa

Brazil

Japan

All Other

US exchanges accounted for 49% of the total number of contracts outstanding at year-end 2020

Note: these charts do not indicate the location of customers trading on exchanges in these jurisdictions
8

Contracts Ranked by 2020 Volume

Volume

Rank Exchange Type Contract Total 2020 

Volume

YoY 

Change

Year-End Open 

Interest

YoY 

Change

OI 

Rank

1 Dalian Commodity Exchange Future Soybean Meal 359,464,679 31.7% 2,304,861 -21.2% 1

2 Dalian Commodity Exchange Future RBD Palm Olein 315,167,096 132.6% 416,392 -53.1% 15

3 Dalian Commodity Exchange Future Corn 177,715,573 79.3% 1,556,234 31.7% 3

4 Dalian Commodity Exchange Future Soybean Oil 173,116,523 97.7% 587,469 -26.8% 9

5 Zhengzhou Commodity Exchange Future Rapeseed Meal (RM) 159,893,801 15.8% 478,995 45.2% 12

6 Dalian Commodity Exchange Future Egg 132,053,500 255.7% 333,364 -15.5% 19

7 Zhengzhou Commodity Exchange Future White Sugar (SR) 124,551,207 10.7% 559,029 42.7% 10

8 Zhengzhou Commodity Exchange Future Cotton No. 1 (CF) 108,338,363 69.4% 635,692 -9.4% 8

9 Zhengzhou Commodity Exchange Future Rapeseed Oil (OI) 105,447,334 179.1% 161,387 25.1% 39

10 Shanghai Futures Exchange Future Rubber 100,942,773 87.5% 280,142 7.1% 23

11 Chicago Board of Trade Future Corn 89,753,068 -13.0% 1,750,518 18.8% 2

12 Zhengzhou Commodity Exchange Future Apple (AP) 63,009,295 68.2% 329,205 231.3% 20

13 Chicago Board of Trade Future Soybean 61,122,980 14.6% 889,698 24.7% 6

14 Dalian Commodity Exchange Future No. 1 Soybean 59,445,167 222.2% 107,489 9.5% 44

15 ICE Futures U.S. Future Sugar #11 39,949,270 6.0% 1,066,198 7.7% 5

Note: Volume and open interest measured by the number of futures and options contracts traded on exchanges in these jurisdictions.
9

Contracts Ranked by Year-End 2020 Open Interest

Volume

Rank Exchange Type Contract Total 2020 

Volume

YoY 

Change

Year-End Open 

Interest

YoY 

Change

OI 

Rank

1 Dalian Commodity Exchange Future Soybean Meal 359,464,679 31.7% 2,304,861 -21.2% 1

11 Chicago Board of Trade Future Corn 89,753,068 -13.0% 1,750,518 18.8% 2

3 Dalian Commodity Exchange Future Corn 177,715,573 79.3% 1,556,234 31.7% 3

22 Chicago Board of Trade Option Corn 24,395,038 -22.1% 1,363,439 54.3% 4

15 ICE Futures U.S. Future Sugar #11 39,949,270 6.0% 1,066,198 7.7% 5

13 Chicago Board of Trade Future Soybean 61,122,980 14.6% 889,698 24.7% 6

24 Chicago Board of Trade Option Soybean 16,954,195 25.5% 831,106 88.6% 7

8 Zhengzhou Commodity Exchange Future Cotton No. 1 (CF) 108,338,363 69.4% 635,692 -9.4% 8

4 Dalian Commodity Exchange Future Soybean Oil 173,116,523 97.7% 587,469 -26.8% 9

7 Zhengzhou Commodity Exchange Future White Sugar (SR) 124,551,207 10.7% 559,029 42.7% 10

40 ICE Futures U.S. Option Sugar No. 11 6,156,858 9.0% 492,536 -10.4% 11

5 Zhengzhou Commodity Exchange Future Rapeseed Meal (RM) 159,893,801 15.8% 478,995 45.2% 12

18 Chicago Board of Trade Future Soybean Oil 32,961,867 4.0% 469,214 -6.3% 13

28 Euronext Derivatives Market Future Milling Wheat 12,969,205 28.0% 457,451 33.0% 14

2 Dalian Commodity Exchange Future RBD Palm Olein 315,167,096 132.6% 416,392 -53.1% 15

Note: Volume and open interest measured by the number of futures and options contracts traded on exchanges in these jurisdictions.
10

Non-US Volume and OI by Sector

Oil and oilseed contracts account for the largest amount of trading outside the US 

Note: Inner circle is based on 

all data from all non-US 

exchanges in each sector of 

the market. The outer circle 

breaks down the same sector 

in the component subsectors. 
11

Oil and Oilseeds – Five Year Trends

 -

 20,000,000

 40,000,000

 60,000,000

 80,000,000

 100,000,000

 120,000,000

 140,000,000

 160,000,000

 180,000,000

1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11

2016 2017 2018 2019 2020

Volume by Jurisdiction

Canada

Japan

Pakistan

Indonesia

Brazil

Argentina

South Africa

EU

India

Singapore

Malaysia

United States

China

 -

 2,000,000

 4,000,000

 6,000,000

 8,000,000

 10,000,000

 12,000,000

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10

2016 2017 2018 2019 2020

Open Interest by Jurisdiction

Chinese exchanges drive trends in trading volume, but US exchanges hold a large share of open interest

Note: Volume and open interest measured by the number of futures and options contracts traded on exchanges in these jurisdictions.
12

Grains – Five Year Trends

 -

 5,000,000

 10,000,000

 15,000,000

 20,000,000

 25,000,000

 30,000,000

 35,000,000

 40,000,000

 45,000,000

 50,000,000

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10

2016 2017 2018 2019 2020

Volume by Jurisdiction

Canada

Turkey

Russia

Pakistan

India

United Kingdom

Australia

Argentina

Japan

Brazil

South Africa

EU

United States

China -

 1,000,000

 2,000,000

 3,000,000

 4,000,000

 5,000,000

 6,000,000

 7,000,000

 8,000,000

 9,000,000

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10

2016 2017 2018 2019 2020

Open Interest by Jurisdiction

Both trading volume and open interest hit record levels in the second half of 2020

Note: Volume and open interest measured by the number of futures and options contracts traded on exchanges in these jurisdictions.
13

Softs – Five Year Trends

 -

 5,000,000

 10,000,000

 15,000,000

 20,000,000

 25,000,000

 30,000,000

1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11

2016 2017 2018 2019 2020

Volume by Jurisdiction

Japan

India

Russia

South Africa

Brazil

United Kingdom

United States

China

 -

 500,000

 1,000,000

 1,500,000

 2,000,000

 2,500,000

 3,000,000

 3,500,000

 4,000,000

 4,500,000

 5,000,000

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10

2016 2017 2018 2019 2020

Open Interest by Jurisdiction

Note: Softs includes coffee, cocoa and sugar

The UK market holds approximately the same amount of open interest as China
14

Part Two – Adjusting for Contract Size

• FIA has converted contract-level data for certain contracts into metric ton 

equivalents in order to give an end-user perspective on market size.

• The contracts selected for this analysis are based on six agricultural 

commodities that are traded in significant amounts in more than one 

jurisdiction — corn, cotton, palm oil, rapeseed, sugar, soy and wheat.

• Converting the contracts into metric ton equivalents provides a way to 

compare the relative size of these markets in terms of the amount of the 

underlying commodities that these contracts represent. 
15

Soy Contracts on China and US Exchanges 

Exchange Type Contract Metric 

Tons 2020 Volume 2020 OI Adjusted 

Volume Adjusted OI

Chicago Board of Trade Future Soybean Oil 27.2 32,961,867 469,214 896,562,782 12,762,621

Dalian Commodity Exchange Future Soybean Oil 10.0 173,116,523 587,469 1,731,165,230 5,874,690

Chicago Board of Trade Future Soybean Meal 90.7 29,914,836 415,506 2,713,275,625 37,686,394

Dalian Commodity Exchange Future Soybean Meal 10.0 359,464,679 2,304,861 3,594,646,790 23,048,610

Chicago Board of Trade Future Soybean 136.0 61,122,980 889,698 8,312,725,280 120,998,928

Dalian Commodity Exchange Future No. 1 Soybean 10.0 59,445,167 107,489 594,451,670 1,074,890

Dalian Commodity Exchange Future No. 2 Soybean 10.0 18,359,635 50,875 183,596,350 508,750

Note: Adjusted volume and open interest were calculated by multiplying the 

number of contracts by the number of metric tons represented by each contract.
16

Note: DCE = Dalian Commodity Exchange, CBOT = Chicago Board of Trade

China’s DCE has developed a large market for futures on soybean meal

Soy Contracts on China and US Exchanges 

CBOT Soybean

46%

DCE Soybean Meal

20%

CBOT Soybean 

Meal

15%

DCE Soybean Oil

10%

CBOT Soybean Oil

5%

DCE No. 1 

Soybean

3%

DCE No. 2 

Soybean

1%

Volume in Metric Ton Equivalents

CBOT Soybean

60%

DCE Soybean Meal

11%

CBOT Soybean 

Meal

19%

DCE Soybean Oil

3%

CBOT Soybean Oil

6%

DCE No. 1 

Soybean

1%

DCE No. 2 

Soybean

0%

Open Interest in Metric Ton Equivalents
17

Soy Complex – Growth in Volume over Time

Trading activity picked up in the second half of 2020, but did not match the peak set in 2016 

 -

 500,000,000

 1,000,000,000

 1,500,000,000

 2,000,000,000

 2,500,000,000

1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112

2016 2017 2018 2019 2020

Volume in Metric Ton Equivalents

DCE No. 2 Soybean

DCE No. 1 Soybean

CBOT Soybean Oil

DCE Soybean Oil

CBOT Soybean Meal

DCE Soybean Meal

CBOT Soybean
18

Soy Complex – Change in Relative Volume over Time

Trading activity has been growing faster on DCE than CBOT

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112

2016 2017 2018 2019 2020

Volume in Metric Ton Equivalents, Measured as Share of Total

DCE No. 2 Soybean

DCE No. 1 Soybean

CBOT Soybean Oil

DCE Soybean Oil

CBOT Soybean Meal

DCE Soybean Meal

CBOT Soybean
19

Soy Complex – Growth in Open Interest over Time

Open interest reached record levels in second half of 2020

 -

 50,000,000

 100,000,000

 150,000,000

 200,000,000

 250,000,000

1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112

2016 2017 2018 2019 2020

Open Interest in Metric Ton Equivalents

DCE No. 2 Soybean

DCE No. 1 Soybean

CBOT Soybean Oil

DCE Soybean Oil

CBOT Soybean Meal

DCE Soybean Meal

CBOT Soybean
20

Soy Complex – Change in Open Interest over Time

China and US exchanges have held roughly equivalent amounts of open interest over the last five years

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112

2016 2017 2018 2019 2020

Open Interest in Metric Ton Equivalents

DCE No. 2 Soybean

DCE No. 1 Soybean

CBOT Soybean Oil

DCE Soybean Oil

CBOT Soybean Meal

DCE Soybean Meal

CBOT Soybean
21

Canola/Rapeseed and Palm Contracts

Exchange Type Contract Metric 

Tons 2020 Volume 2020 OI Adjusted Volume Adjusted OI

ICE Futures U.S. Future Canola 20.0 6,219,990 201,638 124,399,800 4,032,760

Euronext Derivatives Market Future Rapeseed 50.0 2,304,362 96,309 115,218,100 4,815,450

Zhengzhou Commodity Exchange Future Rapeseed (RS) 10.0 2,378 0 23,780 0

Zhengzhou Commodity Exchange Future Rapeseed Oil (OI) 10.0 105,447,334 161,387 1,054,473,340 1,613,870

Zhengzhou Commodity Exchange Future Rapeseed Meal (RM) 10.0 159,893,801 478,995 1,598,938,010 4,789,950

Dalian Commodity Exchange Future RBD Palm Olein 10.0 315,167,096 416,392 3,151,670,960 4,163,920

Asia Pacific Exchange Future Crude RBD Palm 

Olein 10.0 7,667,088 22,439 76,670,880 224,390

Malaysia Derivatives Exchange Future Crude Palm Oil 

(FCPO) 25.0 14,606,684 165,594 365,167,100 4,139,850

Note: Adjusted volume and open interest were calculated by multiplying the 

number of contracts by the number of metric tons represented by each contract.
22

Rapeseed/Canola – Comparing China, EU and US

ICE Canola

4%

Euronext 

Rapeseed

4%

CZCE Rapeseed 

Oil

37%

CZCE Rapeseed 

Meal

55%

Volume in Metric Ton Equivalents

ICE Canola

26%

Euronext 

Rapeseed

32%

CZCE Rapeseed 

Oil

11%

CZCE Rapeseed 

Meal

31%

Open Interest in Metric Ton Equivalents

Note: CZCE = Zhengzhou Commodity Exchange, ICE = ICE Futures US

ICE and Euronext account for less than 10% of volume but more than half of open interest
23

Palm Oil– Comparing China, Malaysia and Singapore

DCE RBD Palm 

Olein

88%

APEX Crude RBD 

Palm Olein

2%

MDEX Crude Palm 

Oil

10%

Volume in Metric Ton Equivalents

DCE RBD Palm 

Olein

49%

APEX Crude RBD 

Palm Olein

3%

MDEX Crude Palm 

Oil

48%

Open Interest in Metric Ton Equivalents

Open interest reached record levels in second half of 2020

Note: DCE = Dalian Commodity Exchange, APEX = Asia Pacific Exchange, MDEX = Malaysia Derivatives Exchange
24

Sugar and Cotton Contracts

Exchange Type Contract Metric 

Tons 2020 Volume 2020 OI Adjusted Volume Adjusted OI

ICE Futures U.S. Future Sugar #11 50.8 39,949,270 1,066,198 2,029,422,916 54,162,858

ICE Futures Europe Future White Sugar 50.0 3,373,567 91,421 168,678,350 4,571,050

Zhengzhou Commodity Exchange Future White Sugar (SR) 10.0 124,551,207 559,029 1,245,512,070 5,590,290

ICE Futures U.S. Future Cotton #2 22.7 8,324,233 228,235 188,960,089 5,180,935

Zhengzhou Commodity Exchange Future Cotton No. 1 (CF) 5.0 108,338,363 635,692 541,691,815 3,178,460

Note: Adjusted volume and open interest were calculated by multiplying the 

number of contracts by the number of metric tons represented by each contract.
25

Sugar – Comparing China, US and UK Markets

ICE Sugar #11

59%

ICE White Sugar

5%

CZCE White Sugar

36%

Volume in Metric Ton Equivalents

ICE Sugar #11

84%

ICE White Sugar

7%

CZCE White Sugar

9%

Open Interest in Metric Ton Equivalents

ICE US remains the primary center for price discovery and risk management 

Note: CZCE = Zhengzhou Commodity Exchange; ICE Sugar #11 traded on ICE Futures US, ICE White Sugar traded on ICE Futures Europe
26

Cotton – Comparing China and US Markets

ICE Cotton #2

26%

CZCE Cotton #1

74%

Volume in Metric Ton Equivalents

ICE Cotton #2

62%

CZCE Cotton #1

38%

Open Interest in Metric Ton Equivalents 

China’s CZCE has become an important center for price discovery and risk management

Note: CZCE = Zhengzhou Commodity Exchange; ICE = ICE Futures US
27

Wheat and Corn Contracts

Exchange Type Contract Metric 

Tons 2020 Volume 2020 OI Adjusted Volume Adjusted OI

Chicago Board of Trade Future Chicago Soft Red 

Winter Wheat 136.0 33,365,343 402,613 4,537,686,648 54,755,368

Chicago Board of Trade Future KC Hard Red 

Winter Wheat 136.0 13,761,590 217,162 1,871,576,240 29,534,032

Minneapolis Grain Exchange Future Hard Red Spring 

Wheat 136.0 2,730,870 75,785 371,398,320 10,306,760

Euronext Derivatives Market Future Milling Wheat 50.0 12,969,205 457,451 648,460,250 22,872,550

Chicago Board of Trade Future Corn 127.0 89,753,068 1,750,518 11,398,639,636 222,315,786

Dalian Commodity Exchange Future Corn 10.0 177,715,573 1,556,234 1,777,155,730 15,562,340

Note: Adjusted volume and open interest were calculated by multiplying the 

number of contracts by the number of metric tons represented by each contract.
28

Wheat – Comparing EU and US Markets

The Paris wheat contract is the most heavily traded agricultural futures in Europe

Note: MGEX = Minneapolis Grain Exchange, CBOT = Chicago Board of Trade

CBOT CHI Soft 

Red Winter Wheat

61%

CBOT KC Hard 

Red Winter Wheat

25%

MGEX Hard Red 

Spring Wheat

5%

Euronext Milling 

Wheat

9%

Volume in Metric Ton Equivalents

CBOT CHI Soft 

Red Winter Wheat

47%

CBOT KC Hard 

Red Winter Wheat

25%

MGEX Hard Red 

Spring Wheat

9%

Euronext Milling 

Wheat

19%

Open Interest in Metric Ton Equivalents
29

Corn – Comparing China and US Markets 

CBOT Corn

87%

DCE Corn

13%

Volume in Metric Ton Equivalents

CBOT Corn

93%

DCE Corn

7%

Open Interest in Metric Ton Equivalents

Note: DCE = Dalian Commodity Exchange, CBOT = Chicago Board of Trade

The US remains the dominant center for price discovery and risk management
30

FIA Contacts:

Will Acworth, senior vice president, FIA

wacworth@fia.org

Chris Mendelson, business intelligence analyst, FIA

cmendelson@fia.org

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