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AgriculturalDuring the second half of 2011, total trade volume reached a new record level of 5.205.930 tonnes in ROFEX´s Agriculture Derivatives Division (DDA), increased by 10 percent over the first half of the year. Meanwhile, volume increased by 58,8 percent compared with the same period of 2010. Besides, July broke the historical record with a volume of 1.112.430 tonnes. Regarding the Open Interest (the total number of futures contracts that are not closed or delivered on a particular day), the daily average stood at 518.028 tonnes, up 21,7 percent from the second half 2010.  In connection with the volume distribution, it can be observed, as usual, the highest participation of the Rosafé Soybean Index (futures and options) with the 76 percent of trades, followed by soybean contracts with delivery (crushing and export condition) with the 22 percent of the market share. It is worth noticing that ROFEX launched Chicago Soybean futures contract, a new financial (cash settlement) contract that is available since December 15th. This contract shall be settled against the CME Soybean front month contract. Therefore, local brokers can hedge and speculate through the global benchmark soybean price.   In relation to prices, quotations showed a downward trend in the second half of 2011 but at higher values than in the second half of 2010. With respect to Rosafé Soybean Index, prices averaged 305 US dollars per ton, up 8 percent from the same period last year but down 7 percent from the first half of 2011. At the end of the year, Soybean Index (front month contract) reached 295 US dollars per ton, 25 US dollars above the minimum of the year registered in November 25th.  |