This study is the first detailed examination of trading activity in the agricultural swaps market, covering 22 major agricultural commodities during the first 13 months of reporting under the Dodd-Frank Act. It is also the first to quantify the size of the agricultural swaps market using actual transaction data and three different metrics. The notional value of U.S. agricultural swaps traded during this period was $51 billion, or approximately 22% of the gross market value for “other commodities” reported by the Bank for International Settlements. However, the volume of agricultural swaps trading is equivalent to a small fraction of the volume for exchange-traded futures and options on the same commodities.