The Minneapolis Grain Exchange (MGEX) is a commodities and futures exchange of grain products. It was formed in 1881 in Minneapolis, Minnesota, United States as a regional cash

marketplace A marketplace or market place is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a '' souk'' (from the Arabic), ' ...

to promote fair trade and to prevent trade abuses in wheat,

oat The oat (''Avena sativa''), sometimes called the common oat, is a species of cereal grain grown for its seed, which is known by the same name (usually in the plural, unlike other cereals and pseudocereals). While oats are suitable for human con ...

s and

corn Maize ( ; ''Zea mays'' subsp. ''mays'', from es, maíz after tnq, mahiz), also known as corn (North American and Australian English), is a cereal grain first domesticated by indigenous peoples in southern Mexico about 10,000 years ago. The ...

. MGEX became a subsidiary of Miami International Holdings after the two companies merged in 2020. MGEX has been the principal market for Hard Red Spring Wheat (HRSW) since 1881, offering

futures Futures may mean: Finance *Futures contract, a tradable financial derivatives contract *Futures exchange, a financial market where futures contracts are traded * ''Futures'' (magazine), an American finance magazine Music * ''Futures'' (album), a ...

and

options Option or Options may refer to: Computing *Option key, a key on Apple computer keyboards *Option type, a polymorphic data type in programming languages *Command-line option, an optional parameter to a command *OPTIONS, an HTTP request method ...

contracts based on its unique commodity. HRSW is one of the highest- protein wheats. It is found in bagels,

pizza Pizza (, ) is a dish of Italian origin consisting of a usually round, flat base of leavened wheat-based dough topped with tomatoes, cheese, and often various other ingredients (such as various types of sausage, anchovies, mushrooms, on ...

s, high-quality

bread Bread is a staple food prepared from a dough of flour (usually wheat) and water, usually by baking. Throughout recorded history and around the world, it has been an important part of many cultures' diet. It is one of the oldest human-made food ...

s and cereals, and some

noodles Noodles are a type of food made from unleavened dough which is either rolled flat and cut, stretched, or extruded, into long strips or strings. Noodles are a staple food in many cultures (for example, Chinese noodles, Filipino noodles, Ind ...

and

cookies A cookie is a baked or cooked snack or dessert that is typically small, flat and sweet. It usually contains flour, sugar, egg, and some type of oil, fat, or butter. It may include other ingredients such as raisins, oats, chocolate chips, nuts ...

. It is planted mostly in the U.S. Northern Plains and the

Canadian Prairies The Canadian Prairies (usually referred to as simply the Prairies in Canada) is a region in Western Canada. It includes the Canadian portion of the Great Plains and the Prairie Provinces, namely Alberta, Saskatchewan, and Manitoba. These provin ...

Operations

MGEX offers five financially settled agricultural index products: Hard Red Spring Wheat Index (HRSI), Hard Red Winter Wheat Index (HRWI), Soft Red Winter Wheat Index (SRWI), National Corn Index (NCI) and National Soybean Index (NSI). In an agreement with

Data Transmission Network DTN, previously known as Telvent DTN, Data Transmission Network and Dataline, is a private company based in Burnsville, Minnesota that specializes in subscription-based services for the analysis and delivery of real-time weather, agricultural, en ...

(now Telvent DTN), a

business-to-business Business-to-business (B2B or, in some countries, BtoB) is a situation where one business makes a commercial transaction with another. This typically occurs when: * A business is sourcing materials for their production process for output (e.g., a ...

electronic commerce and information services company in Omaha, Nebraska, MGEX has exclusive rights to DTNs agriculture and weather data bases, which the exchange uses to develop

index Index (or its plural form indices) may refer to: Arts, entertainment, and media Fictional entities * Index (''A Certain Magical Index''), a character in the light novel series ''A Certain Magical Index'' * The Index, an item on a Halo megastru ...

products. Futures are traded exclusively electronically on the CME Globex platform. Options are traded side-by-side.

History

Founded as the Minneapolis Chamber of Commerce in 1881, the MGEX has been a marketplace for producers, processors and millers for more than 125 years. The three Grain Exchange buildings in downtown Minneapolis are now listed on the National Register of Historic Places. In 1883, the Chamber of Commerce introduced its first futures contract: hard red spring wheat. By 1946 "Chamber of Commerce" had become synonymous with organizations devoted mainly to civic and social issues. In 1947, the exchange was renamed the Minneapolis Grain Exchange. Today the exchange is most recognized by its logo and uses MGEX as first reference. On December 19, 2008, the Minneapolis Grain Exchange ceased operations of the

open outcry Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orde ...

trading floor, but continues daily operations for the

electronic trading platform In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...

. Today, HRSW futures trade exclusively electronically and options trade side-by-side.

Ownership

In 2022, MGEX was owned by Miami International Holdings.

Notes

External links

Minneapolis Grain ExchangeMGEX Data Warehouse
an
Globex Audit Trail Parser
distribution site. {{Authority control Financial services companies established in 1881 Art Nouveau architecture in Minnesota Art Nouveau commercial buildings Commercial buildings completed in 1900 Commercial buildings on the National Register of Historic Places in Minnesota Commodity exchanges in the United States Futures exchanges Grain trade National Register of Historic Places in Minneapolis

Operations

History

Ownership

See also

Notes

Further reading

External links