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MGEX-Minneapolis Grain Exchange

Contact Details

Telephone: +1 612 321 7101
Fax: +1 612 339 1155
Email: mgex@mgex.com
Web: www.mgex.com/

Principal Officers and Directors of MGEX-Minneapolis Grain Exchange

CEO & President Mark G Bagan
Chairperson Christopher T. Matzdorf
First Vice Chairperson Murray Stahl
Second Vice Chairperson Michael O. Miller
Chief of Staff, Assistant Corporate Secretary Jesse Marie Green
Treasurer & Corporate Secretary Layne G Carlson
Director, Market Operations, Clearing & IT James D. Facente
Director, Real Estate Operations Blake Tiedeman

Brief history

The Exchange was first organised by 21 businessmen as the Minneapolis Chamber of Commerce. It was chartered as such in 1881 and A D Mulford was elected the first president in that year. The original building, which still houses the Exchange, was built on the corner of 4th Street and 4th Avenue around the turn of the century.

The Exchange has provided a centralised futures and cash marketplace for the grains and oilseeds grown in the upper midwest over the past century. Minneapolis was the flour-milling capital of the world and was deemed 'the city that feeds the world'. The Chamber of Commerce changed its name in 1947 to the Minneapolis Grain Exchange (MGEX), which it has been called ever since. The Exchange is the only authorised futures market for hard red spring wheat, National Corn Index (NCI), National Soybean Index (NSI), Hard Red Spring Wheat Index (HRSI), Hard Red Winter Wheat Index (HRWI) and Soft Red Winter Wheat Index (SRWI) futures and options. It also still holds the distinction of being the world's largest cash grain market and has its own clearing house. MGEX is a designated contract market (DCM) and derivatives clearing organization (DCO).

Structure

The Exchange is regulated by the Commodity Futures Trading Commission (CFTC). The Minneapolis Grain Exchange became the Minneapolis Grain Exchange, Inc. in 2010 following a change in corporate structure.

Trading statistics

Futures Volume (contracts)
Contract 2015 2016 2017
Apple Juice Concentrate 30 0 212
Hard Red Spring Wheat 2,288,655 2,162,166 2,677,449
Hard Red Spring Wheat Index 0 0 0
Hard Red Winter Wheat Index 0 0 0
National Corn Index 0 25 0
National Soybean Index 0 0 0
Soft Red Winter Wheat Index 0 0 0
Total 2,288,685 2,162,166 2,677,661
Options Volume (contracts)
Contract 2015 2016 2015
Apple Juice Concentrate 0 60 20
Hard Red Spring Wheat - open outcry 11,818 13,725 62,592
Hard Red Spring Wheat - electronic 14,382 8,704 59,092
Hard Red Spring Wheat - CSOs 301 190 0
Hard Red Spring Wheat Index 0 0 0
Hard Red Winter Wheat Index 0 0 0
National Corn Index 0 0 0
National Soybean Index 0 0 0
Soft Red Winter Wheat Index 0 0 0
Total 26,501 22,589 121,704
Total Futures and Options Volume (contracts)
Contract 2015 2016 2017
Total Futures 2,288,685 2,162,166 2,677,661
Total Options 26,501 22,589 121,704
Total 2,315,186 2,184,755 2,799,365
Total Futures and Options Month-End Open Interest (contracts)
Contract 2015 2016 2017
Total Futures 69,343 62,093 67,690
Total Options 4,616 5,571 8,486
Total 73,959 67,664 76,176

Trading system

MGEX products trade on the CME Globex® platform. All products are traded electronically. MGEX also offers side-by-side trading for the Hard Red Spring Wheat options contracts during daytime trading hours.

MGEX permits the following Order Types for Market Participants entering orders through CME Globex: Limit, Market Order with Protection, Market to Limit, Stop Limit, and Stop Order with Protection.

Exchange holiday schedule

2018

  • 01 January
  • 15 January
  • 19 February
  • 30 March
  • 28 May
  • 04 July
  • 03 September
  • 22 November
  • 25 December