The Minneapolis Grain Exchange (MGEX) is a commodities and futures exchange of grain products. It was formed in 1881 in

Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. Minneapolis has its origins ...

Minnesota Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over to ...

, 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 Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...

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. 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 contracts based on its unique commodity. HRSW is one of the highest-

protein Proteins are large biomolecules and macromolecules that comprise one or more long chains of amino acid residues. Proteins perform a vast array of functions within organisms, including catalysing metabolic reactions, DNA replication, res ...

wheats. It is found in

bagel A bagel ( yi, בײגל, translit=beygl; pl, bajgiel; also spelled beigel) is a bread roll originating in the Jewish communities of Poland. It is traditionally shaped by hand into a roughly hand-sized ring from yeasted wheat dough that is first ...

s, pizzas, high-quality breads and

cereals A cereal is any grass cultivated for the edible components of its grain (botanically, a type of fruit called a caryopsis), composed of the endosperm, germ, and bran. Cereal grain crops are grown in greater quantities and provide more food ...

, 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 chi ...

. It is planted mostly in the U.S.

Northern Plains The Great Plains (french: Grandes Plaines), sometimes simply "the Plains", is a broad expanse of flatland in North America. It is located west of the Mississippi River and east of the Rocky Mountains, much of it covered in prairie, steppe, and ...

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 Telvent (a portmanteau of ''"Telecom Ventures"'') was an information technology and industrial automation company specializing in SCADA, GIS and related IT systems for pipeline, energy utility, traffic, agriculture and environmental monitoring i ...

DTN), a business-to-business electronic commerce and information services company in

Omaha, Nebraska Omaha ( ) is the largest city in the U.S. state of Nebraska and the county seat of Douglas County. Omaha is in the Midwestern United States on the Missouri River, about north of the mouth of the Platte River. The nation's 39th-largest cit ...

, MGEX has exclusive rights to DTNs agriculture and weather data bases, which the exchange uses to develop index 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 The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...

. 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 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 ...

. 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