Minneapolis Grain Exchange
The Minneapolis Grain Exchange (MGEX) was formed in 1881 as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn. MGEX has been the principal market for Hard Red Spring Wheat (HRSW) since 1881, offering futures and options contracts based on its unique commodity. Futures are traded exclusively electronically on the CME Globex platform. Options are traded side-by-side. HRSW is one of the highest-protein wheats. It is found in bagels, high-quality breads and cereals. It is planted mostly in the U.S. Northern Plains and the Canadian Prairies. 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), a business-to-business 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 products. 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 19th, 2008, the Minneapolis Grain Exchange ceased operations of the open outcry trading floor, but continues daily operations for the electronic trading platform. Today, HRSW futures trade exclusively electronically and options trade side-by-side. - 6 a.m.: HRSW Futures and Options overnight trading closes and enters pre-open - 9:30 a.m. - 1:30 p.m.: HRSW Futures trade electronically - 9:30 a.m. - 1:30 p.m.: HRSW Options trade side by side - 6 p.m. - 1:45 p.m. Agricultural Index Products trade electronically - 6 p.m. - 7:15 a.m.: HRSW Futures and Options trade electronically