Minneapolis Grain Exchange Announced New Margin Requirements

The Minneapolis Grain Exchange (MGEX) Board of Directors approved margin requirements and spread credits for the futures contracts listed below, effective July 9, 2004.

New Page 2

*Speculative Margins*	*Initial (per contract)*	*Maintenance (per contract)*

National Corn Index (NCI)	$390	$300
National Soybean Index (NSI)	$650	$500
Hard Winter Wheat Index (HWI)	$943 (down from $1,170)	$725 (down from 900)
Spring Wheat	$943 (down from $1,170)	$725 (down from 900)

*Hedge Margins*

National Corn Index (NCI)	$300	$300
National Soybean Index (NSI)	$500	$500
Hard Winter Wheat Index (HWI)	$725 (down from 900)	$725 (down from 900)
Spring Wheat	$725 (down from 900)	$725 (down from 900)

*Inter-Commodity Spreads*		*Spread Credit % Savings*

NCI vs. NSI		50%
HWI vs. Spring Wheat		100%

*Inter-Exchange Spreads-MGEX Side*
MGEX NCI vs. CBOT Corn		100%
MGEX NSI vs. CBOT Soybeans		100%
MGEX HWI vs. CBOT Wheat		100%
MGEX HWI vs. KCBT Wheat		100%
MGEX Spring Wheat vs. CBOT Wheat		60%
MGEX Spring Wheat vs. KCBT Wheat		60%

MGEX, established in 1881, is the only market for hard red spring wheat, Hard Winter Wheat Index (HWI), National Corn Index (NCI) and National Soybean Index (NSI) futures and options. For more information about MGEX, visit www.mgex.com.