The Minneapolis Grain Exchange (MGEX or Exchange) announced today that it has established a new fiscal year trading volume record. Trading volume for the Exchange totaled 1,622,090 contracts for the 2005-2006 fiscal year, which ended August 31. The previous record was set in 2005 when 1,451,150 contracts traded.
August 2006 Hard Red Spring Wheat Futures volume recorded the highest monthly volume since the contract originated in 1883. Last month’s volume reached 185,552 contracts, the equivalent of 927,760,000 bushels of wheat.
The 2005-2006 fiscal year has been one of records for the MGEX. Membership sales were active with a record sale in July 2006 of $55,000. Hard red spring wheat futures open interest (the number of contracts without an offsetting position) also set records reaching a high of 59,053 contracts in May. Open interest at the end of this fiscal year is 53-percent higher than 2005.
“This has been a great year, not only for the Minneapolis Grain Exchange, but for the entire industry,” said Charles A. Gallup, Chairman of the MGEX Board of Directors. “We are grateful for the confidence and support of our membership and customers, who make it possible to achieve record volume. As the Exchange grows, we will continue to seek new customers and innovations in our trading environment. I’m confident our success will continue next year.”
Mark G. Bagan, President and CEO of the MGEX added, “It’s exciting to conclude our fiscal year with record volume. As we prepare to celebrate our 125th anniversary in October, we have every reason to be optimistic about continued growth. I’m very bullish on the upcoming year because of our increased open interest and our successful introduction of side-by-side electronic and open-outcry trading in August, which has brought new participants into the marketplace.”
MGEX Record Monthly Spring Wheat Volume 090106.xls
About Minneapolis Grain Exchange
MGEX, established in 1881, is the only market for Hard Red Spring Wheat, Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI), Soft Red Winter Wheat Index (SRWI), National Corn Index (NCI) and National Soybean Index (NSI) futures and options. www.mgex.com.
