Minneapolis Grain Exchange Memberships Sold At Record Level

The Minneapolis Grain Exchange (MGEX) announced that on February 21st four memberships sold at an all time high of $35,000 each. The previous record high selling price was set on September 28, 2001 at $34,500. MGEX membership grants the owner trading privileges, voting rights and reduced trading fees. Membership seats are also seen as an investment opportunity. Membership values tend to fluctuate, often reflecting opportunities at the Exchange and within the industry.

“I am very pleased the marketplace is recognizing the value of owning a membership at the MGEX while we prepare to celebrate our 125th anniversary,” said Mark G. Bagan, President and CEO of the MGEX. “The MGEX's longevity certainly demonstrates the successes of our predecessors. Combining our rich tradition with the current focus of developing our core functions while exploring potential efficiencies positions the MGEX for an exciting 2006,” further noted Bagan.

The Exchange continues to see increased open interest for Hard Red Spring Wheat futures. February 22nd open interest hit a record high of 47,710 contracts. Of the top 15 open interest days on record, fourteen have occurred this month.

“Record open interest coupled with the current initiatives at the Exchange strengthens the reasons for investing in MGEX memberships,” stated Steven Greenberg, President of Alaron Trading Co., a MGEX Clearing Member. “It is clear to Alaron that the Exchange is headed for additional success under the leadership of the dynamic management team.”