Minneapolis Grain Exchange Names Officers, Directors

Minneapolis Grain Exchange (MGEX) owners re-elected six members to the 2003-2004 board of directors on October 2. They are Randal L. Narloch, ADM-Benson Quinn and Michael L. Ricks, Cargill, Inc., representing Producers, Consumers, Processors, Merchandisers and Distributors; Charles A. Gallup, floor trader, representing the At Large category; Scott R. O'Donnell, Frontier Futures, Inc., representing Futures Commission Merchants; Martin F. Farrell, representing Floor Brokers; and Richard F. Diaz, representing Floor Traders. Greg Konsor, ConAgra Foods, Inc. was newly elected into the remaining At Large category.

Subsequently, at an October 13 organizational meeting, the MGEX board of directors named 2003-2004 officers. The directors elected Raymond F. Lottie, General Mills Operations, Inc., chairman; Charles A. Gallup, floor trader, first vice chairman; and Scott A. Cordes, Country Hedging, Inc., second vice chairman. Completing the five-member Executive Committee are Steve N. Lennartson, floor trader and Randal L. Narloch, ADM-Benson Quinn.

The board also elected three non-member directors with terms expiring in October 2004. They are Curt Denisuik, director of commodity risk management, Canadian Wheat Board; David W. Nelson, managing director-Chicago branch, Rabobank International; and Tom Miller, grain department manager, Farmers Cooperative Co. The board will be naming a fourth non-member director within a few months.

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. www.mgex.com