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Volume, open interest and futures prices are not the only records being broken at the Minneapolis Grain Exchange (MGEX or Exchange). The Exchange announced that 20 memberships traded yesterday in a single transaction breaking all previous records for membership sales volume and value. The top price paid in the transaction was $270,000, exceeding the previous record sale by $20,000.
“Never before in the history of the MGEX have we had 20 memberships trade in a single day,” said Mark G. Bagan, President & CEO of the Exchange. “This unprecedented transaction is an excellent way to kick off our new fiscal year. It demonstrates the confidence investors have in the future of this Exchange and is a signal to MGEX owners that our business efforts to foster growth and development are on track.”
The memberships were purchased by Urbana Corporation ("Urbana") (TSX: URB/URB.A /URB.WT/URB.WT.A). "We are confident in both the management and future growth prospects of the Minneapolis Grain Exchange. The memberships also give Urbana Corporation direct exposure to strong commodity and wheat markets going forward,” said President Thomas S. Caldwell.
The record sales, ranging in price from $245,000 to the new record $270,000, come on the heels of record fiscal year volume in the Exchange’s hard red spring wheat futures contract. Open interest in the spring wheat futures contract is also at record levels with new records set in each of the last four trading days. Open interest after yesterday’s trading was at an all-time high of 61,705 contracts.
Information on MGEX memberships is available at www.mgex.com/membership or by calling Adam Reinhart at 612-321-7158.
About Minneapolis Grain Exchange
MGEX, established in 1881, is the only market for Hard Red Spring Wheat, National Corn Index (NCI), National Soybean Index (NSI), Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI) and Soft Red Winter Wheat Index (SRWI) futures and options. To learn more about the MGEX visit our website at www.mgex.com.
