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As wheat prices and trading volumes continue to rise, so does the value of membership at the Minneapolis Grain Exchange (MGEX or Exchange). Two memberships traded last week at the new record high price of $275,000 continuing the membership price rally that began last January when memberships were trading at $73,000.
“The continued interest in MGEX membership by the trading and investor community is strong,” said Mark G. Bagan, President & CEO of the MGEX. “The recent announcement of Hard Red Spring Wheat being included in the JP Morgan Commodity Curve Index has also added to the increased interest in the MGEX. Volume growth and improved Exchange financial performance are key drivers in the MGEX business plan.”
More than 30 memberships have traded during the first quarter of the Exchange’s new fiscal year. Last fiscal year a total of 85 memberships traded hands, the highest annual membership trading volume in Exchange history.
Memberships trade open outcry-style through a process facilitated by the MGEX Membership Department. Anyone interested in learning more about the process or membership in the MGEX should contact Adam Reinhart at areinhart@mgex.com or 612-321-7158. Information on current bids and offers is available at www.mgex.com/membership.html
