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In a rally that shows no signs of stopping, Minneapolis Grain Exchange (MGEX or Exchange) membership values increased again with a new record sale of $215,000 yesterday. That is the eighth membership to trade hands in July with the price increasing 54 percent from $140,000 to $215,000 during the month.
“The value and growth potential of the MGEX continues to be recognized by investors and traders alike,” MGEX Marketing Director Nancy Krull said. “We have posted record trading volume, have seen renewed interest and market activity in the Exchange’s financially settled index contracts and have lowered vacancy rates in our real estate operations from 34 percent to 11 percent. All of these factors are affecting MGEX growth and membership appreciation. As we move into the last month of our fiscal year, we anticipate a strong finish to an already solid financial performance year.”
Since January 2007, MGEX membership values have risen from $73,000 to the current record of $215,000 — a 295-percent increase. During this time, 54 memberships have traded hands, outpacing membership trades during the same period of 2006 by 20 percent. Information on membership and current bids and offers is available at http://www.mgex.com/membership.html or by calling Adam Reinhart at 612-321-7158.
Volume and open interest for July was lower than last year’s all-time record, however the Exchange is still in a solid fiscal year volume position and anticipates strong trading volume in August to close out the year.
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.
