Minneapolis Grain Exchange Sets Membership And Volume Records

The Minneapolis Grain Exchange (MGEX) announced record membership sales with three sold at $49,000 on July 5. This follows a record month of trading with spring wheat futures trading at a record 169,574 contracts for the month. According to MGEX records, that is the highest June volume and the second highest monthly volume in the Exchange’s 125-year history.

June’s spring wheat futures volume is 28-percent higher than June of 2005. In addition, spring wheat open interest is 92-percent ahead of last year, ending June at 50,325 contracts.

According to Mark G. Bagan, President and CEO of MGEX, options contracts are also growing with a 29-percent increase in volume and a 120-percent increase in open interest compared to this time last year.

“The volume and open interest increases we’ve experienced in 2006 have fueled an increase in the value of Exchange memberships as well,” stated Bagan. “In addition to the three record sales today, there were 11 membership sales in June. Six of those sold at $44,000. In June of 2005, one membership sold for $18,000.”

MGEX has experienced steady growth in recent years and will celebrate is 125th anniversary with a gala celebration at The Depot in Minneapolis on October 7. Information on gala tickets and other celebration events is available at www.mgex.com or by calling Jesse Marie Bartz at 612-321-7122.

“We are excited about these records and our upcoming anniversary,” says MGEX Board Chairman Charlie Gallup. “It reminds us of our heritage and the clear vision of our founders to provide a place for fair and equitable trading. We are equally committed to that vision and look forward to expanded growth of the Exchange as we move to side-by-side trading of spring wheat on August 1.”