Minneapolis Grain Exchange
{{Short description|Commodities and futures exchange located in Minneapolis, Minnesota, United States}}
{{Use mdy dates|date=February 2025}}
{{Infobox company
| name = Minneapolis Grain Exchange
| logo = Minneapolis Grain Exchange Logo.png
| type = Subsidiary
| industry = Business services
| fate =
| predecessor =
| successor =
| founded = {{Start date and age|1881}}
| founder =
| defunct =
| hq_location_city =
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| products = Futures and options
| parent = Miami International Holdings
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| website = [https://www.miaxglobal.com/markets/us-futures/mgex Official website]
{{Infobox nrhp
| embed = yes
| name = Minneapolis Grain Exchange
| nrhp_type =
| image = Minneapolis Grain Exchange 2018.jpg
| caption = The three-building Minneapolis Grain Exchange viewed from the west
| location = 400 and 412 S. 4th St and 301 4th Ave. S., Minneapolis, Minnesota
| coordinates = {{coord|44|58|39|N|93|15|49|W|type:landmark_region:US-MN|display=inline}}
| area =
| built = 1881 as Chamber of Commerce
| architect = Kees and Colburn (main building, 1902), Long, Lamoreaux & Long (east building, 1909), and Bertrand and Chamberlain (north building, 1928)
| architecture = Sullivanesque
| added = November 23, 1977
| visitation_num =
| visitation_year =
| refnum = 95000821{{NRISref|2007a}}
| mpsub =
}}
}}
The Minneapolis Grain Exchange (MGEX) is a commodities and futures exchange of grain products. It was formed in 1881 in Minneapolis, Minnesota, United States as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn. MGEX became a subsidiary of Miami International Holdings after the two companies merged in 2020.{{cite web|url=https://www.prnewswire.com/news-releases/miami-international-holdings-and-mgex-announce-plan-of-merger-mgex-to-join-miax-exchange-group-301112462.html|title=Miami International Holdings and MGEX Announce Plan of Merger; MGEX to Join MIAX Exchange Group}}
MGEX has been the principal market for Hard Red Spring Wheat (HRSW) since 1881, offering futures and options contracts based on its unique commodity. HRSW is one of the highest-protein wheats. It is found in bagels, pizzas, high-quality breads and cereals, and some noodles and cookies. It is planted mostly in the U.S. Northern Plains and the Canadian Prairies.
Operations
MGEX offers five financially settled agricultural index products: Hard Red Spring Wheat Index (HRSI), Hard Red Winter Wheat Index (HRWI), Soft Red Winter Wheat Index (SRWI), National Corn Index (NCI) and National Soybean Index (NSI).
In an agreement with Data Transmission Network (now Telvent DTN), a business-to-business electronic commerce and information services company in Omaha, Nebraska, MGEX has exclusive rights to DTNs agriculture and weather data bases, which the exchange uses to develop index products.
Futures are traded exclusively electronically on the CME Globex platform. Options are traded side-by-side.
History
Image:Minneapolis-Grain-Exchange-1939-room.jpg Founded as the Minneapolis Chamber of Commerce in 1881, the MGEX has been a marketplace for producers, processors and millers for more than 125 years. The three Grain Exchange buildings in downtown Minneapolis are now listed on the National Register of Historic Places.
In 1883, the Chamber of Commerce introduced its first futures contract: hard red spring wheat. By 1946 "Chamber of Commerce" had become synonymous with organizations devoted mainly to civic and social issues. In 1947, the exchange was renamed the Minneapolis Grain Exchange. Today the exchange is most recognized by its logo and uses MGEX as first reference.
On December 19, 2008, the Minneapolis Grain Exchange ceased operations of the open outcry trading floor, but continues daily operations for the electronic processing of financial transactions. Today, HRSW futures trade exclusively electronically and options trade side-by-side.
Ownership
In 2022, MGEX was owned by Miami International Holdings.{{Cite news|date=2020-12-04|title= Miami International Holdings completes acquisition of Minneapolis Grain Exchange|language=en|work=cision|url=https://www.prnewswire.com/news-releases/miami-international-holdings-completes-acquisition-of-minneapolis-grain-exchange-301186682.html|access-date=2022-07-13}}
See also
{{Portal|United States|Business and economics}}
Notes
{{Reflist}}
Further reading
- {{cite book | last= Kenney | first= Dave | title= The Grain Merchants: An Illustrated History of the Minneapolis Grain Exchange | year= 2006 | publisher= Afton Historical Society Press in collaboration with the Minneapolis Grain Exchange | isbn= 1-890434-74-4}}
- {{cite web|author=Minter, Adam |title=Gimme Grain! |publisher=The Rake |url=http://www.rakemag.com/stories/section_detail.aspx?itemID=19477&catID=146&SelectCatID=146 |date=August 2006 |accessdate=2007-03-28 |url-status=dead |archiveurl=https://web.archive.org/web/20070928011743/http://www.rakemag.com/stories/section_detail.aspx?itemID=19477&catID=146&SelectCatID=146 |archivedate=2007-09-28 }}
- {{cite web | title= A History of Minneapolis: Milling | author= Minneapolis Public Library | year= 2001 | url= http://www.mpls.lib.mn.us/history/bi1.asp | accessdate= 2007-03-28 | url-status= dead | archiveurl= https://web.archive.org/web/20070427155706/http://www.mpls.lib.mn.us/history/bi1.asp | archivedate= 2007-04-27 }}
External links
{{Commons}}
- [http://www.mgex.com/ Minneapolis Grain Exchange]
- [http://www.mgex.com/video_historical2.html Minneapolis Grain Exchange Historical Video]{{dead link|date=March 2025}}
- [http://terriblecode.com/mgex MGEX Data Warehouse]{{dead link|date=February 2018 |bot=InternetArchiveBot |fix-attempted=yes }} and [http://terriblecode.com/mgex/CMEGroup_Globex_Audit_Trail_Parser_and_Schema.zip Globex Audit Trail Parser]{{dead link|date=February 2018 |bot=InternetArchiveBot |fix-attempted=yes }} distribution site.
{{National Register of Historic Places in Minnesota}}
{{Authority control}}
Category:Financial services companies established in 1881
Category:Art Nouveau architecture in Minnesota
Category:Art Nouveau commercial buildings
Category:Commercial buildings completed in 1900
Category:Commercial buildings on the National Register of Historic Places in Minnesota
Category:Commodity exchanges in the United States
Category:National Register of Historic Places in Minneapolis