Definition of Minneapolis Grain Exchange (MGEX)

formed in 1881 as a centralized cash market for grains grown in the upper Midwest and still the world's largest cash grain market, trading approximately 1 million bushels per day. The exchange was founded as a nonprofit membership organization and maintains that structure today with a membership base of 390 outstanding seats, or memberships. In 1883, MGEX launched its first futures contract, hard red spring wheat, which is the exchange's most heavily traded product today. In addition to futures and options on hard red spring wheat, MGEX is the exclusive market for futures and options on Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI), Soft Red Winter Wheat Index (SRWI), National Corn Index (NCI), and National Soybean Index (NSI). MGEX has exclusive rights to develop index-based futures and options contracts that financially settle to agricultural and weather data collected and disseminated by Data Transmission Network (DTN), a business-to-business electronic commerce and information services company in Omaha, Nebraska. MGEX index contracts trade exclusively on the exchange's electronic trading platform from 7:30 P.M.-1:45 P.M. (CT). Hard red spring wheat futures trade via open outcry Monday through Friday, from 9:30 A.M. to 1:15 P.M. (CT), and options trade from 9:30 A.M. to 1:30 P.M. (CT). Hard red spring wheat futures trade electronically from 7:32 P.M. to 6 A.M. Sunday-Friday (CT), and options trade electronically from 7:34 P.M. to 6 A.M. Sunday-Friday (CT). www.mgex.com.