Minneapolis Grain Exchange (MGEX)

Definition

Exchange located in Minneapolis, Minnesota that specializes in the trading of wheat, oats, and corn grown in the Midwest of North America. The exchange operates as a centralized cash market and non-profit membership organization. MGEX was founded in 1881 as Minneapolis Chamber of Commerce, and adopted its current name in 1947. MGEX is considered to be one of the largest cash grain markets in the world. Producers and consumers both use the exchange for guidance in volatile commodities markets.
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