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MINNEAPOLIS
GRAIN EXCHANGE ANNOUNCES NEW MARGIN REQUIREMENTS —
August 6, 2004
MINNEAPOLIS The Minneapolis Grain Exchange (MGEX) Board of Directors
has approved margin requirements and spread credits for the futures
contracts listed below, effective August 6, 2004.
| Speculative Margins |
Initial (per contract) |
Maintenance (per contract) |
| National Corn Index (NCI) |
$390 |
$300 |
| National Soybean Index (NSI) |
$650 |
$500 |
| Hard Winter Wheat Index (HWI) |
$650 (down from $943) |
$500 (down from 725) |
| Spring Wheat |
$650 (down from $943) |
$500 (down from 725) |
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| Hedge Margins |
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| National Corn Index (NCI) |
$300 |
$300 |
| National Soybean Index (NSI) |
$500 |
$500 |
| Hard Winter Wheat Index (HWI) |
$500 (down from 725) |
$500 (down from 725) |
| Spring Wheat |
$500 (down from 725) |
$500 (down from 725) |
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| Inter-Commodity Spreads |
|
Spread Credit % Savings |
| NCI vs. NSI |
|
50% |
| HWI vs. Spring Wheat |
|
100% |
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| Inter-Exchange Spreads-MGEX
Side |
| MGEX NCI vs. CBOT Corn |
|
100% |
| MGEX NSI vs. CBOT Soybeans |
|
100% |
| MGEX HWI vs. CBOT Wheat |
|
100% |
| MGEX HWI vs. KCBT Wheat |
|
100% |
| MGEX Spring Wheat vs. CBOT Wheat |
|
60% |
| MGEX Spring Wheat vs. KCBT Wheat |
|
60% |
MGEX, established in 1881, is the only market for hard red spring
wheat, Hard Winter Wheat Index (HWI), National Corn Index (NCI)
and National Soybean Index (NSI) futures and options. For
more information about MGEX, visit www.mgex.com.
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