Minneapolis Grain Exchange Establishes
Launch Date For New Wheat Index Contracts - December
MINNEAPOLIS–The Minneapolis Grain Exchange (MGEX) ownership
has approved rules and regulations for Soft Red Wheat Index (SRI)
and Spring Wheat Index (SWI) futures and options. Ballots
were counted on December 2, 2003 and the contracts are scheduled
to launch December 19, 2003 on the exchange’s electronic trading
The new contracts will join the Hard Winter Wheat Index (HWI) in
the exchange’s suite of financially settled wheat futures
and options and its pit-traded hard red spring wheat futures and
options contracts. The Soft Red Wheat Index (SRI) is a simple
average of approximately 360 country elevator bids for U.S. No.
2 soft red winter wheat collected daily by Data Transmission Network
(DTN), an Omaha-based electronic commerce and information services
company. The Spring Wheat Index (SWI) is an average of approximately
200 country elevator bids for U.S. No. 1 hard red spring wheat.
SRI and SWI futures and options contracts will settle financially
each calendar month to a three-day average of the Soft Red Wheat
Index and the Spring Wheat Index, respectively. DTN collects
elevator bids daily for soft red winter wheat and hard red spring
wheat and averages them to arrive at the SRI and the SWI.
The contracts will reflect country-origin pricing for soft red wheat
and hard spring wheat. Because there is no delivery alternative,
futures and options contracts will expire simultaneously.
Trading hours for SRI and SWI futures and options are as
Morning session: 8:30 a.m. until 1:30 p.m. (Central Time)
Afternoon session: 2:00 p.m. until 4:00 p.m. (Central Time)
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. www.mgex.com
| The Minneapolis
Grain Exchange, LLC (MGEX) is a commodity exchange located in Minneapolis, Minnesota
(MN). It is the world's largest market for hard red spring wheat futures
and options trading. |
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