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MINNEAPOLIS
GRAIN EXCHANGE MARGINS
In effect as of June 12, 2009
Margins on Futures. Under the provisions of Rule 760.00, the Board
, or its designee, hereby fixes the following minimum initial and maintenance margins:
Last Trading Day--eighth to the last business day of the delivery
month--no trading may take place during the last seven business
days of the month in which the contract matures
| SPECULATIVE MARGINS |
| Contract |
Initial Margin |
Maintenance Margin |
Intra-Market Spreads |
| National Corn Index (NCI) |
$1,300 per contract |
$1,000 |
Market |
| National Soybean Index (NSI) |
$3,250 per contract |
$2,500 |
Market |
| Hard Winter Wheat Index (HRWI) |
$2,860 per contract |
$2,200 |
Market |
| Hard Red Spring Wheat Index (HRSI) |
$2,860 per contract |
$2,200 |
Market |
| Soft Red Winter Wheat Index (SRWI) |
$2,860 per contract |
$2,200 |
Market |
| Spring Wheat |
$2,860 per contract |
$2,200 |
Market |
| HEDGE MARGINS |
| Contract |
Initial Margin |
Maintenance Margin |
Intra-Market Spreads |
| National Corn Index (NCI) |
$1,000 per contract |
$1,000 |
Market |
| National Soybean Index (NSI) |
$2,500 per contract |
$2,500 |
Market |
| Hard Winter Wheat Index (HRWI) |
$2,200 per contract |
$2,200 |
Market |
| Hard Red Spring Wheat Index (HRSI) |
$2,200 per contract |
$2,200 |
Market |
| Soft Red Winter Wheat Index (SRWI) |
$2,200 per contract |
$2,200 |
Market |
| Spring Wheat |
$2,200 per contract |
$2,200 |
Market |
| INTER-COMMODITY SPREADS |
| Spread |
Spread Credit |
| NCI vs. NSI |
50% |
| HRWI vs. Spring Wheat |
100% |
| HRSI vs. Spring Wheat |
100% |
| SRWI vs. Spring Wheat |
100% |
| HRWI vs. HRSI |
100% |
| HRWI vs. SRWI |
100% |
| SRWI vs. HRSI |
100% |
| INTER-EXCHANGE SPREADS - MGEX SIDE |
| Spread |
Spread Credit |
| MGEX NCI vs. CBOT Corn |
100% |
| MGEX NSI vs. CBOT Soybeans |
100% |
| MGEX HRWI vs. CBOT Wheat |
100% |
| MGEX HRWI vs. KCBT Wheat |
100% |
| MGEX HRSI vs. CBOT Wheat |
100%
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| MGEX HRSI vs. KCBT Wheat |
100% |
| MGEX SRWI vs. CBOT Wheat |
100% |
| MGEX SRWI vs. KCBT Wheat |
100% |
| MGEX Spring Wheat vs. CBOT Wheat |
60% |
| MGEX Spring Wheat vs. KCBT Wheat |
60% |
Margins on Options. Under the provisions of Rule
760.00, the Board, or its designee, hereby establishes that minimum margins for option
transactions will be determined by the Standard Portfolio of Analysis
of Risk ®* margin calculations.
SPAN® is a registered trademark of the Chicago Mercantile Exchange.
The Chicago Mercantile Exchange assumes no liability in connection
with the use of SPAN® by any person or entity.
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