History

Since 1881, MGEX has provided valuable price discovery and risk management services to producers and consumers involved in volatile commodity markets around the world.

MGEX Past | MGEX Present | Contract Timeline

History in the Making

Founded as the Minneapolis Chamber of Commerce in 1881, MGEX has served producers, processors and millers for 136 years. The Minneapolis Chamber of Commerce opened as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn.

Before the development of this centralized marketplace, farmers in the region had no way of knowing if they were receiving the best price for their grain. Most farmers harvested and sold their crops at the same time, so the subsequent glut of grain into the market set the supply and demand curve askew. In 1883, just two years later, the Chamber of Commerce introduced its first futures contract: hard red spring wheat. This contract was launched to address price risk management needs of buyers and sellers of spring wheat and still trades today, as it has continuously since its launch.

For over 60 years, the Exchange operated as the Minneapolis Chamber of Commerce. However, by 1946, the term “Chamber of Commerce” had become associated with organizations devoted mainly to civic and social issues. So, in 1947, the Minneapolis Chamber of Commerce became the Minneapolis Grain Exchange, and the new Minneapolis Chamber of Commerce developed as the business and civic organization it is today. The Minneapolis Grain Exchange became the Minneapolis Grain Exchange, Inc. in 2010 following a change in corporate structure.

MGEX Historical Video