MGEX to Close Trading Pits

Cindy Zimmerman

After a long history of futures and options open outcry trading, the Minneapolis Grain Exchange is closing its trading pits effective December 19, 2008. The decision to make the transition to exclusively electronic trading was unanimously approved by the MGEX Board of Directors and is pending MGEX ownership approval.

MGEXAccording to a MGEX release, the decision comes after an exhaustive study done by MGEX Management at the request of the Board of Directors. “Over the past 12 months there has been a dramatic trend away from open outcry and towards electronic trading witnessed by all U.S. exchanges, including MGEX,” said MGEX CEO Mark Bagan. He agreed that the transition was “inevitable” during a press conference with reporters today.

“Our customers who use the exchange for risk management purposes will still have the ability to still execute those trades,” Bagan said. “This was not a financial decision, as much as it was how do we grow our marketplace here in Minneapolis.”

MGEX Management will work closely with all members of the trading floor community to ensure an effective transition for all affected parties. The Exchange will implement a fee waiver program for floor traders who trade for their own account. In addition, a liquidity provider program and market maker program are being introduced. These initiatives are designed to help facilitate the change in venues and build market participation.

Listen to a press conference this afternoon with Mark Bagan, President & CEO, MGEX.
mgex-10-24-08.mp3

You can also download the audio with this link:
Mark Bagan press conference (mp3)

Wheat

Zimfo Bytes

Melissa Sandfort

    Zimfo Bytes

  • E. Gordon Gee, President, The Ohio State University, and 4-H Alumnus, has been elected to National 4-H Council’s Board of Trustees.
  • The Independent Professional Seed Association (IPSA) has unveiled a new Web site as the next step of an ongoing campaign to promote independent seed companies. The site features a “Members Only” section, as well as a search function to locate IPSA members.
  • Syngenta has signed an agreement to acquire Goldsmith Seeds, Inc., an industry leading breeder and producer of flower seeds, for an amount of $74 million, on a cash and debt- free basis. Goldsmith breeds, produces and sells a broad range of pot and bedding products, including major crops such as cyclamen, impatiens and petunia.
  • Officials at Vermeer Corporation have announced the promotion of Ed Lapthorn to National Sales Manager of the Vermeer Forage Products Group. Responsibilities include management of sales and distribution support for the Forage Solutions Segment.
    Zimfo Bytes

    Road Birds

    Chuck Zimmerman

    Road PheasantsI told you I would be posting lightly for a couple days. It’s pretty wet in South Dakota with some early morning fog.

    However, if you look down the gravel road at our hunting lodge you can see some pheasants having a little get together out on the road.

    I just thought you might enjoy the fact that I am going through internet withdrawal and just had to post something. This might be it for the day from me though.

    Hunting

    Here’s What’s Wrong with the Canadian Wheat Board’s Monopoly

    Harry Siemens

     

    Siemens Says – This is why Farmers Must Vote to elect Marketing Choice candidates in the upcoming CWBHarry Siemens board directors’ elections because Freedom of the Press is at stake. .

     The Canadian Wheat Board has refused my registration on two CWB media events, effectively banning me from covering, reporting, and commenting on the Wheat Board’s activities from a point of view the majority of farm media and mainstream media seldom take.

     I write for three and sometimes five farm newspapers weekly and monthly, broadcast on several radio stations and radio networks daily in the United States and Canada, posting to my SiemensSays.Com website, writing in the FarmWatch newsletter, and sharing the information on talks I give in Canada and the USA.Read More

    Uncategorized

    Mystic Blogging Experience

    Chuck Zimmerman

    Mystic Prairie Pheasant HuntingThis is a heads up AgWired fans that I’ll be sort of off the grid for a few days starting tomorrow. Even the agriblogger has to go far afield to recharge his batteries. It’s just that time of year.

    However, I’ll still be connecting periodically and I couldn’t go somewhere without blogging it.

    So, posting will be light for a few days but then it cranks back up. Bear with me.

    Uncategorized

    Badger NAMA Awards Tree

    Chuck Zimmerman

    Badger NAMA Awards TreeThe Badger NAMA chapter must have won a lot of awards to have this many leaves on their “tree.”

    The Badger National Agri-Marketing Association (NAMA) Chapter recently donated $500 to the building of the University of Wisconsin-Madison NAMA Awards Tree, a display that recognizes the accomplishments of the student chapter over the past 30 years.

    “Since its accreditation in 1978, the UW-Madison Student NAMA Chapter, its marketing team and its advisors have been recognized by the national professional chapter with numerous awards,” says Sarah Botham, UW-Madison NAMA Advisor. “We appreciate Badger NAMA’s donation to help make our awards tree a reality.”

    In 2008, this vast collection of trophies and plaques was replaced with a three-dimensional wall of recognition, featuring a unique design which will provide space for an infinite number of future awards.

    The bronze sculpture takes the form of a tree, with each leaf representing one award. The awards are divided by categories and the categories identified by large acorns. Each category is represented in one section of the tree and can be updated annually, growing with the success and legacy of this renowned student organization.

    NAMA

    Get Your Gala On

    Chuck Zimmerman

    LPC Royal GalaIf you haven’t made your reservation for this year’s Livestock Publications Council Royal Gala then what are you waiting for?

    There is still time to confirm your plans for the 5th annual LPC Royal Gala which will be held next Friday, October 31, in Kansas City at the American Royal headquarters.

    This fundraiser is designed to celebrate and honor this year’s inductees into the LPC Hall of Honor. We will induct Greg Henderson, Drovers, into the LPC Hall of Fame and honor Bud Snidow, retired from the American Hereford Association, with the Headliner Award. The proceeds will continue the development of the LPC Heritage Center which is an ongoing project to have a permanent home for historical items from livestock publishing and the home of the Hall of Honor where the plaques of all of the honorees are placed.

    There will also be a silent auction, wonderful food and fine wine plus dancing and seeing your friends in LPC and livestock publishing. Tickets are still available — Click here for complete details.

    LPC

    Write About a Future In Cotton

    Chuck Zimmerman

    My Future In CottonDo you have a future in cotton? Want to have one? Then write an essay and enter this Deltapine scholarship program.

    The future of the U.S. cotton industry continues to rely on new talents and fresh perspectives. To keep bright young minds involved in cotton, Monsanto is creating the Deltapine Class of 09 scholarship program. The program will award nine $1,000 college scholarships to high school students in the class of ’09 who are interested in a career in cotton.

    The scholarships will be awarded to nine students whose essays best express “My Future in CottonSM.” Eligibility requirements include:
    · High school seniors who will graduate in 2009 with plans to enroll in a full-time undergraduate accredited 2- or 4-year college or university with the intent to engage in a course of study related to agriculture or agribusiness.
    · A minimum GPA of 2.8 on a 4.0 scale; involvement in agriculture or with agricultural organizations; and living in a cotton-producing state.
    · Those applicants whose families are directly involved in cotton production will be given special consideration.
    · Persons related to employees of Monsanto, its agencies or competitive companies are not eligible to participate.

    To apply, go to http://www.MyFutureInCotton.com for complete eligibility and criteria requirements. Winners will be announced on Jan. 6, 2009 at the Beltwide Cotton Conferences in an Antonio, TX, and listed on the Web site Jan. 7, 2009. All winners will be notified via email prior to this date.

    Cotton, Education

    Zimfo Bytes

    Melissa Sandfort

      Zimfo Bytes

    • Novartis Animal Health US, Inc. sponsored an interactive quiz at the recent 2008 American Association of Bovine Practitioners Annual Convention. This activity resulted in donations of $2,470 to the AABP Amstutz Scholarship Fund and $500 to the Michigan State University College of Veterinary Medicine’s student AABP Chapter. Michigan State University College of Veterinary Medicine took top honors.
    • The 17th annual National No-Tillage Conference program featuring 46 speakers will be held Jan. 14-17, 2009, in Indianapolis, Ind. Click here for full conference details.
    • Penton Media’s National Hog Farmer magazine launches a digital edition of the magazine. In addition to the feature stories, columns and Blueprint editions, the digital edition contains all of the information available in the print version, plus interactive capabilities, clickable table of contents, keyword search capabilities, and convenient links to advertisers and other industry resources. Click here to start receiving your digital edition every month.
    • Schering-Plough Corporation has announced the transition of leadership of its Animal Health unit from Ruurd Stolp, D.V.M., Ph.D., to Raul E. Kohan, who was previously the Deputy Head of the Animal Health unit. In his role as senior vice president and president, Intervet/Schering-Plough Animal Health, Kohan will continue reporting to Fred Hassan, chairman and chief executive officer.
      Zimfo Bytes

      Grain Power For Your Life

      Chuck Zimmerman

      Grains For LifeI don’t know about you but I like corn in all its various forms, fuel for my body or fuel for my car. Here’s some new research that shows just how healthy the milled food products can be. Someone please get me a bowl of grits! Corn – a Grain For Life.

      New research just published in the October issue of the Journal of Agricultural and Food Chemistry reveals significant health benefits in milled yellow corn products. The study, authored by Purdue University professor Dr. Mario Ferruzzi, demonstrates milled yellow corn products are rich in antioxidants, especially carotenoids such as lutein. Additionally, the bioaccessibility level of carotenoids milled corn products is high, often more than 50% bioaccessible.

      Carotenoids are yellow and orange plant pigments known for their association in the prevention of chronic diseases including cancer, cardiovascular disease and macular degeneration. Vegetables such as carrots, spinach and tomatoes are frequently associated with high levels of carotenoids; however, given the findings of this study, milled yellow corn products should be included in this category of antioxidant-rich foods. Read More

      Ag Groups, Corn, Food