Minneapolis to Close Trading Pit

The Minneapolis Grain Exchange announced October 24 that its Board has voted to close the exchange’s historic, open outcry trading pits effective December 19.  A statement from the Exchange said over the past 12 months there has been a dramatic trend away from open outcry and towards electronic trading.  The Exchange said its futures contracts will continue to be traded, but only in an exclusively electronic environment.   The MGEX is the first U.S. agricultural exchange to move exclusively to electronic trading.  The Kansas City Star reported on October 25 that the Kansas City Board of Trade has issued a statement saying it had no plans to follow suit with the Minneapolis exchange.  The KCBT statement said floor trading continues to account for about one-third of the exchange’s volume and is an important source of liquidity.