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Corn: CBOT: XCBT: 5000 bu C/ZC (Electronic) Corn EURONEXT: 50 tons EMA Corn DCE: XDCE: 10 metric tons c Oats CBOT: XCBT: 5000 bu O/ZO (Electronic) Rough Rice CBOT: XCBT: 2000 cwt: ZR Soybeans CBOT: XCBT: 5000 bu: S/ZS (Electronic) No 2. Soybean DCE XDCE: 10 metric tons b Rapeseed: EURONEXT 50 tons ECO Soybean Meal: CBOT: XCBT: 100 short tons SM ...
A farmer raising corn can sell a futures contract on his corn, which will not be harvested for several months, and gets a guarantee of the price he will be paid when he delivers; a breakfast cereal producer buys the contract and gets a guarantee that the price will not go up when it is delivered.
The Minneapolis Grain Exchange (MGEX) is a commodities and futures exchange of grain products. It was formed in 1881 in Minneapolis, Minnesota, United States as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn.
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On October 17, 2006, the Chicago Mercantile Exchange announced the purchase of the Chicago Board of Trade for $8 billion in stock, joining the two financial institutions as CME Group, Inc. On July 9, 2007, the announced merger with the Chicago Mercantile Exchange was approved by CBOT shareholders, "creating the largest derivatives market ever." [8]
Trading was originally in forward contracts; the first contract (on corn) was written on March 13, 1851. In 1865 standardized futures contracts were introduced. The Chicago Produce Exchange was established in 1874, renamed the Chicago Butter and Egg Board in 1898 and then reorganized into the Chicago Mercantile Exchange (CME) in 1919.
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Chicago Mercantile Exchange was known as the Chicago Butter and Egg Board when it was founded in 1898, and futures available through the exchange were initially limited to agricultural products. [ 14 ] [ 15 ] [ 16 ] In 1919 the Board was restructured and the name changed to Chicago Mercantile Exchange, which reflected a new focus on commodities ...