According to a Reuters report, Murray Stahl, chief executive of New York based hedge fund Horizon Kinetics, has bought up as many as 53 seats out of a total of 402 trading seats on the Minneapolis Grain Exchange, Inc (MGEX).
MGEX is a commodity exchange and the world's largest market for Hard Red Spring Wheat futures and options trading. It is also the last independent U.S. grain exchange and is owned by its members.
Volumes at MGEX shoot up
The fortunes of the MGEX received a leg up when the Canadian government abolished the monopsony of the Canadian Wheat Board in 2012 and gave Canadian farmers the freedom to trade their grain produce as they saw fit. A huge...
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