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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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Elevator operators buy grain from farmers, either for cash or at a contracted price, and then sell futures contracts for the same quantity of grain, usually each day. They profit through the narrowing "basis", that is, the difference between the local cash price, and the futures price, that occurs at certain times of the year.
In financial markets, the mid-price [1] is the average price between a seller's ask price of a stock or other commodity and the best buyer bid price of that stock or commodity. In some cases, the mid-price will be rounded up or down to the nearest "tick" (the nearest valid tradeable price on the exchange system) for convenience purposes, and ...
The auctioneer receives the money paid for each bid, plus the final price of the item. For example, if an item worth 1,000 currency units (dollars, euros, etc.) sells at a final price of 60, and a bid costing 1 raises the price of the item by 0.01, the auctioneer receives 6,000 for the 6,000 bids and 60 as the final price, a total of 6,060, a ...
Vendor Bid Analysis (Vendor analysis) is a technique used to figure out the cost of a project by comparing the bids submitted by many suppliers.This can be accomplished by considering the costs (via quotes, bids, proposals, etc.) presented for project work.
Grain Co., a cooperative farmers organization in Canada that was the precursor of the United Grain Growers, cica. 1910. In 1917, the Grain Growers' Grain Company (GGGC) merged with the Alberta Farmers' Co-operative Elevator Company , founded in 1913, to form the United Grain Growers (UGG), which provided grain marketing, handling and supply. [ 1 ]
The format defines the rules for the announcement of prices, the placement of bids, the updating of prices, when the auction closes, and the way a winner is picked. [4] The way auctions differ with respect to information regards the asymmetries of information that exist between bidders. [ 5 ]