# MIAX Futures (formerly MGEX): derivatives exchange in Minneapolis

> MIAX Futures continues the market previously known as the Minneapolis Grain Exchange, or MGEX.

Source: https://husfarm.com/exchanges/miax-futures-formerly-mgex/

**AGR-021 · Derivatives exchange** · Minneapolis, United States · USD
Benchmark for high-protein spring wheat; also fertilizer contracts
MIAX Futures continues the market previously known as the Minneapolis Grain Exchange, or MGEX. Its agricultural identity centres on Hard Red Spring wheat, a high-protein class whose value can differ from other wheat classes. The contract helps commercial users observe that difference and manage price exposure. Minneapolis identifies the market and product; it does not mean that every physical delivery must travel to the centre of the city. Buyers should distinguish this venue from other exchanges offering wheat contracts.
HRS futures migrated to the Onyx platform in June 2025, with prices expressed in dollars rather than the earlier cents format. This matters when joining historical series to a broker feed. The catalogue also includes NOLA fertilizer contracts for urea, MAP, DAP and potassium chloride. Each requires its own specification and delivery-location checks. Hedging fertilizer costs does not itself arrange the purchase of bagged fertilizer delivered to a farm, and the wheat price screen is not a quotation screen for every fertilizer product.
A grain buyer should first decide whether the objective is price protection or actual delivery. Physical receipt requires attention to wheat grade, eligible elevator location, load-out and freight costs, and the broker's notification deadlines. For the September 2026 contract and subsequent expiries, delivery uses shipping certificates; earlier warehouse receipts are no longer deliverable against those contracts. This change makes document checks particularly important before carrying a position into the delivery period. The physical sale and the financing needed to hold a futures position should be planned together.
A seller should compare futures with the bid for the actual parcel, allowing for quality premiums, freight and the local cash basis. Opening a short position does not automatically book transport or secure elevator acceptance. Confirm margin, position limits and delivery support with the intermediary, and provide liquidity for ongoing settlement payments. Public wheat quotations are delayed, so an executable order needs data suitable for the intended trading method. Reported contract volume is not the tonnage physically moved. When comparing MIAX and CME quotations, record the exchange, contract symbol, expiry and unit explicitly; similar product names do not make the prices interchangeable.
What is priced: [Grains, oilseeds and pulses](https://husfarm.com/exchanges/category/grains/), [Fertiliser, feed and crop protection](https://husfarm.com/exchanges/category/farm-inputs/)

## Where to find the prices

- [HRS spring wheat — futures and options](https://www.miaxglobal.com/market/proprietary-products/minneapolis-hard-red-spring-wheat-products) (Web page, Free)
- [NOLA mono-ammonium phosphate (MAP); NOLA di-ammonium phosphate (DAP); NOLA potassium chloride (MOP); NOLA urea](https://www.miaxglobal.com/fertilizer-futures-products) (Web page, Free)

## Products and quotations

HRS spring wheat — futures and options; NOLA mono-ammonium phosphate (MAP); NOLA di-ammonium phosphate (DAP); NOLA potassium chloride (MOP); NOLA urea

## Key figures

- HRS futures volume: 457,923 contracts (02). 2025. Monthly activity, not annual turnover or deliveries.
- HRS contract size: 5,000 bushels (Specification checked 27 Oct 2026). Notional wheat quantity per futures contract.

## Sources

- [MIAX — wheat and quotations](https://www.miaxglobal.com/market/proprietary-products/minneapolis-hard-red-spring-wheat-products)
- [MIAX — 2025 volume](https://www.miaxglobal.com/miax_futures_2025_futures_and_options.pdf)
- [MIAX — 2026 delivery change](https://www.miaxglobal.com/alert/2026/04/08/miax-futures-exchange-minneapolis-hard-red-spring-wheat-discontinuance)
- [MIAX — fertilizers](https://www.miaxglobal.com/fertilizer-futures-products)
- [MIAX — Onyx migration](https://www.miaxglobal.com/alert/2025/06/26/miax-futures-exchange-onyx-trading-platform-migration-changes)
[All agricultural exchanges, markets and price sources](https://husfarm.com/exchanges/)

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