The Minneapolis Grain Exchange (MGEX) introduced its new electronic trading platform, MGEXpress, Feb. 15.

The new contract offering, listed on the MGEX as the National Corn Index (NCI) and National Soybean Index (NSI), will be the first U.S. cash-settled futures and options for grains and oilseeds. The unique aspect of the MGEX contracts is that there is no delivery alternative; the futures and options contracts expire simultaneously.

The settlement indexes are based on roughly 1,500 country elevator bids that are calculated daily by Omaha-based Data Transmission Network (DTN).

NCI and NSI futures and options contracts will settle to a three-day average of the NCI and NSI, respectively. DTN collects elevator bids daily for U.S. No. 2 yellow corn and U.S. No. 1 yellow soybeans and averages them to arrive at the NCI and NSI.

The contracts will reflect country-origin pricing for corn and soybeans.

For more information on the new contracts, visit www.mgex.com.