MGEX Names Directors

MINNEAPOLIS - Oct 19/04 - SNS -- Owners of the Minneapolis Grain Exchange (MGEX) re-elected two members and elected five new members to the 2004-2005 board of directors.

Directors re-elected are Scott A. Cordes representing Futures Commission Merchants and Richard H. Browne representing the At Large category. New directors are Richard E. Cole, General Mills Operations, Inc. and Randy A. Marten, Miller Milling Company, representing Producers, Consumers, Processors, Merchandisers and Distributors; Carter K. Ohrt, representing Floor Traders; and Christopher T. Matzdorf and Philip J. Lindau, Jr., Commodity Specialists Company, were elected into the two remaining At Large seats.

Subsequently, at an October 18 organizational meeting, the MGEX board of directors named 2004-2005 officers. The directors elected Charles A. Gallup, floor trader, chairman; Scott A. Cordes, Country Hedging, Inc., first vice chairman; and Randal L. Narlcoh, ADM-Benson Quinn, second vice chairman. Completing the five-member executive committee is Martin F. Farrell, floor broker and Michael L. Ricks, Cargill, Incorporated.

The board also elected four non-member directors with terms expiring in October 2005. They are Curt Denisuik, director of commodity risk management, Canadian Wheat Board; David W. Nelson, managing director-Chicago branch, Rabobank International; Tom Miller, grain department manager, Farmers Cooperative Co., and Mike Krueger, president, The Money Farm.