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MINNEAPOLIS GRAIN EXCHANGE TO TRADE WORLD'S ONLY SEAFOOD FUTURES CONTRACT

 MINNEAPOLIS, May 25 /PRNewswire/ -- The Minneapolis Grain Exchange announced Monday, July 12 as the first trading day for its shrimp futures and options contract. The Commodity Futures Trading Commission today approved the Exchange's proposal to trade the world's only futures and options contract for seafood.
 "The economics are right for his contract," said President James H. Lindau. He said, "The commodity has price volatility. Shrimp is a multi-billion dollar industry in which hundreds of companies produce, distribute, process and sell the product. These are all critical elements for a viable futures contract."
 The exposure of risk is significant, as par commodity prices moved more than 20 percent since the beginning of 1993. U.S. consumer demand for shrimp increased nearly 70 percent in the last decade.
 "Shrimp is a globally traded commodity impacted by weather, political events, international consumer trends, and supply and demand forces. The current environment in which shrimp is traded contains enormous risk with no price protection for any portion of the industry," said Lindau.
 The Exchange held nine successful seminars around the country. Today, Lindau is speaking in Guayaquil, Ecuador to a large group of bankers, shrimp producers and exporters known as Fedecam. The Minneapolis Grain Exchange is one of the fastest growing futures exchanges in the United States.
 Ecuador is the largest producer of shrimp in the Western Hemisphere exporting about 70 percent of its production to the United States. The contract specifies Western Hemisphere White Shrimp, but also provides price protection for users of other popular shrimp species such as China White.
 The contract specifications are as follows:
 Trading Unit: 5,000 pounds of frozen, heads-off, shell on white
 shrimp
 Trading hours: 9:40 a.m. - 1:30 p.m. CT -- futures
 9:45 a.m. - 1:40 p.m. CT -- options
 Ticker symbol: SH
 Delivery months: March, June, September and December
 Minimum price fluctuation: 1/4 cent per pound for futures
 1/8 cent per pound for options
 Daily price limit: $.15 per pound/$750 per contract
 Deliverable Grades: Raw, frozen blocks of eligible species of
 headless white shrimp of size 41-50 count.
 Premiums and discounts apply to a range of sizes
 around the par.
 Delivery points: Miami; Tampa, Fla.; Brownsville, Texas; New York;
 Los Angeles.
 Copies of the shrimp futures and options contract specifications are available by calling 800-82-SHRIMP (800-827-4746).
 -0- 5/25/93
 /CONTACT: Albert Maruggi of the Minneapolis Grain Exchange, 612-338-6212/


CO: Minneapolis Grain Exchange ST: Minnesota IN: AGR SU:

AL -- MN007 -- 2112 05/25/93 11:10 EDT
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Date:May 25, 1993
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