In a historic showdown, a legacy spring wheat contract faces off against a new competitor from CME Group. Spring wheat, crucial for bagels and dough, has been traded for over a century. CME’s rival MIAX is gaining traction, with large grain handlers and millers backing it over CME.

MIAX’s IPO saw shares surge 38%, valuing the exchange at $2.5 billion. Despite technical glitches, trading in MIAX Minneapolis wheat futures remains steady. Cash markets favor MIAX, with grain elevators sticking to its contract. CME’s efforts to promote its contract among millers have not yielded significant results.

CME’s spring wheat contract, launched this spring, is struggling to compete with the legacy MIAX contract. Large grain handlers and millers are opting for MIAX, causing CME’s trading volumes to dwindle. MIAX’s steady trading activity and backing from cash markets indicate its dominance in the spring wheat market.

Read more at Yahoo Finance: In niche wheat futures market, rebooted legacy contract fends off new offering from giant rival