A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodities market for centuries for price risk management.
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. Futures exchanges provide physical or electronic trading venues, details of standardized contracts, market and price data, clearing houses, exchange self-regulations, margin mechanisms, settlement procedures, delivery times, delivery procedures and other services to foster trading in futures contracts. Futures exchanges can be integrated under the same brand name or organization with other types of exchanges, such as stock markets, options markets, and bond markets. Futures exchanges can be organized as non-profit member-owned organizations or as for-profit organizations. Non-profit, member-owned futures exchanges benefit their members, who earn commissions and revenue acting as brokers or market makers; they are privately owned. For-profit futures exchanges earn most of their revenue from trading and clearing fees, and are often public corporations.
The Arikara, also known as Sahnish, Arikaree, Ree, or Hundi, are a tribe of Native Americans in North Dakota. Today, they are enrolled with the Mandan and the Hidatsa as the federally recognized tribe known as the Mandan, Hidatsa, and Arikara Nation.
The history of agriculture in the United States covers the period from the first English settlers to the present day. In Colonial America, agriculture was the primary livelihood for 90% of the population, and most towns were shipping points for the export of agricultural products. Most farms were geared toward subsistence production for family use. The rapid growth of population and the expansion of the frontier opened up large numbers of new farms, and clearing the land was a major preoccupation of farmers. After 1800, cotton became the chief crop in southern plantations, and the chief American export. After 1840, industrialization and urbanization opened up lucrative domestic markets. The number of farms grew from 1.4 million in 1850, to 4.0 million in 1880, and 6.4 million in 1910; then started to fall, dropping to 5.6 million in 1950 and 2.2 million in 2008.
A corn exchange is a building where merchants trade grains. The word "corn" in British English denotes all cereal grains, such as wheat and barley; in the United States these buildings were called grain exchanges. Such trade was common in towns and cities across the British Isles until the 19th century, but as the trade became centralised in the 20th century many such buildings were used for other purposes. Several have since become historical landmarks.
Iowa is in the tallgrass prairie of the North American Great Plains, historically inhabited by speakers of Siouan languages. The area of Sioux City, Iowa was inhabited by Yankton Sioux when it was first reached by Spanish and French furtrappers in the 18th century. In 1803, during the presidency of Thomas Jefferson, France sold a vast portion of central North America to the United States of America. This "Louisiana Purchase" was largely unexplored by white settlers. Jefferson sent out the Corps of Discovery, under Lewis and Clark, to scientifically document the territory. In 1804 the Lewis and Clark expedition traveled up the Missouri and set-up camp near what would become Sioux City, Iowa. On August 20, a member of the expedition, Sgt. Charles Floyd died of "bilous colic" and was buried on a bluff overlooking the river. At the time of Lewis and Clark, the Omaha tribe of Native Americans were present just downstream from this region, and the Yankton Sioux were upstream. William Thompson established a trading post near Floyd's Bluff in 1848, and had early ambitions for founding a city. However, Thompson's hopes were never realized; settlers further upriver, between the Floyd and Big Sioux rivers, met with more success.
The Port of Chicago consists of several major port facilities within the city of Chicago, Illinois, operated by the Illinois International Port District. It is a multimodal facility featuring Senator Dan Dougherty Harbor, the Iroquois Landing Lakefront Terminus, and Harborside International Golf Center. The central element of the Port District, Calumet Harbor, is maintained by the U.S. Army Corps of Engineers.
Narborough Bone Mill was a watermill that operated on the River Nar in the west of the English county of Norfolk. The watermill was 1 mile (1.6 km) downstream of the village of Narborough. The mill was built in the early part of the 19th century and records show that it was owned by the Marriott Brothers in 1830, who also owned the navigation rights on the river Nar. The site is currently owned by the Munford family of Narborough and is undergoing preservation work following a recent lottery grant. More info at bonemill.org.uk
A wheat pool is a co-operative that markets grain on behalf of its farmer-members.
Dent corn, also known as grain corn, is a type of field corn with a high soft starch content. It received its name because of the small indentation, or "dent", at the crown of each kernel on a ripe ear of corn. Reid's Yellow Dent is a variety developed by central Illinois farmer James L. Reid. Reid and his father, Robert Reid, moved from Brown County, Ohio, to Tazewell County, Illinois, in 1846 bringing with them a red corn variety known as "Johnny Hopkins", and crossed it with varieties of flint corn and flour corn. Most of today's hybrid corn varieties and cultivars are derived from it. This variety won a prize at the 1893 World's Fair.
The United States Grain Standards Act (USGSA) of 1916, as amended, authorizes the Grain Inspection, Packers and Stockyards Administration to establish official marketing standards for grains and oilseeds, and requires that exported grains and oilseeds be officially weighed and inspected. Domestically marketed grain and oilseeds may be, but are not required to be, officially inspected. Export inspections are carried out by federal inspectors or by federally supervised state inspection agencies, called delegated official inspection agencies. Official inspections of domestically traded grain is done by federally supervised state agencies and private companies, called designated official inspection agencies. Typically, marketing standards describe the physical characteristics of the commodity and serve as contract language to facilitate marketing. Official weighing and inspection is paid for on a fee-for service basis, not with federal funds. Major changes to the law were adopted in the USGSA Amendments of 1968, the USGSA of 1976, and the Grain Quality Improvement Act of 1986.
The steamboat Ruth operated from 1896 to 1917 on the Willamette River in the U.S. state of Oregon. Ruth played an important role in the transport of goods and agricultural products in Oregon, and was one of the fastest steamboats ever to operate on the upper Willamette. This vessel should not be confused with the sternwheeler Ruth built at Libby, Montana in 1896.
The Sanford House, also known as the Stone House and Summit Mansion, is a historic residence in Sioux City, Iowa. Throughout the 1990s, it was commonly referred to as the “Home Alone house” in reference to the similar looking neocolonial residence featured in the eponymous film that had become a pop culture phenomenon.
The Port of Kansas City is an inland port on the Missouri River in Kansas City, Missouri at river mile 367.1, near the confluence with the Kansas River. Kansas City, the second-largest rail hub and third-largest trucking hub in the country, is on marine highway M-70, which extends as far as Pittsburgh and intersects M-55 at St. Louis, allowing shipping to New Orleans, Chicago, Minneapolis and connections to major cities all over the eastern United States. The Missouri inland waterway allows for barge traffic as far upriver as Sioux City, Iowa; however, most of the commercial traffic on the Missouri is concentrated between Kansas City and St. Louis.
Grant Prince Marsh was a riverboat pilot and captain who was noted for his many piloting exploits on the upper Missouri River and the Yellowstone River in the Western United States from 1862 until 1882. He began working as a cabin boy in 1856, eventually becoming a captain, pilot, and owner in a career lasting over sixty years. During that time, he achieved an outstanding record and reputation as a steamboat captain, serving on more than 22 vessels. His piloting exploits became legendary and modern historians have referred to him as "possibly the greatest steamboat man ever", "possibly the greatest [steamboat pilot] ever", "possibly the finest riverboat pilot who ever lived", and "the greatest steamboat master and pilot on both the Missouri and Yellowstone Rivers".
The Swift & Co. meatpacking plant in Sioux City, in the state of Iowa in the Midwestern United States, was built in 1918–19 as a speculative venture under the name Midland Packing Plant. After going into receivership, it was acquired by Swift & Co. in 1924, and continued to operate until 1974. It was then purchased by a Sioux City businessman and converted to an enclosed mall, the KD Stockyards Station. The building was listed in the National Register of Historic Places in 1979.
George Armour was a Scottish American businessman and philanthropist known for his contributions to the global distribution process for commodities. He was credited with developing the grain elevator system, establishing grain trading standards as director and president of the Chicago Board of Trade (CBT), founding the Chicago, Burlington and Quincy Railroad (CBQ), Commercial Club of Chicago, YMCA of Chicago, Merchants' Loan & Trust Company (MLTC), the precursor to Continental Illinois, and the Chicago Academy of Fine Arts which later became the School of the Art Institute of Chicago and Art Institute of Chicago. He served as a director of several notable companies during his career.
The D&I Railroad (DAIR) is a Class III shortline railroad which is a wholly owned subsidiary of L. G. Everist, Inc. The line hauls ethanol, dried distillers grains (DDG), corn oil, plastic pellets, cement, sand, gravel, and Sioux Quartzite, which is mined from two large quarries in Dell Rapids.
Joseph Marie LaBarge was an American steamboat captain, most notably of the steamboats Yellowstone, and Emilie, that saw service on the Mississippi and Missouri rivers, bringing fur traders, miners, goods and supplies up and down these rivers to their destinations. During much of his career LaBarge was in the employ of the American Fur Company, a giant in the fur trading business, before building his own steamboat, the Emilie, to become an independent riverman. During his career he exceeded several existing speed and distance records for steamboats on the Missouri River. Passengers aboard his vessels sometimes included notable people, including Abraham Lincoln. LaBarge routinely offered his steamboat services gratis to Jesuit missionaries throughout his career.
The Corn Exchange was a commercial building in Mark Lane, London, England. The original structure dated from 1747, but the exchange later amalgamated with a rival exchange and was rebuilt several times before finally closing in 1987.
First Grain Exchange HQ, 1910
Trading floor, April 1914
Grain Exchange Fire, May 1914
Third Grain Exchange HQ, 1929
Cereal laboratory, 1963
