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1848
82 businessmen form the Chicago Board of Trade (CBOT) for producers, buyers and sellers of grain.
1865
CBOT develops futures contracts for grains. Hundreds of other futures markets spring up across the
U.S., including the Butter and Cheese Exchange in New York (which later became the New York
Mercantile Exchange) and Chicago Butter and Egg Board (later changed to Chicago Mercantile
Exchange).
1887
Winnipeg Grain and Produce Exchange founded (renamed Winnipeg Commodity Exchange in 1972).
Operated as a cash market only for the first 18 years before becoming a futures market.
1905
Grain Growers Grain Co. Ltd. created in Saskatchewan as a co-operative for farmers.
1917
Wheat futures trading suspended on the Winnipeg exchange, leading the federal government to create
the Canadian Wheat Board two years later.
1920
Canadian Wheat Board disbanded.
1922
U.S. passes Grain Futures Act in response to widespread manipulation in the futures markets. The law
cracked down on "excessive speculation" and established a framework for regulated commodity
exchanges.
1923
Wheat pools created in Alberta, Saskatchewan and Manitoba to market grain for farmers.
1935
Canadian Wheat Board re-established by the federal government to market grain.
1936
U.S. enacts Commodity Exchange Act to broaden regulations to include trading in other agricultural
commodities, including cotton, butter and eggs.
1943
The CWB is granted a monopoly to sell prairie farmer's wheat; wheat trading on the Winnipeg
exchange suspended.
1958
Agricultural Stabilization Board created in Canada to provide price support to farmers in various
commodities.
1972
Farm Products Marketing Agencies Act enacted in Canada, leads to the creation of marketing boards
for dairy and poultry products.