Urbana raises stakes in US wheat exchanges

CHICAGO, Feb 13 (Reuters) - Canadian investment company Urbana Corp (URBa.TO: Quote, Profile, Research) has bought an additional membership at both the Kansas City Board of Trade and the Minneapolis Grain Exchange, raising its equity at a time of soaring U.S. wheat prices.

Urbana said in a statement that it bought the KCBT membership for about $675,000, which would raise its stake in the exchange to nine memberships, or 4.7 percent ownership.

The company, which is listed on the Toronto Stock Exchange, said it also bought an additional membership in the MGE for $280,000, raising its stake in the exchange to 9 percent.

KCBT trades in hard red winter wheat futures, while MGE trades in hard red spring wheat futures.

Prices for wheat at both exchanges, plus the premier Chicago Board of Trade, have risen to record highs amid tight supplies and strong export demand. (Reporting by K.T. Arasu; Editing by Christian Wiessner)