Problems of supply and demand, transportation, and storage, however, lead to a chaotic marketing situation and the logical development of the futures market. With the completion of telegraph communication with the South and East, Chicago could quickly receive price information from New York.
Forward contracts gain popularity among merchants and processors.
1853 Chicago's population grows by 57 percent. 1855 French government purchases large quantities of wheat in Chicago. This marks the first time European buyers come to Chicago, rather than New York, for grain. 1859 Exchange receives charter from State of Illinois. Exchange is mandated to set standards of quality, product uniformity and routine inspections of grain.