CHICAGO, June 8 CME Group said on Friday that it would extend open-outcry trading hours for Chicago Board of Trade grain markets so that the settlement matches the close of electronic trading.
CME, which owns the CBOT, said pit trading of grain and oilseed futures and options would close at 2 p.m. Central time instead of 1:15 p.m., starting on June 25. The change is contingent upon approval from the Commodity Futures Trading Commission.
Market participants had pushed CME to make the change after the exchange expanded electronic trading hours to 2 p.m. from 1:15 p.m. last month.
Farmers and grain elevators said it was difficult to know what price to use for grain at the end of the day when there were two different closing times for open-outcry and electronic markets. (Reporting by Tom Polansek; Editing by Lisa Von Ahn)