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
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
(Reporting by Tom Polansek; Editing by Lisa Von Ahn)