CME Expands Hours for Ag Futures

from Farm Futures:

CME Group announced Tuesday it would expand electronic trading hours in its CBOT grain and oilseed futures and options beginning Monday, May 14. The expansion will give the market access to CBOT corn, soybeans, wheat, soybean meal, soybean oil, oats and rough rice futures and options on CME Globex for 22 hours per day.
In a press statement, Tim Andriessen, managing director, agricultural commodities and alternative investments, CME Group says: "As we've grown our customer base in agricultural commodities around the globe, we've received increased interest in expanding market access by providing longer trading hours. In particular, customers are looking to manage their price risk in our deep, liquid markets during market moving events like USDA crop reports. In response to customer feedback, we're expanding trading hours for our grain and oilseed products to ensure customers have even greater access to these effective price discovery tools."

Market Rumors True, Longer Hours Ahead

Part of this move could be in reaction to a new electronic trading platform that fires up May 14 too. Intercontinental Exchange Inc., will begin trading grain futures contracts on the same day, pending regulatory review. That platform will also have a 22-hour trading day, but will use CBOT numbers for settlement. CME says that beginning May 13 for trade date May 14, customers will have expanded access to CBOT corn, soybeans, wheat, soybean meal and soybean oil futures as follows:
Sunday to Monday - 5 p.m. to 4 p.m.
Monday to Friday - 6 p.m. to 4 p.m.
Open outcry trading hours will continue to operate from 9:30 a.m. to 1:15 p.m. Central time Monday to Friday.