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CME to adjust pit grain trading as USDA shifts report times

CHICAGO | Wed Sep 19, 2012 6:40pm EDT

CHICAGO (Reuters) - CME Group (CME.O) will adjust the open-outcry trading hours for grain futures and options next year when the U.S. Department of Agriculture changes the time it releases key crop reports.

Starting in January, CME, owner of the Chicago Board of Trade, will start pit trading at 9:30 a.m. Central time on days that USDA issues monthly crop reports, an exchange spokesman said. Pit trading on other days opens at 9:30 a.m. Central.

CME announced the change after the USDA said on Wednesday that it will issue crop reports at 11 a.m. Central time starting in January, instead of the current 7:30 a.m.

Earlier this summer, CME changed the start time for pit trading on report days to 7:20 a.m. from 9:30 a.m. The exchange opened the pits earlier on report days after expanding its trading hours to keep electronic markets open nearly around the clock.

(Reporting By Tom Polansek; Editing by David Gregorio)
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