UPDATE 1-ICE Futures Canada to close earlier starting April 8

Mon Mar 18, 2013 11:28am EDT

WINNIPEG, Manitoba, March 18 (Reuters) - ICE Futures Canada, a division of IntercontinentalExchange Inc, said on Monday that it will close earlier starting April 8 for all grain and oilseed futures and options products, reversing an extension made to the closing time in June.

ICE Canada, an electronic exchange based in Winnipeg, will move up the closing time to 1:15 p.m. Central time (1815 GMT) from the current 2 p.m. Central time close for canola, milling wheat, durum and barley trading.

"A lot of these extended hours have just proven to be nothing, just stretching the trade out but not accomplishing anything," said PI Financial futures and options broker Ken Ball. "It's good to see that they (changed back)."

The move will match a change in closing time at CME Group Inc. Many ICE Futures Canada traders also trade on CME's Chicago Board of Trade.

ICE said there was no change to U.S. trading hours.

The ICE Canada exchange offers the world's most actively traded canola futures and options , while its wheat, durum and barley contracts are seldom traded.

ICE Futures Canada is not changing the opening time for trading, which remains 7 p.m. CDT.

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