* KCBT to delay pit trading on USDA report days
* Change set from January 2013
CHICAGO Oct 4 The Kansas City Board of Trade
said on Thursday it has filed a submission with the Commodity
Futures Trading Commission to delay the start of trading on the
'open outcry' platform to 9:30 a.m. CT from Jan. 1 next year on
days when the U.S. government issues key crop supply-demand
The exchange said in a statement that the U.S. Department of
Agriculture's decision to issue the reports at 11 a.m. CT from
the beginning of next year would render the start of open outcry
trading at 7:20 a.m. CT "unnecessary."
Last month, the USDA said it would shift the release time
for major crop reports to 12 p.m. Eastern Time starting in
January, from the current time of 8:30 a.m. ET..
It was the first change in release times since 1994.
In May, the Chicago Mercantile Exchange extended its trading
hours of its hallmark Chicago Board of Trade grain and oilseed
futures to nearly 24 hours, responding to competition from the
IntercontinentalExchange, which had just launched
look-alike contracts in a bid to grab market share.
But since then, traders have circulated a petition asking
the CBOT to reduce the extended trading hours. Signed by nearly
300 people last month, the petition wants shorter trading hours
for corn, wheat and soybean futures and options.
There was no immediate response from the CME to an email
asking if CME will reduce its trading hours.