October 4, 2012 / 9:51 PM / 5 years ago

UPDATE 1-KCBT to delay 'open outcry' start time on USDA report days

* KCBT to delay pit trading on USDA report days

* Change set from January 2013

CHICAGO, Oct 4 (Reuters) - 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 reports.

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.

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