The whiners have won at the Chicago Mercantile Exchange. You won’t be able to buy grain or soy futures in the Windy City from 2:15 in the afternoon to 8 at night.*
CME Group Inc. will reduce its trading day in grain and soybean futures to 17½ hours from 21 hours, largely undoing a controversial expansion done last year….
The new hours come in response to criticism that the trading schedule had become bloated, increasing costs for grains traders and creating periods of low-volume, highly volatile trade.
Both open-outcry trading and electronic trading on CME’s Globex platform will begin on weekdays at 9:30 a.m. ET—an hour earlier than the current pit open. The market will close at 2:15 p.m. and will re-open at 8 p.m. for electronic trading and remain open until the following morning at 8:45 a.m.
The market currently trades electronically around the clock except for a three-hour break between 3 p.m. and 6 p.m.
Or was it always the CME’s cunning plan, a brilliant scheme to add 30 minutes to the trading day while making the peons happy**?
Prior to last year’s expansion the market was open 17 hours per day.
CME Group Cuts Grain, Soy Futures Trading to 17½ Hours [WSJ]
CME to reduce trading hours, reversing expansion [Chicago Tribune]
*If you really need an edamame contract in the late afternoon, the ICE will be happy to hook you up; it’s open 22 hours a day.