CME Begrudgingly Concedes 17½-Hour Day To Grain Traders (It Wasn't Making Any Money During Those Extra Hours, Anyway)

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.*
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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.
**No.

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