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Pits Will Open Early for USDA Reports

The Chicago Board of Trade has received the okay to start open-outcry grain trading early on the days major agricultural reports are issued. After a 10-day review of the CME Group’s plan to begin pit trading at 7:20 Central time when USDA issues major reports – rather than the traditional opening time of 9:30 – the Commodity Futures Trading Commission did not object to the change. The change tookeffect Tuesday morning. USDA released a crop production report at 7:30 Central time. It will mark the first time the markets are open for a key USDA report.

Given that traders previously had two hours to review the reports before trading began – now there is concern volatility could spike as traders try to digest the data as quickly as possible. Floor traders actually pushed for the change after the CME implemented the nearly non-stop electronic trading cycle for its grain markets. They were concerned they would miss out on business if electronic trading was open when the USDA reports were issued while the pits were closed. is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.