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Wednesday, April 7, 2010 as of 11:14 AM ET

Chicago Board of Trade

The Chicago Board of Trade (CBOT), established in 1848, is the world's oldest futures and options exchange.

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CME To Open Grains Floor Trade Before USDA Crop Data

CME Group Inc.

(CME) will open floor trading of grains futures 10 minutes before key government crop reports are released, the exchange said Friday.The change, which applies only to trading sessions when the U.S. Department of Agriculture releases crop report, will mean open-outcry trade will begin at 7:20 a.m. CT, instead of 9:30 a.m. The early start will apply on eight days between now and the end of the calendar year, the first coming on June 12.The CME's latest shift in its trading schedule is a response to criticism from floor traders. Earlier this month, CME expanded its electronic trading to 21 hours per day, up from 17, a shift that means USDA reports will, for the first time, be released when the market is trading. Those reports often cause wide swings in the market, and floor traders complained that they would be shut out of opportunities to trade during high-volume, volatile activity.Grains-options traders, in particular, lobbied for expanded floor hours. While futures tradi...

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