(June 11 2012) CME Group Inc. has received formal approval from the Commodity Futures Trading Commission to start open outcry trading early Tuesday ahead of the USDA’s monthly supply and demand crop report, due Tuesday at 7:30 a.m. CDT.
The change follows the exchange’s expansion of electronic trading hours, which means the market will be trading as the report is released for the first time. According to MarketWatch, Floor traders said their business would be hurt if only the electronic trading platform is open when USDA reports are released. The USDA is currently weighing whether to change the release times for the crop reports, and is soliciting public comments on the matter.