In a letter to the chairman of the Commodity Futures Trading Commission (CFTC), the National Corn Growers Association (NCGA) requested a 30-day public comment period before the grain traders are allowed 22-hour-per-day electronic trading of grain and oilseed futures contracts. NCGA believes it is important for CFTC to take input and further analyze the proposals from the Intercontinental Exchange (ICE) and the CME Group.
Link to full text of letter.
"As currently formulated, both ICE’s plans for new contracts with greatly expanded trading hours and the CME Group’s plans to expand hours raise serious issues that potentially place the nation’s corn growers at a marketing disadvantage," wrote NCGA President Garry Niemeyer in his letter to CFTC Chair Gary Gensler. "Approval of these major market changes without a 30-day comment period is ill-timed since many growers are currently preoccupied with planting. We believe that there is no compelling reason why 22-hour trading needs to begin imminently."
Niemeyer cited two reasons for special concern:
Juli says: Reuters is reporting the CME Group has withdrawn its plan for a 22-hour trading day, instead opting for a 21-hour day, closing at 2:00 p.m. and starting the day at 5:00 p.m. No official announcement has been made, but usually reliable sources say this is the new plan.