IntercontinentalExchange (CIE) said Monday it will reduce its electronic U.S. grain trading hours in response to customer feedback, following in the footsteps of arch-rival CME Group.
Trading at ICE will begin the week at 5 p.m. CT on Sunday and run to 1:30 p.m. CT on Monday, according to a notice from the exchange. For the rest of the work week, markets for crops such as corn, wheat and soy will trade from 7 p.m. until 1:30 p.m, the notice said.
The markets currently close at 5 p.m. CT five days a week.
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A spokeswoman for ICE declined to comment beyond the notice.
ICE launched grain trading on a nearly non-stop basis a year ago, mounting the biggest challenge yet to CME’s agricultural markets. In response, CME, owner of the Chicago Board of Trade, increased trading to 21 hours from 17 hours.
Traders largely kept their business at CME but complained the longer cycle hurt markets by spreading out volume and reducing liquidity.
CME this month reduced its grain cycle to 17.5 hours. A spokesman declined to comment on ICE’s hours. –– Reuters
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