NEWS
Kansas City Floor to Close
Katie Micik DTN Markets Editor
Tue Feb 5, 2013 12:36 PM CST

OMAHA (DTN) -- Open outcry trade of hard red winter wheat contracts will move to CME Group's agriculture trading floor on July 1, the exchange announced on Monday.

"It's not a surprise," said Justin Gilpin, a former floor trader and CEO of Kansas Wheat. More than 90% of HRW wheat futures trade takes place electronically and CME only agreed to keep the floor open in Kansas City for six months.

Farmers and traders have always been more concerned about keeping the wheat contract committee intact than keeping the pit open, Gilpin said, and CME has agreed to keep that committee ...

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