OBITUARY: Futures Pits
Katie Micik DTN Markets Editor
Mon Jul 6, 2015 04:09 PM CDT

Futures open-outcry trading pits, a symbol of American capitalism and an integral piece of agriculture history, died Monday, July 6, following a long battle with technology.

"The Pits," born in 1870 to the Chicago Board of Trade, forever changed the commodity trading industry. The CBOT had spent the previous 22 years building a cash marketplace and standardizing futures contracts, but it was the arrival of the boisterous, octagonal Pits that made CBOT the premier place to manage risk in agricultural commodities.

Early in adolescence, The Pits trade expanded beyond corn, oats and wheat to a wide variety of ag products, ...

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