Reuters: Regulatory News: US grain groups urge CFTC to delay expanded grains trading

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US grain groups urge CFTC to delay expanded grains trading May 10th 2012, 20:06 CHICAGO | Thu May 10, 2012 4:06pm EDT CHICAGO May 10 (Reuters) - The top U.S. grain groups on Thursday called for federal regulators to delay the start of 22-hour grains trading at CME Group and rival IntercontinentalExchange. In a joint statement, The National Grain and Feed Association and the North American Export Grain Association said "inadequate advance consideration" of how the longer trading days will affect market participants justified intervention by regulators at the Commodity Futures Trading Commission. The groups called for a 30-day public comment period on planned moves to 22-hour trading at both exchanges. ICE is slated to launch new U.S. grain and soy futures and options contracts with 22-hour trading on Monday. CME, owner of the Chicago Board of Trade, is slated to expand trading for its benchmark grain and oilseed contracts on May 21. Grains futures and options at the CME now trade for 17 hours daily Monday to Friday.

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