NASDA Annual Meeting September 16, 2012 Extended Grain trading hours impact on Producers and Agribusiness.

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Presentation transcript:

NASDA Annual Meeting September 16, 2012 Extended Grain trading hours impact on Producers and Agribusiness.

Background: B.S. Kansas State University Agriculture Economics -Bartlett Grain Co Grain Originator, Rail transportation - originated specialty grains, rail, truck, container logistics -Dodge City Coop Grain originator, Grain merchandiser - Producer marketing, Series 3 & 30 - BNSF Shuttle loader - 20 million bushels marketed annually -Advance Trading Inc Risk Management Advisor Troy Presley Advance Trading Inc trading.com

History of Grain trading hours and how they have changed. Before “electronic trading” Hours of trade: 9:30am to 1:15 pm

Current picture of the CBOT History of Grain trading hours and how they have changed. Hours of trade: Pit 9:30am to 2:00pm** M-F Electronic 5:00pm to 2:00pm following day (Sun-Fri) ** Pit opens at 7:20 for major USDA crop reports

Impact of extended grain trading hours on Producers and Agribusiness Has the Producer benefited? Increased hours of trade to help lay off risk. More technology available to manage risk. Has the Agribusiness benefited? More opportunity to lay off risk (no “pre hedging”) More opportunity to include foreign business

Impact of extended grain trading hours on Producers and Agribusiness Negative Consequences? Producer -Nobody likes change! (At first) -Education. Knowing when he can and cannot market grain Agribusiness -Nobody likes change! (At First) -Technology can be costly. -Policy becomes a tool. -More personnel needed.

-End both Pit and Electronic trade at 1:15 pm CST. -Currently CME only allows 15 minute before the start of the “electronic session to enter orders. Extend to 30 minutes?