NASDA Annual Meeting Extended Grain trading hours impact on

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Presentation transcript:

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

Troy Presley Advance Trading Inc tprelsey@advance-trading.com 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 tprelsey@advance-trading.com

Before “electronic trading” 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. Current picture of the CBOT 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

Negative Consequences? 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.

But we can keep improving!

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?