The last call for open outcry trading on the floor of the Kansas City Board of Trade will be June 28.
CME Group, which acquired the Kansas City exchange in December, said Monday that the face-to-face bidding over the price of wheat — known as open outcry — will shift to Chicago starting July 1. The Kansas City exchange trades wheat futures and options contracts.
CME, owner of the Chicago Mercantile Exchange, the Chicago Board of Trade and other markets, will operate an electronic trading center on the floor of the Kansas City Board of Trade until the end of September so traders here can execute trades on CME’s system.
. “We’re hesitant to speculate beyond that point,” said Chris Grams, a CME spokesman.
Last October, CME agreed to acquire the Kansas City exchange at 4800 Main St. for $126 million. The exchange, which had been owned by its members, has been a fixture here for about 156 years. When the sale was completed in December, Chicago officials made a six-month commitment to keep the Kansas City trading floor open.