CBOT ELECTRONIC GRAINS TRADING
FREQUENTLY ASKED QUESTIONS

What are the new electronic trading hours for CBOT Grain,
Oilseed and Ethanol products?

Excepting holidays, trading will begin Sunday evening at 5 p.m.
Central for Monday's trade date and will end at 2 p.m. Central
Monday afternoon.  From Monday to Thursday, there will be a
daily trading halt from 2 p.m. to 5 p.m. Central.

Open Outcry (pit) hours will not change and remain 9:30 a.m.
to 1:15 p.m. Central.

Expiring futures contracts will continue to close at 12 p.m. Central
on the expiration day.

The process for determining the daily settlement price
remains unchanged.

If I make a trade on CME Globex after open outcry trading
session ends, at what price will the trade be marked to market?

All trades made on CME Globex between the time the open
outcry session ends and the CME Globex trading session ends
will be marked to market using the settlement price determined
at 1:15 p.m. Central.

Transactions executed between the end of open outcry trading
at 1:15 p.m. and the end of CME Globex trading at 2 p.m. are
considered to be part of the current business day.

Expiring options will continue to close and be settled after the
settlement price for the underlying futures contract is determined
at 1:15 p.m. Central.  Automatic exercise will still be based on the
1:15 p.m. Central settlement price.

Will this change the way the delivery process works?

No.  The delivery process will remain the same.  However, on
position day there will be more time to exit positions to avoid
the possibility of delivery.  With the extended trading hours,
traders will have until 2 p.m. Central and will be able to see
the settlement prices before liquidiating positions to avoid
delivery.

During what time period is the high and low established?

The high and low for the day are established between the open
at 5 p.m. Central and the end of CME Globex trading at 2 p.m.
Central the following day.