CHICAGO, May 25 (Reuters) - CME Group will change the methodology for determining end-of-day settlement prices for its grain and oilseed futures starting June 25, pending U.S. regulatory approval, the parent of the Chicago Board of Trade said on Friday.
CME said the new procedure for settling CBOT corn, wheat, oats, rough rice, soybeans, soybean meal and soybean oil futures would include activity from both the open-outcry and electronic trading pits.
The bulk of trade in CBOT grains is already done electronically, but settlement prices for corn, soybeans, soymeal and soyoil are currently set in the open-outcry pits.
Those opposed to incorporating electronic trading into the settlements see the change as a threat to the livelihood of floor traders.
CME Group initially planned a springtime transition to the new settlements for both grains and livestock futures. That plan met with strong opposition from floor traders when it was announced in December.
In March, the exchange delayed changes to grain settlements until June and said it had not finalized its plans for livestock futures.
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