My understanding is CME proposed change to the CBOT grains is under review / scheduled for next week. But ICE grains begin trading today.
The first trade was in July corn, done at $5.82-1/2 per bushel, up 1-1/2 cents and came within the first 10 minutes. By 1147 GMT on Monday, however, the contract had still only traded five lots, while July soybean future had a volume of seven lots. ICE July wheat futures had no activity. http://www.chicagotribune.com/busin...ff-turf-war-with-cme-20120514,0,4122353.story
Bunch of Luddites. Sooner these guys retire, the better. I'm nervous about initial market reaction around crop reports too, but I know it's inevitable we will trade around it. Sooner we get started, sooner market makers figure out their business. And hell, maybe the USDA will eventually give weekly rather than quarterly updates of crop conditions (like the DOE).
ICE grains are trading well for a first week...And I see they will propose Trade at Settlement contracts, one thing CME doesn't have....
Did we figure out IB symbols??? I haven't been watching, since that first article said there was no volume.
??? Front month corn has traded 999 lots yesterday, it's a good start I would say. Spreaders are making a quite deep market with a 2-3 tick spread. Even Soyoil has some volume. I checked on CTS T4. I don't know IB symbols.