Kansas City Wheat Pit Trade Ends 157-Year Run in Move to Chicago
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CME Group Inc., the world’s largest futures-exchange owner, is closing its wheat-trading pit in Kansas City today, ending a 157-year run, before shifting transactions next week to the Chicago Board of Trade.
CME acquired the Kansas City Board of Trade in October for $126 million, gaining control of a wheat-futures market that was the largest in the world behind the CBOT. With most Kansas City contracts already bought and sold on CME’s Globex electronic system, the company elected to halt face-to-face transactions in the city, where trading began in 1856.