Chicago market to close Kansas City trading pits, add wheat options

Three new futures options contracts will feature the Kansas City wheat contract recently acquired by the CME Group.

CME said the new options will begin trading July 1 in Chicago. The company is set to close the Kansas City Board of Trade’s pits at the end of June and begin trading Kansas City wheat futures in Chicago.

The wheat futures will make their Chicago debut along with the three new options. One will be a weekly options contract on Kansas City wheat futures.

The other two will be options tied to the difference between Kansas City wheat futures prices and prices for wheat futures currently traded in Chicago and in Minneapolis. Each market involves a different class of wheat.