On April 17, 2013, the CME Group reduced grain and oilseed trading hours from 21 hours to 17-1/2 hours per day. This schedule cut afternoon hours and created a 45-minute pause in trading during the morning before open-outcry trading begins. This change back to the 1:15pm close was reportedly instituted by the exchange in response to complaints the longer hours were reducing liquidity and increasing operating costs. The NIBA took no official position in January in advance of the change as it was being contemplated because we did not receive any comment or opinions from NIBA members. Board members’ opinions…