Those with dirt under their fingernails—and the brokers who represent them—are sounding the alarm

CHICAGO. IL – The rhythmic opening bell of the Chicago Board of Trade, a tradition spanning nearly two centuries, is facing its final sunset. In a move that has sent shockwaves through the Corn Belt and global finance hubs, the industry is accelerating toward a 24/7 agricultural trading model, transforming the way the world’s food is priced and hedged.

Driven by a combination of high-speed algorithmic pressure, geopolitical volatility, and the “crypto-fication” of traditional assets, major exchanges and regulatory bodies are now grappling with a world where commodity prices never stop moving

The chairman of the Commodity Futures Trading Commission (CFTC) acknowledged 24-hour, seven-day-a-week trading “isn’t for everybody,” even as lawmakers expressed concern about its potential expansion into agricultural markets, while prediction markets such as Kalshi are now dabbling in 24/7 trading markets for corn, soybeans, wheat, natural gas and other commodities.

The transition is far from a celebration for everyone. While institutional funds and high-frequency traders relish the constant liquidity, those with dirt under their fingernails—and the brokers who represent them—are sounding the alarm.

“Our members have been clear—expanding trading hours to 24/7 would disrupt current risk management practices, increase operational costs, and create unnecessary exposure,” says Mike Seyfert, President and CEO of the National Grain & Feed Association. “Longer trading hours do not equal stronger markets.”

At a Glance: The Pros and Cons of 24/7 Ag Trading:

Feature	Proponents’ View	Critics’ View
Risk Management	Instant response to global news/weather.	High volatility during low-volume hours.
Liquidity	Attracts global capital and crypto-traders.	Widens bid/ask spreads; fuels manipulation.
Operations	Modernizes markets for the 21st century.	Increases staffing costs and “burnout.”
Pricing	Continuous “price discovery.”	Decouples futures from physical cash markets.

For many farmers, ranchers and feeders, the concern is that the market will become even more detached from the physical reality of the tractor, the grainbin, and the feedbunk. DuWayne Bosse, a farmer and founder of Bolt Marketing, expresses the frustration shared by many in the rural Midwest. Bosse has an extensive background in agriculture growing up on his family farm in northeast South Dakota.  He attended South Dakota State University and graduated with a degree in General Agriculture.  In 2001 he started a commodity branch office in Britton, S.D., which eventually turned into Bolt Marketing LLC.  He is also a partner in Bosse State Line Farms, which farms land in South Dakota, North Dakota, and Minnesota.

“I think the trading hours are actually too long right now,” Bosse says. “We have these long pauses in between market news that the market just gets pushed and shoved by algos and volume traders… it would be a mistake.”

Michael Selig, chairman of the CFTC — and its lone confirmed commissioner — testified Thursday before the House Agriculture Committee, emphasizing the agency’s “very broad, exclusive jurisdiction” over commodities and its equally expansive definition of what qualifies as a commodity.

Lawmakers warned 24/7 trading could force producers into round-the-clock risk management, increase margin pressure, and potentially destabilize farm/ranch/feeder finances if applied broadly to agricultural markets.

Selig made clear the agency is not approaching 24/7 trading as a universal shift across all markets, emphasizing that agricultural contracts may require a different framework than financial or digital assets.

“24/7 is not one size fits all, so we need to be very careful as we’re evaluating where 24/7 is appropriate in different products and markets,” Selig said.

Rep. Tracey Mann, R-Kansas, said commodity markets are essential risk management tools across his congressional district in western Kansas. Mann mentioned Kansas cattle feeders who are trading cattle futures. “You know, these are very sophisticated ag producers. You know they are trying to hedge tens of millions of dollars of risk on very thin margins, so that they cannot afford to make errors,” Mann said, adding that livestock producers are concerned about issues such as margin calls on 24-hour trades.

Selig acknowledged agricultural producers have concerns about 24/7 trade as well as prediction markets. He added that agricultural producers are also concerned that some traders have access to proprietary tools and information that they may not have. So, they would like to see that information reported, he said.

“We’re also seeing interest and concern around new types of derivative instruments, whether it’s prediction markets or perpetuals,” Selig said. “We’re certainly listening to all these voices and making sure we’re addressing these concerns.”

Mann added it’s important to acknowledge the risks to agricultural producers from 24/7 trading and the impact it could have on the food supply.

“You can have some very sophisticated, large ag producers or small ag producers, for that matter, that go out of business because they’re on the wrong side of the market move because it happens at 3:30 in the morning, because of something going on the other side of the world, right?” Mann said. “So, I think we have to understand and acknowledge the complexities of these markets and importance of getting it right for ag producers.”

Citing the global volatility, the prediction firm Kalshi on Wednesday announced it would open 24/7 trading on a group of commodities — natural gas, coffee, copper, sugar, corn, soybeans, wheat, nickel, diesel and lithium.

“Amid recent geopolitical uncertainty — the war in Iran, rising inflation, and political shifts in many of the world’s most powerful countries — the commodities market has exploded both in volume and volatility,” Kalshi stated. “Uncertain times call for more stringent risk management, and commodities markets sit at the heart of many of the world’s most important supply chains.”

Beyond trading hours, Selig suggested regulatory burdens may be discouraging farmer/rancher participation in CFTC markets, signaling the agency will look to ease compliance requirements across energy, agriculture and critical minerals.

Selig also said agricultural traders feel short of data given the volume of daily trades while the Commitments of Traders report comes out once a week. He said the commission would like to push out those reports quickly as well.

The CFTC was created to focus on agricultural markets, but since last year, the commission — manned by just one commissioner out of five — has made significant market moves that have spurred the rapid expansion of prediction markets. Selig is the only Senate-approved CFTC commissioner — out of five that are supposed to be bipartisan.

Still, Selig said he would not halt any rulemaking by the CFTC despite being the only person on the commission, saying CFTC needs to continue drafting regulations to protect investors.

“In the interim, we cannot for the sake of the American people, slow down in our rulemaking,” Selig said.

Rep. Jim Costa, D-Calif., said he is at a loss to understand how the CFTC can make such significant market decisions with a one-person commission. “I think it’s inappropriate to have one person make these determinations when the law was clearly intended to have a bipartisan representation.”

At the same time, the CFTC is operating on roughly 20% fewer staff and most of its enforcement attorneys in Chicago have left the agency. Rep. Angie Craig, D-Minn., ranking member of the committee, said it should be uncontroversial that the CFTC should be fully staffed, especially if the agency is expanding the scope of what classifies as a commodity market and trade.

“We are asking a relatively small agency to oversee enormous, technologically sophisticated markets that operate at the speed of light,” Craig said.

Selig’s testimony comes as prediction markets such as Kalshi and Polymarket have broadly expanded trades on sports events that have led to significant legal conflict with states and tribal gambling laws. Along with that, people have found ways to profit from political events and war given some trades over bombings, regime change and movements of oil markets just before the launch of attacks.

Pushing back on questions from Democrats, Selig repeatedly noted the CFTC has released an advanced notice of proposed rulemaking on prediction markets, though he also pushed back on states that are suing prediction markets. Selig said states “are wasting your own state’s taxpayers’ dollars in suing participants that are complying with federal law.”

While Selig could not distinguish in a placard held by one congressman showing a bet and a “futures trade” on a baseball game, he still said there is a difference between gambling and derivatives. Selig said derivative markets, even in sports, are a financial instrument, “and as our statutes prescribe, they can be trades with a broad range of different underlying assets. And it’s very important that we continue to verse these markets comprehensively.”

Democrats also pointed to reports that the CFTC was investigating suspicious trading activities around some oil-market trades tied to specific events around the war in Iran, especially given when some accounts were created and trades were made. Selig declined to discuss specific investigations, but Democrats also noted the White House had to put out specific instructions to staff that they are not allowed to trade on national security information.

Rep. Jim McGovern, D-Mass., also pointed out Kalshi and Polymarket are competitors, yet Donald Trump Jr. is an unpaid adviser and investor in one company and a paid adviser for the other. McGovern questioned the ethical issue of that. Selig said he would not get into hypotheticals about who has a financial stake in seeing those companies profit. “Of course, they have a financial incentive in all of this.”

Selig maintained the CFTC continues to investigate potential fraud and insider trading and pushed back on McGovern challenging the CFTC’s oversight.

“We treat all market investments alike. We do not pick winners and losers or engage in favoritism or bring politics into any of these matters,” Selig said. “We take them very seriously. And I think it’s insulting that you are insinuating that we would.”

As the industry moves toward this new horizon, the primary challenge remains convergence—ensuring the paper price of a bushel of corn reflects the actual price at the local elevator. Without “quiet time” for reconciliations and physical deliveries, critics fear the market could become a perpetual motion machine of speculation.

“The market just needs a rest period,” argues commodity broker Brian Splitt, the Chief Strategist and co-founder of AgMarket.Net®. “It didn’t take a lot of contracts to make the market move quite a bit [overnight]… the volatility was just ridiculous.”

For now, the sun is still setting on the trading floor, but the digital glow of the global ticker suggests that soon, the “closing bell” may be a relic of the past.