May 14, 2012
The Honorable Gary Gensler
Chairman, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Chairman Gensler:
The North American Millers’ Association would like to add its voice to those requesting the Commodity Futures Trading Commission to officially announce a 30-day period to accept public comments on plans by futures exchanges to implement 22-hour trading periods for grain futures contracts.
We believe there may be significant implications of the expanded trading hours that have not been fully analyzed by the CFTC or the market participants. A 30-day comment period would allow stakeholders time to develop a better understanding of those implications, and in turn provide feedback that would benefit the CFTC and the exchanges.
The North American Millers’ Association is the trade association representing the wheat, corn, oat and rye milling industry. NAMA’s 45 member companies operate 170 mills in 38 states and Canada. Their aggregate production of more than 165 million pounds per day is approximately 90 percent of the total industry capacity.
James A. Bair
CC: The Honorable Jill Sommers