It was the end of an era… as Monday marked the last day for open outcry trading at the CME Group. Most futures trading will be done electronically now, with only the options traded in the pits. James Brooks, head cattle trader for R.J. O’Brien says the last day was somber, but the change is a positive move for all the market participants.

Open outcry futures have fallen to just one percent of the CME Group’s total futures volume. So he says for farmers and others using the markets for hedging, risk management or speculation it will be business as usual.

Grain trading hours and settlements won’t change. However, the livestock futures will settle at 1:00 pm on a weighted average, but will continue to trade electronically after that close.

Brooks says they are closely watching to see how the electronic trade impacts the index fund rolls, such as the Goldman Roll, which takes place this week. He says most of the index rolling was still done in the pit.