Things were old-school yesterday in the trading pits in Chicago. All corn and wheat futures and options halted on Globex were settled via the open outcry method following a technical glitch, the CME Group announced yesterday. Open-outcry is a form of communication on the trading floor where traders use hand signals to exchange information about buy and sell orders. This type of face-to-face trading has basically died out in recent years with the rise of electronic trading. However, even when the exchange flipped to an electronic platform, there was still open-outcry trading in the pits. Most of the futures are traded ... (full story)