CME Group Inc will extend electronic grain and oilseed futures and options trading by five minutes next month following the closure of most of its open-outcry futures pits, the company said. 

The period, which is set to begin on July 6, will give traders time to square up positions, adjust errors in orders and enter last-minute transactions after the markets settle at 1:15 p.m. CDT (1815 GMT), CME spokesman Chris Grams said.

It replaces a period, known as the modified or post-close session, that exists for the same purpose in open-outcry pits, he said.

CME is tweaking its agricultural markets as it prepares to shut most futures pits, including those for grains and oilseeds like corn and soybeans, by July 2.

Grain futures and options begin trading at 8:30 a.m. (1330 GMT) Monday to Friday at the Chicago Board of Trade, which is owned by CME. The extended electronic sessions will run until 1:20 p.m., with settlements still determined at 1:15 p.m., according to the company.

CME elaborated on its plans for grain trading on Tuesday after a notice sent to customers on Monday said there would no longer be a post-close session for futures. CME says a "post-close session is exclusive to products that trade via open outcry."

As part of the closure of the futures pits, CME plans to move grain traders on its Chicago trading floor to a nearby area that houses pits for financial markets.

Grain and oilseed options pits will remain in their current locations on the grain trading floor until Sept. 4, when they will move to the financial trading floor, Grams said.

Open-outcry options pits will stay open after CME ends open-outcry futures trading.

(Reporting by Tom Polansek; Editing by Paul Simao and Jonathan Oatis)