There will still be a pit for open-outcry trading of hard red winter wheat futures; it just won't be in Kansas City.

CME Group announced on Monday afternoon that pit trade of Kansas City's iconic wheat contract will move to Chicago on July 1, 2013, pending CFTC's approval. When CME acquired KCBT, it agreed to let the pit stay open for at least six months while the exchange decided to keep, close or move it.

The transition will increase efficiencies and trade opportunities for traders using both HRW and SRW wheat contracts, CME Group said in a press release.

"Throughout the integration process, we've remained focused on our customers who manage global price risk associated with these two classes of wheat," said CME Group COO Bryan Durkin. "By moving Kansas City wheat to the Chicago floor later this year, we will make it as efficient as possible for our customers to trade both products and the spread between the two."

The last day of futures and options open-outcry trade at in Kansas City will be June 28, 2013. When the markets reopen on Monday, July 1, open-outcry trade will take place in Chicago. CME said it will operate an electronic trading center in the former KCBT floor space until the end of September, providing a place for Kansas City-based traders to execute trades on CME Globex.