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Criminal Activities by Kraft Mondelez? The CFTC’s complaint

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tw0122   Thursday, 11/21/19 12:18:23 PM
Re: None
Post # of 572 
Criminal Activities by Kraft Mondelez? The CFTC’s complaint alleged that the defendants, in response to high cash wheat prices in summer 2011, executed a strategy to purchase and stand for delivery on more than 3,000 Chicago Board of Trade December 2011 soft-red-winter wheat futures contracts (equal to 15 million bushels and worth approximately $90 million), exceeding speculative position limits in an effort to send a false signal that investors had demand for and would use the delivered wheat in their Toledo mill.

According to the complaint, the goal was to narrow the price spread between the December 2011 and deferred-month wheat futures contracts, thereby causing the market to sell cash wheat at lower prices, while earning the defendants a profit on their speculative futures positions. The artificial price moves saw the defendants earn more than $5 million in profits, the complaint alleged.

The order also enjoins Kraft KHC-2.07% and Mondelez MDLZ-0.66% from engaging in future violations of the manipulation, wash trade and position-limit provisions of the Commodity Exchange Act and CFTC regulations charged in the complaint. The order makes no legal determination as to whether the defendants violated those provisions.

“Market manipulation inflicts real pain on farmers by denying them the fair value of their hard work and crops,” said CFTC Chairman Heath P. Tarbert, in a news release. “It also hurts American families by raising the costs of putting food on the table. Instances of market manipulation are precisely the kinds of cases the CFTC was founded to pursue.”



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