CFTC files suit against Kraft, Mondelez for alleged wheat manipulation

April 2, 2015 1:50 AM

62 0 -- The U.S. Commodities and Futures Trade Commission (CFTC) announced on Wednesday that it is filing a civil lawsuit against Kraft Foods Group (NASDAQ:KRFT) and its spin-off Mondelez International for alleged manipulation of the wheat futures and wheat spot markets.

In response to rising wheat prices in September 2011, the CFTC alleges that Kraft and Mondelez developed and executed a strategy to buy a six-month supply of wheat for $90 million in futures. The company, according to the CFTC, had no intention to take delivery of the physical commodity. Kraft and M...

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