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US: Kraft accused of price fixing wheat

By  |  April 1, 2015

The US Commodity and Futures Commission alleges it and its former subsidiary Mondelez Global bought $90 million of wheat futures but had no intention of taking delivery of it.

The CTFC said their huge purchase raised the price of the commodity and earned them a profit of $5.4m.

Kraft recently agreed a merger with Heinz in a move that would create the world’s fifth largest food company.

The regulator wants to apply a permanent injunction on future violations as well as to apply financial penalties.

 

Full Content: FNews

 

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