CFTC fines Minnesota company for oats futures price manipulation - The Fence Post

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The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Ceres Global Ag Corp., a company based in Golden Valley, Minn., for attempting to manipulate the price of the July 2016 and March 2017 oats futures contracts.
According to the order, senior personnel at Ceres knew about and facilitated the building of large long positions at or close to the spot month speculative limits, holding those long positions into the delivery period, and taking delivery of oats, intending both to boost the price of oat futures in those contracts and to obtain higher quality oats at lower delivery prices.
The order requires Ceres to pay a $3 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act, as charged. The order also recognizes Ceres has undertaken significant remedial steps to ensure future compliance with the CEA.
“If Ceres thought it could roll the oats market without consequence, it was mistaken,” said Director of Enforcement Ian McGinley. “The CFTC will act decisively to protect all its agricultural markets, as well as the producers, market participants, and consumers who rely on them.”

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CFTC fines Minnesota company for oats futures price manipulation - The Fence Post
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