The U.S. Commodity Futures Trading Commission said on Tuesday that Bunge entered orders to purchase or sell soybean futures contracts in pre-opening trading sessions on Globex for the May 2009 contract. Looks like they were analyzing price movements in the crash of 2008/ 2009. Blame anything but looting the public till by the banks.
The futures regulator said the traders had no intention of executing the orders and pulled them before the open. The action affected the price of soybeans, violating the Commodity Exchange Act. Clueless.
Interesting, but this is an old trick that happens on a regular basis in the grains. It is somewhat unique to the grains because of the timing of the openings of the markets. The Bunge traders were charged for orders that were entered in March of 2009, what, if anything, is the CFTC going to do about the hundreds(?) of times that similiar orders were entered for the same reasons ? Kind of pathetic on the part of the CFTC if this is the best they can do. An intersting thread might contain experiences of illegal trades, CFTC would like that. Regards, local