The Commodities Futures Trading Commission publicized two enforcement actions against physical grain trading operations in the past week. The total price tag: Just shy of $1 million dollars.
In the first, announced last week, CFTC ordered Cargill's Mexico branch to pay a $500,000 fine for executing wash trades between March 2010 and August 2014.
In the second, announced Wednesday, grain merchandiser Alfred C. Toepfer International was ordered to pay a $400,000 fine for inaccurately reporting its physical positions in grain markets. The misstatements occurred before ADM acquired Toepher in 2014.
CFTC sends out emails almost daily listing enforcement actions, but ...