CFTC's Silence Stings In Wheat Futures Manipulation Case

By Braden Perry (August 20, 2019, 3:53 PM EDT) -- When the U.S. Commodity Futures Trading Commission sued Kraft Foods Group Inc. and Mondelez Global LLC in 2015 (at the time a single entity, and for simplicity referred to as Kraft in this article), many market participants and CFTC practitioners viewed it as a cornerstone case to address the more robust manipulation tools given to it under the 2010 Dodd-Frank Act amendments to the Commodity Exchange Act.

Four years later, Kraft settled, and the case not only closed with a whimper, but it also failed to provide any needed guidance or context. The negotiated consent order bizarrely omitted the usual findings of...

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