Louis Dreyfus clearing arm fined for soymeal market violation
CHICAGO, July 3
CHICAGO, July 3 (Reuters) - The Chicago Board of Trade fined the clearing arm of agricultural trading company Louis Dreyfus Corp $15,000 for violating rules in the soybean meal market, the exchange said on Thursday.
In October 2011, Term Commodities, a subsidiary of Louis Dreyfus, improperly tried to adjust its position in October 2011 soybean meal futures, according to a disciplinary notice from CBOT owner CME Group Inc.
The adjustment involved long and short positions Term held during the contract's delivery period that exceeded one percent of open interest, the notice said.
Louis Dreyfus did not immediately respond to an email seeking comment. The company is the "D" of the so-called ABCD majors that dominate agricultural commodities, alongside Archer Daniels Midland Co, Bunge Ltd and Cargill Inc . (Reporting by Tom Polansek; Editing by Grant McCool)