May 2, 2014 / 10:25 PM / in 4 years

Kraft says U.S. probing wheat trades by Mondelez-owned businesses

May 2 (Reuters) - Kraft Foods Group Inc said in a filing on Friday that U.S. regulators were probing wheat futures trading by businesses now owned and operated by Mondelez International Inc, which it spun off in 2012.

Kraft said the probe by the Commodity Futures Trading Commission was centered on activities related to the trading of December 2011 wheat futures contracts.

Kraft said both companies were cooperating with CFTC staff in its investigation.

“While the staff has advised us that they are prepared to recommend that the Commission consider commencing a formal action, we and Mondelz International are seeking to resolve this matter prior to any formal action being taken,” Kraft said in the filing.

“We do not expect this matter to have a material adverse effect on our financial condition or results of operations,” Kraft said.

Representatives from CFTC and Mondelez did not immediately respond to requests for comment. (Reporting by Lisa Baertlein in Los Angeles and Tom Polansek in Chicago; Editing by Ken Wills)

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