Lawsuit alleges ADM manipulated cash ethanol market to profit from derivatives

CHICAGO - Global grain trader and food processor Archer Daniels Midland Co allegedly manipulated the price of ethanol to profit from a short position it was holding in the derivatives market, according to a lawsuit by a rival firm.

The lawsuit follows reporting by Reuters last year that ADM’s ethanol selling had led traders to complain to S&P Global Platts, which provides benchmark pricing for the physical ethanol contract at different U.S. delivery points including Chicago. Illinois-based ADM, a major ethanol producer, said in an email that it did not comment on pending litigation.

Same company that was convicted of fixing Luciane prices. Corrupt culture.

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Ethanol Industry Reels as Trade Dispute and Policy Changes Cut DemandThe ethanol industry is suffering from weaker prices and oversupply as that pillar of the farm economy has been hurt by regulatory changes and the trade dispute with China. I realize it represents jobs and potential political disaster...but Ethanol is a hoax. gop farmers looking for more ammo to blow a hole in their other foot. “trade wars are good, and easy to win.” Lol. Ethanol is NOT a “pillar of the farm economy”. Talk to a farmer before you write such nonsense.
Source: WSJ - 🏆 98. / 63 Read more »