CFTC acts to shut out grain futures speculators

Following complaints from the farming industry that speculative investment had caused a "disconnect" between cash and future prices for grains on the Chicago Board of Trade, the exchange, acting with CFTC approval, will limit "non-commercial" holdings of delivery instruments - receipts and shipping certificates - on several listed grains.

Dealers will have until the end of May to reduce holdings to below the speculative position limit for the spot month.

The National Grain and Feed Association sai

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