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

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