Cbot Members Facing Charges

Thu., May 16, 1996

From Staff And Wire Reports

The Chicago Board of Trade has charged a number of its members as a result of March 20 wheat trading in which the price spiked by more than $2 a bushel after the normal close of business, government regulators confirmed Wednesday.

In a related matter, the Commodity Futures Trading Commission said grain elevators and farmers should try to get out from under risky, new grain purchase contracts by agreeing on cash settlements.

Details of the board charges, leveled last week, were unavailable. But their existence was disclosed at a Senate Agriculture Committee hearing into market strains caused by huge price swings and high volumes of grain trading.

The volatile markets have been brought about by high demand for grain, low supplies from the old harvests and an uncertain 1996 harvest.

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Cbot Members Facing Charges

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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