Tom's Feed
Sep 19, 2014

U.S. options clearinghouse CEO to retire after year in top spot

CHICAGO, Sept 19 (Reuters) – The chief executive of the
clearinghouse for all U.S. stock options will retire from the
company at the end of the year after one year in the role, the
company said on Friday.

Chicago-based OCC, formerly known as the Options Clearing
Corp, did not immediately say why CEO Michael Cahill, 56, is
retiring or what his plans are. He has worked at the
clearinghouse for 32 years and was promoted to CEO from
president, chief operating officer and treasurer on Jan. 1.

Sep 17, 2014

Ingredion bans new GMO corn at plant, mulls fate of second type

CHICAGO (Reuters) – Ingredion Inc, manufacturer of sweeteners and starches made from corn, will not buy a new variety of genetically modified corn developed by Syngenta AG, according to a notice on the ingredients supplier’s website on Wednesday.

The Illinois-based manufacturer did not say why it will not accept the genetically modified Agrisure Duracade corn, which has been shunned by the world’s biggest commodity traders because it is not approved by major importers.

Sep 16, 2014

Syngenta faces second lawsuit over GMO corn rejected by China

CHICAGO (Reuters) – A second company has sued Syngenta AG over sales of genetically modified corn seed not approved by China, raising the stakes for the Swiss-based seed maker by including byproducts used for animal feed in its complaint and seeking class-action status.

Trans Coastal Supply Co, a major exporter of livestock feed products, said in court documents it expects to lose more than $41 million because Syngenta sold Agrisure Viptera corn seed, known as MIR 162, to U.S. farmers without first obtaining import approval from Beijing.

Sep 16, 2014

Pit traders abandon lawsuit against CME over grain rules

CHICAGO, Sept 16 (Reuters) – Veteran traders from Chicago’s
grain pits on Tuesday dropped a lawsuit against CME Group Inc
that sought to reverse a change to end-of-day settlement
rules they said was killing open-outcry business.

The traders, who work on the Chicago Board of Trade’s
140-year-old agricultural trading floor, agreed to abandon their
claims against the world’s largest futures exchange operator
without receiving any payment, CME Group said in a statement.

Sep 14, 2014

Cargill fires first shot in legal battle over GMO trade responsibility

CHICAGO (Reuters) – Cargill Inc’s [CARG.UL] lawsuit against Syngenta AG (SYNN.VX: Quote, Profile, Research, Stock Buzz) over rejections of genetically modified U.S. corn by China may be just the start of legal challenges against global seed makers over trade with one of the world’s biggest markets.

Trading giant Cargill said in court documents on Friday that it had lost more than $90 million because Syngenta sold Agrisure Viptera corn, known as MIR 162, to U.S. farmers without first obtaining import approval from China, which has turned away boatloads of U.S. crops containing the variety over the past year.

Sep 12, 2014

Cargill sues Syngenta over sale of GMO corn banned by China

CHICAGO, Sept 12 (Reuters) – Cargill Inc, the top
U.S. grain exporter, sued a unit of Syngenta AG in a
Louisiana state court on Friday for damages stemming from
China’s rejection of genetically modified U.S. corn, which
Cargill said cost the company more than $90 million.

Minnesota-based Cargill accuses Syngenta of exposing the
grain trader to losses by selling the seeds to American farmers
before the Swiss company had secured import approval from China,
a major buyer.

Sep 12, 2014

Cargill sues Syngenta over China rejections of GMO U.S. corn

CHICAGO (Reuters) – Cargill Inc [CARG.UL], the top U.S. grain exporter, said it had sued Syngenta Seeds Inc in a Louisiana state court on Friday for damages stemming from rejections of genetically modified U.S. corn by China.

Minnesota-based Cargill said in a statement that Syngenta had exposed the grain trader to losses by commercializing the Agrisure Viptera corn seed, known as MIR 162, before it was approved for import by China, a major buyer.

Sep 11, 2014

CBOE may hand off regulatory duties to independent agency

CHICAGO (Reuters) – CBOE Holdings Inc, operator of the largest U.S. stock-options market, may hand off some of its regulatory duties to the securities industry’s largest independent regulator within the next several months, the company said on Thursday.

CBOE may hire the Financial Industry Regulatory Authority (FINRA) to provide “certain regulatory services” to the Chicago Board Options Exchange and C2 Options Exchange, according to a statement from the company.

Sep 11, 2014

Markets hit 4-year lows as U.S. lifts record crop forecasts

CHICAGO, Sept 11 (Reuters) – U.S. corn and soybean futures
tumbled to four-year lows on Thursday as the U.S. government
raised its forecasts for record-large harvests above analysts’
estimates.

Projections for the biggest global grain crop ever added
pressure to prices, knocking nearby wheat futures below $5 a
bushel for the first time since 2010.

Sep 10, 2014

Soybeans, wheat set new contract lows before USDA reports

CHICAGO, Sept 10 (Reuters) – New-crop U.S. soybean futures
hit a new contract low on Wednesday and corn matched its
contract low ahead of the release of U.S. crop reports that are
expected to show a rise in the government’s harvest projections.

Wheat also notched a contract low, weighed down by plentiful
global supplies.

Prices for new-crop corn and soybeans edged higher from
their lows as traders bought back previously sold positions
before the U.S. Department of Agriculture issues monthly
supply/demand and production data on Thursday. However, nearby
futures for both crops remained near four-year lows reached last
week due to expectations that massive harvests will replenish
inventories.