Tom's Feed
Apr 24, 2015

Flash crash trader’s CME seat: bought for $435,000, now worth just $69,500

SAN FRANCISCO/CHICAGO, April 24 (Reuters) – The UK-based
trader accused by U.S. authorities of making more than $40
million manipulating markets and contributing to the 2010 Wall
Street flash crash was on the losing end of at least one trade:
his purchase of the CME Group seat that helped to make the
alleged scheme possible.

Navinder Sarao bought the seat in May 2008 for $435,000,
only a few months before the financial crisis hit, exchange
records show; it’s now valued at just $69,500, an 84 percent
decline. He still owns it, an exchange spokeswoman confirmed.

Apr 23, 2015

Flash crash trader used rapid series of brokers: documents

WASHINGTON/CHICAGO (Reuters) – The UK futures trader blamed for his role in the May 2010 Wall Street flash crash went through a rapid succession of brokerages that cleared his trades on the CME, documents filed in court showed.

Navinder Singh Sarao, who was arrested in the UK this week on U.S. charges he manipulated futures markets, did business with now defunct MF Global, Marex, Knight Futures and finally R.J. O’Brien, the documents showed.

Apr 22, 2015

U.S. could use vaccines being developed to fight bird flu in poultry

CHICAGO, April 22 (Reuters) – Faced with a deadly bird flu
outbreak that has infected millions of chickens and turkeys, the
U.S. Agriculture Department could turn to what it has always
seen as a last resort: readying and deploying a vaccine to fight
the disease.

Up to now, the USDA has said it would prefer not to allow
farmers to vaccinate their flocks, as doing so could prompt
wider import bans on U.S. poultry and eggs in the $5.7 billion
export market. Inoculations produce antibodies that would make
it difficult to tell if a bird had actually had the virus or
simply been vaccinated.

Apr 20, 2015

Wisconsin declares state of emergency over bird flu in poultry

CHICAGO, April 20 (Reuters) – Wisconsin has declared a state
of emergency over a bird flu outbreak that is infecting U.S.
poultry and Governor Scott Walker said on Monday he has
authorized the state’s National Guard to help contain the

The Republican governor declared the emergency because three
flocks have become infected in the past week, according to a
statement from his office. The infected birds were chickens at
an egg-laying facility, turkeys and a backyard flock of
mixed-breed birds, comprising more than 326,000 birds in all.

Apr 17, 2015

U.S. presses Mexico to ease poultry import limits brought by bird flu

CHICAGO (Reuters) – The United States is pressing Mexico, the top importer of U.S. chickens and turkeys, to relax restrictions imposed on poultry shipments because of an outbreak of a strain of avian flu deadly to birds, an Agriculture Department spokeswoman confirmed on Friday.

Negotiations are playing out as the number of U.S. poultry flocks infected with the disease continues to rise and the cost of the U.S. government response is approaching $50 million.

Apr 17, 2015

Bunge boss of two years faces pressure to improve results

CHICAGO (Reuters) – A C$250 million ($201 million) deal for Bunge Ltd to take control of Canadian grain handler CWB is set to shake up wheat sales in Manitoba and Saskatchewan but may not help the head of the agribusiness firm in his drive to boost profits.

    The transaction was announced on Wednesday as Bunge Chief Executive Soren Schroder, 53, faces pressure to improve earnings after leading the world’s largest oilseed processor for nearly two years. Since he became CEO in June 2013, the company’s stock price has advanced 23 percent, lagging gains of nearly 50 percent for rival Archer Daniels Midland Co.

Apr 16, 2015

Saudi-Bunge JV sees opportunities to expand in Canada farm sector

CHICAGO (Reuters) – A joint venture of a state-owned Saudi Arabian investment firm and U.S. grain trader Bunge Ltd is interested in making further investments in Canada’s farm sector after striking a deal to take control of Canadian grain handler CWB, Chief Executive Officer Karl Gerrand said on Wednesday.

G3 Global Grain Group, a joint venture of Bunge and Saudi Agricultural and Livestock Investment Co (SALIC), said it will buy a 50.1 percent stake in CWB for C$250 million ($201 million).

Apr 13, 2015

U.S. finds first case of lethal bird flu in commercial chicken flock

CHICAGO (Reuters) – A flock of 200,000 hens in Wisconsin is the first commercial U.S. chicken operation to become infected with a lethal strain of bird flu, the U.S. Department of Agriculture said, widening the impact of a virus that has killed hundreds of thousands of turkeys this year.

The chickens were at an egg-laying facility in Jefferson County, Wisconsin, between Madison and Milwaukee, and represented the state’s first case of the H5N2 flu, according to the Agriculture Department.

Apr 9, 2015

Soy nears 6-month low as USDA lifts global stocks outlook

CHICAGO, April 9 (Reuters) – U.S. soybean futures fell on
Thursday to their lowest levels in nearly six months after the
government lifted its outlook for global inventories slightly to
a new record high.

Concerns about slowing global demand added pressure to
soybean prices, traders said. Corn and wheat prices also sagged.

Apr 8, 2015

U.S. bird flu outbreak accelerates as wild ducks migrate north

CHICAGO (Reuters) – A U.S. outbreak of a deadly strain of bird flu accelerated on Wednesday with the infection of a sixth turkey flock in Minnesota, the nation’s top turkey-producing state, in less than a week.

The infected flock of 310,000 turkeys was the ninth case of the H5N2 flu in Minnesota in just over a month and the biggest flock yet to be confirmed with the disease, according to the U.S. Department of Agriculture. The virus was detected at a facility west of Minneapolis that is owned by a subsidiary of Spam maker Hormel Foods Corp, the company said.