The U.S. Commodity Futures Trading Commission (CFTC) said it has fined Kraft Heinz and Mondelez International $16 million US for wheat-market manipulation.
Kraft and Mondelez bought $90 million of December 2011 wheat futures, which gave the companies a dominant position in the market, even though they never intended to take possession of the grain, the CFTC said.
That sent a false signal that the companies had demand for wheat and caused an artificial price fluctuation that earned them more than $5 million in profits, the CFTC said.
The companies deny they did anything wrong and said they will take the issue to court.
