January 21, 1989 |
Shortly before 11 p.m. on Wednesday, a commodities trader sleeping in his Gold Coast apartment was jarred awake by the telephone. "This is the FBI. Be down in your lobby in 10 minutes," ordered the agent, calling from a car phone. When the frightened trader arrived in the lobby of his expensive building, waiting for him were two FBI agents and a man he had known for the last year as a fellow trader working at the Chicago Mercantile Exchange.
August 4, 1989 |
Up to a third of the 46 commodities traders and brokers indicted for allegedly cheating customers at the Chicago Board of Trade and the Chicago Mercantile Exchange have agreed to cooperate with federal prosecutors, defense attorneys said Thursday. While the level of cooperation is greater than previously known and strengthens the government's case, legal experts say that a number of hurdles remain in the way of both prosecution and defense lawyers.
December 1, 1987 |
The stock market's steep drop helped push livestock, meat and cotton futures down their daily limits Monday, but most other commodities reacted to fundamental market factors more than to outside influences. Stock index futures retreated, soybean and corn futures closed lower and wheat futures advanced. Also, gold gained while the other precious metals declined and energy futures retreated.
October 2, 1987 |
Pork futures climbed the limit allowed for daily trading Thursday while cattle futures fluctuated wildly. Grain and soybean futures were sharply higher. Brisk buying in the live hog and frozen pork belly pits of the Chicago Mercantile Exchange was linked to Wednesday's government report showing a 9% expansion in the nation's hog herd, said Philip Stanley, an analyst in Chicago with Thomson McKinnon Securities Inc. Live hogs bounced back to settle up the 1.
February 7, 1986 |
Treasury bond futures suffered sizable losses Thursday because of the imminent ruling on the constitutionality of the Gramm-Rudman federal budget balancing law. Also undercutting prices was action by the Federal Reserve to drain money from the system for the second straight day and the belief that employment figures coming out Friday could show a decline in the jobless rate, said Gary Dorsch, an analyst in Chicago with G. H. Miller & Co.
January 21, 1986 |
Petroleum futures prices plunged in a "selling panic" Monday largely because of an over-abundance of supply. Crude oil slumped the $1-a-barrel limit for daily trading on the New York Mercantile Exchange. The contract for delivery in February, for which there is no limit, settled $2.26 lower. "The market dropped as much in one day as it did all last week, and last week was one of the worst I remember," said Peter Beutel, an analyst in New York with Rudolf Wolff Energy.
October 1, 1986 |
Wheat futures prices turned lower Tuesday as a special government subsidy meant to attract Soviet business was expiring without having moved a single grain. Soybeans and most corn deliveries also were lower, after having gained nearly 10 cents a bushel on weather news during the two previous sessions. In some other markets, cotton was sharply to limit higher, coffee as much as limit lower and most livestock and meat futures were lower.
July 29, 1987 |
Platinum led a rally in precious metal futures prices Tuesday as a weakening dollar, renewed inflationary worries and heightened tension in the Persian Gulf sent uneasy traders scurrying for "secure" investments. "Platinum is the most thinly traded of the precious metals, and any shift in the speculative climate is most sensitively reflected there first," said Howard Levine, first vice president with Shearson Lehman Bros. in New York.