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.
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.
November 13, 1985 |
Treasury bond futures soared to five-year highs Tuesday on the Chicago Board of Trade amid growing conviction that Congress will be able to pare the federal budget deficit. Treasury bond futures for delivery in December finished with a gain of more than 1 percentage point, closing at the highest level for a Treasury bond contract since December, 1980.
June 21, 1985 |
Livestock and meat prices plunged Thursday on the Chicago Mercantile Exchange on the eve of several major government reports on animal inventories. Live cattle for delivery in June and August fell by the 1.5 cent a pound limit, ending the day at new low prices. "It's just sick," said Robert Saathoff, vice president for commodity research in New York with Prudential-Bache Securities. Saathoff said cattle being slaughtered are about 5% heavier than those slaughtered a year ago, and demand is poor.
July 31, 1986 |
Prospects for a worsening drought in the Mississippi Delta propelled soybean futures ahead strongly Wednesday on the Chicago Board of Trade. In other markets, livestock and meat futures settled sharply lower, coffee plunged the limit 4 cents a pound, cotton advanced strongly and oil moved higher. "Beans started strong and they were supported all day," said Victor Lespinasse, a trader with Dean Witter Reynolds Inc.
March 3, 1987 |
Coffee futures prices took a nosedive Monday as hope waned for efforts to renegotiate international export quotas. On other markets, grain and soybean futures were mostly higher, most livestock and meat futures advanced and energy futures were mostly lower. The meeting in London of the International Coffee Organization appeared on the verge of breaking up without any agreement on export quotas for the 1986-87 season, said Sandra Kaul, an analyst in New York with Shearson Lehman Bros.
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.