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Gold/Mining/Energy : Gold Price Monitor
GDXJ 110.89+1.8%Dec 10 4:00 PM EST
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To: lorne who wrote (39647)8/26/1999 2:50:00 PM
From: long-gone  Read Replies (1) of 116810
 
So was this quote spoken:
"Now if you boys were playing in the gold market it would be a whole different story BUT"

Thursday August 26, 12:45 pm Eastern Time
U.S. CFTC challenges Cargill-farmer contracts
WASHINGTON, Aug 26 (Reuters) - The U.S. Commodity Futures Trading Commission said on Thursday it had filed a one-count administrative complaint against Cargill Inc. over the ``premium offer contracts' it offers to farmers.
CFTC said the contracts amounted to an illegal agricultural trade option. Cargill, based in Minneapolis, has offered the contracts since January 1998.
Cargill had no immediate comment on the complaint.
Under the Premium Offer Contract, Cargill pays a nonrefundable premium to a farmer, which is added to the nearby grain delivery price, in exchange for a ``firm offer' to sell the grain to Cargill for deferred delivery if, on a specified day, the futures price equals or is higher than a specified strike price, CFTC said.
Because delivery is not mandated unless certain conditions occur, CFTC said the contract operated as a commodity option that was prohibited by the Commodity Exchange Act and CFTC rules. The agency also said Cargill failed to register as an agricultural trade option merchant and did not follow rules for trading the options.
A public hearing will be held later on the complaint.
biz.yahoo.com
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