Global grain trader and food processor Archer Daniels Midland Co allegedly manip...
CHICAGO - Global grain trader and food processor Archer Daniels Midland Co allegedly manipulated the price of ethanol to profit from a short position it was holding in the derivatives market, according to a lawsuit by a rival firm.
The lawsuit follows reporting by Reuters last year that ADM’s ethanol selling had led traders to complain to S&P Global Platts, which provides benchmark pricing for the physical ethanol contract at different U.S. delivery points including Chicago. Illinois-based ADM, a major ethanol producer, said in an email that it did not comment on pending litigation.
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