Inside these posts: Chicago Board of Trade

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Corn futures match all-time high

U.S. corn futures matched their all-time high Monday on increased concerns federal forecasters will slash their supply outlook this week. Get the full story »

Ex-CBOT chief joins board of NYSE’s clearinghouse

Bernard Dan, who headed the Chicago Board of Trade until its 2007 takeover by CME Group Inc., will help guide NYSE Euronext’s co-owned clearinghouse as it takes on the CME later this month.

Dan, currently president of Chicago-based trading firm Sun Holdings LLC, joined the board of New York Portfolio Clearing as an independent director, the clearinghouse said Wednesday. Get the full story »

Tax hike concerns aside, CME to stay put

CME Group Inc., which runs the Chicago Mercantile Exchange and the Chicago Board of Trade, has no plans to leave the city, despite concerns over Illinois’ recent tax hike, a spokeswoman said on Friday.

“We are not planning to leave Chicago,” the spokeswoman said in response to an e-mailed query from Reuters, after Fox Chicago News reported that CME was “threatening” to leave its hometown. Get the full story »

Ex-Chicago fund manager charged in $3.5M fraud

A former Chicago hedge fund manager accused of engaging swindling more than $3.5 million from approximately 48 victims who invested in funds he purported to operate, has turned himself in to federal authorities.

James Brandolino, 42, of Joliet and formerly of Chicago, was charged with mail fraud in a criminal complaint filed in U.S. District Court by U.S. Attorney Patrick Fitzgerald. Prosecutors said he obtained about $4.7 million from 48 high net worth investors since 2003 for purported managed futures trading accounts and a commodity pool investment. He provided about $1.1 million in investor redemptions and allegedly lost roughly half of the total invested funds through trading and misused most of the remaining funds for his own benefit, prosecutors said. Get the full story »

Profit-taking weighs on U.S. grain markets

U.S. soybean futures ended lower on Wednesday in a profit-taking setback, retreating from more-than-two-year highs, while a weaker dollar and persistent supply worries continued to underpin prices and helped lift corn and wheat.

The losses in Chicago Board of Trade soybean futures marked the first time in eight sessions that the market lost ground. Soybeans have been rallying on concerns over hot and dry weather in major exporter Argentina. Corn futures also are garnering fundamental support from the detrimental crop weather there. Get the full story »

Former CBOT boss named president of Sun Holdings

Bernard Dan, the former head of the Chicago Board of Trade and brokerage company MF Global Holdings, has joined the proprietary trading firm Sun Holdings LLC as president.

The move sees Dan, a major figure in listed derivatives markets, rejoin the financial services industry eight months after departing MF Global for personal reasons. Get the full story »

CME wants Daley subsidy for trading floor overhaul

CME Chairman Terry Duffy, left, shows off CME Group's trading floors, Nov. 10, 2008. (Chris Walker/Chicago Tribune)

The Chicago Mercantile Exchange will overhaul its east trading floor at the Chicago Board of Trade building as part of a renovation plan funded by a proposed $15 million in tax increment finance assistance.

Mayor Richard M. Daley proposed an ordinance for the CME’s TIF agreement on Wednesday. The city of Chicago had pledged the¬†assistance to CME in October 2009.

In exchange, CME agreed to keep 1,750 full-time positions and add at least 683 local jobs during the next decade. City officials said CME needed the financial help to outbid Atlanta-based IntercontinentalExchange for the Chicago Board of Trade. If the other company had succeeded in acquiring CBOT, the headquarters and jobs would have moved to Atlanta, officials said. Get the full story »

Managed funds cut record net long in CBOT corn

Large speculators cut their record net long position in Chicago Board of Trade corn futures and options as a U.S. Agriculture Department report showing large stockpiles of U.S. corn spurred a sharp drop in prices. Get the full story »

Fed rate increase seen later in 2011

U.S. short-term interest rate futures traders deferred expectations of a first Federal Reserve rate increase, after a government report showed payrolls fell more than expected in July. Get the full story »

Wheat at 22-month high on Russian drought

Wheat harvesting in northern France. (Reuters)

U.S. wheat prices rose for the fifth straight trading session on Monday, soaring to a 22-month high as the worst drought in 130 years in key exporter Russia fueled concerns about supply. Get the full story »

U.S. farmers can’t meet booming corn demands

Exporters, livestock feeders and ethanol makers are going through the U.S. corn stockpile faster than farmers can grow the crops, the government said on Friday. Despite record crops in two of the past three years and another record within reach this year, the Agriculture Department estimated the corn carryover will shrink to the lowest level since 2006/07. Get the full story »

US: Soybean crop will hit record high in 2010

Soybeans!-Web.jpgSoybeans being harvested in Argentina, March 29, 2010. (AP Photo/Diego Giudice)

Associated Press | U.S. farmers will plant a record soybean crop this year while also boosting corn acres by 3 percent, according to an Agriculture Department estimate. The increases could boost year-end reserves of the major food crops and ease fears of food shortages after high demand from the ethanol industry and overseas consumers drew down supplies two years ago.

Crop futures fell Wednesday morning on the Chicago Board of Trade after the USDA estimate was released. Soybeans for May delivery fell 38 cents, or 3.9 percent, to $9.36 a bushel, and corn was down 8.5 cents, or 2.4 percent, to $3.46 a bushel. Wheat fell 10.5 cents, or 2.2 percent, to $4.615 a bushel.

Jon Corzine replaces Bernard Dan at MF Global

Associated Press | The futures and options broker MF Global Holdings says former New Jersey Governor Jon S. Corzine is joining the company as chief executive and chairman. Effective immediately, the 63-year-old replaces Bernard W. Dan, who resigned as CEO for personal reasons. Dan was the CEO of the Chicago Board of Trade for several years, before it merged with the Chicago Mercantile Exchange. He will remain through May 16 to help with the transition.