Posted on 07/11/2008 11:59:44 PM PDT by TigerLikesRooster
UPDATE 2-EU raids Cargill, Bunge in food-price probe
Thu Jul 10, 2008 10:58pm BST
(Adds comments from Cargill, Bunge)
BRUSSELS, July 10 (Reuters) - The European Commission raided agribusiness giants Cargill Inc [CARG.UL] and Bunge Ltd (BG.N: Quote, Profile, Research) on Thursday in a sweep of traders and distributors of cereals and other agricultural products for human consumption and animal feed in two EU countries.
The raids come at a time when grain prices have soared to record highs amid strong demand, production problems and the use of grain to produce biofuels that have lifted food prices.
"The Commission has reason to believe that the companies concerned may have violated (EU) ... rules on cartels and restrictive business practices," it said in a statement. It did not identify the countries, traders or companies involved.
(Excerpt) Read more at uk.reuters.com ...
Ping!
Bump.
Being a speculator or “trader”.... seems to be getting dicey.
Thanks for the good work....
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