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Vincent W. Kosuga (January 17, 1915 – January 19, 2001) [1] was an American onion farmer and commodity trader best known for manipulating the onion futures market. Public outcry over his practices led to the passing of the Onion Futures Act , which banned the trading of futures contracts on onions.
The Onion Futures Act is a United States law banning the trading of futures contracts on onions as well as "motion picture box office receipts". [1]In 1955, two onion traders, Sam Siegel and Vincent Kosuga, cornered the onion futures market on the Chicago Mercantile Exchange.
In the United States in 1956, commodities traders Sam Siegel and Vincent Kosuga bought up large quantities of onions and then flooded the market as part of a scheme to make money on a short position in onion futures. [1] This sent the price of a 50-pound bag of onions down to only 10 cents, less than the value of the empty bag.
In the late 1950s, United States onion farmers alleged that Sam Seigel and Vincent Kosuga, Chicago Mercantile Exchange traders, were attempting to corner the market on onions. Their complaints resulted in the passage of the Onion Futures Act , which banned trading in onion futures in the United States and remains in effect as of 2024 [update] .
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In the United States in 1956, commodities traders Sam Siegel and Vincent Kosuga bought up large quantities of onions and then flooded the market as part of a scheme to make money on a short position in onion futures. [34] This sent the price of a 50-pound bag of onions down to only 10 cents, less than the value of the empty bag.
In 1955 two onion traders, Sam Seigel and Vincent Kosuga cornered the onion futures market and then drove onion prices in order to profit from a short positions that they held. The collapse of onion prices drove many onion farmers into bankruptcy. [9]
Vincent Kosuga - farmer and entrepreneur whose efforts to corner the onion futures market led to the 1958 Onion Futures Act; Cheryl Rogowski - farmer and recipient of a 2004 MacArthur Fellowship ("Genius Grant") for her work on community-supported agriculture [11]