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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. The resulting regulatory actions led to the passing of the act on ...
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.
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] .
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] A public outcry ensued among onion farmers who were left with large amounts of worthless ...
Onion Futures Act; R. Real prices and ideal prices This page was last edited on 16 January 2014, at 03:43 (UTC). Text is available under the Creative Commons ...
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Signed into law by President Gerald Ford on October 23, 1974 Commodity Futures Trading Commission (CFTC) Act of 1974 (P.L. 93-463) created the Commodity Futures Trading Commission , to replace the U.S. Department of Agriculture 's Commodity Exchange Authority , as the independent federal agency responsible for regulating the futures trading ...
Here is the problem with foodstuffs being traded in futures. It isn't the volatility that is the issue for the consumer. It is the constant rise of prices that accompanies trading. The onion prices fall back to a mean. The oil prices and some foods continue to march higher with less volatility.