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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 ...
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. [5]
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.
US stock futures gained on Thursday, as investors continued to celebrate a dovish shift by the Federal Reserve that helped propel the Dow to a new all-time closing high.
Futures tied to the benchmark S&P 500 rose 0.3%, while ... You can get TurboTax for 30% off on Amazon today. See all deals. In Other News. Entertainment. Entertainment. Reuters.
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]
Spiking futures prices could mean higher prices at the grocery store, he said. On Walmart’s website, a 52-ounce bottle of Tropicana Original orange juice currently goes for about $4.
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.