Green Plains files class action suit against ADM alleging Chicago Argo price manipulation

In Illinois, Reuters reports that Green Plains has filed a class action lawsuit against Archer Daniels Midland with the U.S. District Court of Nebraska, saying that the company not only manipulated the price of ethanol at its Argo terminal to increase its profit but that it was done with the knowledge of senior ADM executives. Traders had previously complained about potential price manipulation to S&P Platts who monitors the Chicago Argo ethanol prices. ADM is said to have dumped ethanol 30 minutes before the end of the trading day in order to keep competitors’ fuel out of the market and thereby manipulate futures prices.