Marking their first detailed rebuttal, Kraft Foods (NASDAQ:KRFT) and Mondelez (NASDAQ:MDLZ) have petitioned a judge to dismiss two counts of manipulating grain prices, stating they acted rationally in the face of a "dysfunctional" wheat market.
In April, the U.S. Commodity Futures Trading Commission accused the two of devising a strategy to depress the cash price of wheat, while inflating the price of futures contracts.
Previously: Kraft, Mondelez charged by CFTC with manipulation of wheat futures (Apr. 01 2015)
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