China’s Largest Food Processor Sued for Alleged Manipulation of Australian Wheat Prices

Published on July 25, 2024

An Australian watchdog has launched civil penalty proceedings against a Chinese Communist Party (CCP)-owned food processing giant accused of meddling in local wheat prices. The Australian Securities and Investments Commission (ASIC) has sued local subsidiaries of the China Oil and Foodstuffs Corporation (COFCO) for alleged price manipulation on 34 occasions. The events were said to have taken place between January and March 2022. The case before the Federal Court against COFCO International Australia Pty Ltd, and COFCO Resources SA, alleges the companies manipulated the price of ASX24 futures for Eastern Australia Wheat in January 2023 (WMF3). ASIC alleges COFCO manipulated contracts, and placed orders shortly before the close of the day session of the commodity trading-focused ASX24, so that it could impact the daily settlement price for the WMF3 contract....

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