American Ag Movement/Chicago Trade Board At Odds
WASHINGTON, D.C.
American Agriculture Movement
(AAM) President Harvey Joe San
ner, said today, “When Judge
Marovich denied the Chicago
Board of Trade’s (CBOT) motion
to dismiss our lawsuit against the
CBOJ, we the farmers took a tre
mendous step forward. We will
get our day in court.”
Last week a Federal District
Court Judge denied a motion by
the CBOT to dismiss the lawsuit,
and instead ruled that the soybean
growers may proceed with their
claims. The suit alleges that the
Board and its directors issued the
July 11 emergency resolution for
the purpose of driving the price of
soybeans down, thereby creating
huge profits for themselves, their
brokerage houses and certain
major grain merchants.
Sanner says he is amazed at the
CBOT’s ability to spread misin
formation. “I can’t believe that the
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Board would claim- victory now
and be able to convince the press
to publish reports that it won the
recent motion to dismiss. I am
beginning to understand how the
commodities markets are manipu
lated through rumor, false press
releases, and innuendo.”
In a news release on April 26,
the Board of Trade claimed Court
rules in favor of CBOT emergen
cy action. In addition, the court’s
decision affirms that our actions
have been taken in the best interest
of the nation’s markets and not
any isolated market segment.
“This is a lie. The court made no
such finding” says Sanner, “and in
fact, the farmers won the motion
to dismiss.” The Board also told
the press, “The court expressly
stated with respect to the remain
ing counts (three of the original
four) that the Exchange’s argu
ments are persuasive but that a dif
ferent motion will be necessary to
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dispose of those counts.
“This is absolutely a misstate
ment of what the court said” San
ner remarked. “The court stated
that it cannot accept defendants’
(CBOT) version of the facts on a
motion to dismiss. If defendants
(CBOT) can support (their argu
ments) by way of affidavit or
otherwise (proof), this court will
consider those arguments by way
of a motion for summary judg
ment. In particular, the court said
that the Board would have to pre
sent the results of any pre-
Resolution efforts which defen
dants may have undertaken to get
Fenruzzi to voluntarily after its
position in the market The facts
are that Ferruzzi had already
agreed to reduce its position as it
had done with the May contract.
Even the CFTC’s own analyst said
he did not know why the Board
did what it did.”
“We realize that the Board has
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an awesome public relations abili
ty. What disturbs us is that the
press would not even take the time
to read the judge’s opinion and
instead reported a one-sided,
biased, absolutely misleading
story,” Sanner says.
“AAM continues our efforts in
the 1990 Farm Bill to raise com
modity loan rates, index price sup
ports to account for increases in
production costs, and put in place
a program with higher prices for
soybean farmers. We must also
stop the abuse and manipulation in
Poultry
Sponsors
GETTYSBURG (Adams
Co.) The Adams County
Poultry Association voted recently
to provide $2,000 in scholarships
to Penn State University for the
1990-1991 academic year.
Lincaifr Farming, Saturday, May 12,1990-A25
the market place,” Sanner added.
“Until we do, agriculture has no
possible chance of moving toward
better times. For too long Ameri
can fanners have been the victims
of a cheap food policy, low prices
mandated by Congress and com
modity markets controlled by the
grain trade and speculators. AAM
believes enough is enough. We
will not stand silently by and
watch American agriculture be
destroyed and the value of Ameri
ca’s harvest stolen.”
Association
Scholarships
To be eligible, students must
live in Adams Co. and be enrolled
or accepted for enrollment at Penn
State. In addition, students must
have an acceptable scholastic aver
age and be enrolled in either the
College of Agriculture or Human
Development. Students must also
be in need of financial assisranrA
and must have already applied
through the university’s office of
student aid.
Application forms and any addi
tional information can be obtained
from the Adams Co. Extension
Service, 1135 Chambersburg Rd.,
Gettysburg, PA 17325, (717)
334-6271 or from Walter P. Griest,
2710 Mummasburg Rd., Gettys
burg, PA 17325, (717) 677-8646.
All applicants should complete the
forms and return them to Griest no
later than June 30, 1990.
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