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Article: U.S. investigating cheese exchange Agriculture secretary says price manipulation charges stirred agency
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- March 27, 1996
- Author:
CopyrightCopyright 1996 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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U.S. Agriculture Secretary Dan Glickman said Tuesday that his
department is investigating whether cheese prices have been
manipulated on Green Bay's tiny National Cheese Exchange.
Two divisions of the Agriculture Department, the Economic Research
Service and the Agricultural Marketing Service, "are looking at this
right now," Glickman said.
A joint investigation by the University of Wisconsin-Madison and
the state Department of Agriculture, Trade and Consumer Protection
found that Kraft Foods Inc. had driven down wholesale dairy prices
nationwide by selling cheese on the exchange at a loss.
Kraft saved $10 million a year in raw material costs each time the
exchange cheese price dropped a ...