The CFTC has fined a meat processing company based in Mexico $35,000 for a violation of the position limits rules. The press release can be found here and the order here. In addition the CME has fined the firm $25,000. The disciplinary notice can be found here.

The fine is levied due to the firm breaking the spot month limit on the live cattle futures contract. The firm held a position of 500 lots short in non hedge contracts for a day on 23rd June 2020 when the limit was 300.

Commissioner Dan Berkowitz has issued this concurring statement which argues that the fine is an insufficient deterrent to future violations, if considering the level of the fine relative to the cost of a contract.