Kraft Foods investigated over wheat trading

Kraft Foods Group Inc. is being investigated by the Commodity Futures Trading Commission over trading of December 2011 wheat futures contracts.

The Northfield-based food and beverage company says the trading happened before the split that formed Kraft and Mondelez International, and the business is now owned by Mondelez.

“We and Mondelez International are seeking to resolve this matter prior to any formal action being taken,” Kraft stated in a regulatory filing with the Securities and Exchange Commission.

Kraft Foods Inc. split into two companies in October 2012. Kraft Foods Group kept brands such as Velveeta, Miracle Whip and Oscar Mayer. Mondelez’s brands including Oreo, Cadbury and Nabisco.

Kraft’s profit rises as cost cuts offset sales dip

Kraft Singles to lose artificial preservatives

Oscar Mayer brings in Grandpa Frank to take jabs at deli counters

Mondelez hopes to snack on competition

h/t Bloomberg