Tyson Foods Inc. was fined $1.5 million by the Commodity Futures Trading Commission for exceeding position limits for soybean meal futures contracts traded on the Chicago Board of Trade (CBOT) and for failing to comply with reporting and recordkeeping obligations regarding its cash positions in grains. The order and settlement, announced Aug. 13, found that on more than 590 dates over a five-year period between January 2016 and January 2021, Tyson held positions in CBOT soybean meal futures in excess of then-applicable federal position limits. Tyson did so without the benefit of a hedge exemption for soybean meal. On those dates, Tyson's positions were, on average, 2,473 contracts (38%) over the then-applicable 6,500-contract limit, and its net long futures positions exceeded the limit by as much as 7,057 contracts.