Jump to ContentJump to Main Navigation
The Secret Financial Life of FoodFrom Commodities Markets to Supermarkets$
Users without a subscription are not able to see the full content.

Kara Newman

Print publication date: 2014

Print ISBN-13: 9780231156714

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231156714.001.0001

Show Summary Details

Super Soybeans

Super Soybeans

Chapter:
(p.139) Chapter Ten Super Soybeans
Source:
The Secret Financial Life of Food
Author(s):

Kara Newman

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231156714.003.0010

This chapter charts the history of soybean futures trading. Soybean futures are one of the most active markets in the United States—second in crop production as well as trading volume, both second only behind King Corn—and traded widely on other bourses around the globe. The soybean's by-product, soybean oil, was at the center of the 1960s debacle now known as the Great Salad Oil Swindle, considered by many to be one of the boldest acts of hubris and corruption in recent commodities history. This chapter first looks at how soya beans reached the United States and how soybeans replaced cottonseed as a major crop. It then examines how soybeans became a lauded food item during World War I and how Chicago emerged as the financial center of the soybean universe. It also recalls the Great Salad Oil Swindle and how it happened.

Keywords:   soybean futures, futures trading, soybean oil, Great Salad Oil Swindle, corruption, commodities, soya beans, cottonseed, World War I, how Chicago

Columbia Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us .