Wheat trader loses $140 million

CHICAGO, Feb. 28 (UPI) -- A commodities trader in Memphis exceeded his company limits and lost $140 million in short-term trading in the wheat market, it was reported Thursday.

The trader, Evan Dooley, "substantially exceeded" his limits in the wheat market, taking large short-term positions Tuesday that did not pan out, the Financial Times reported.

Dooley exceeded limits on his personal trading account at MF Global, the Times' report said.

Officials of the Chicago-based firm said the broker was fired "effective immediately."

MF Global blamed "a failure in one of the company's retail order systems," but said that none of its clients' funds were affected.

Wheat futures have escalated dramatically in January and February with daily fluctuations jumping up and down as much as 25 percent

Commodities exchanges have had to increase daily price limits just to keep up.