Grain Futures Act Law and Legal Definition

Grain Futures Act is a federal statute that provided for the regulation of trading in grain futures. Effective from June 22, 1923, the Act was administered by the Grain Futures Administration, an agency of the U.S. Department of Agriculture. The Grain Futures Act was amended in 1936 by the Commodity Exchange Act and the Grain Futures Administration became the Commodity Exchange Administration, later the Commodity Exchange Authority.