The Commodity Futures Trading Commission’s Market Intelligence Branch issued a report analyzing block trades in the grains, oilseeds and livestock markets at the Chicago Mercantile Exchange. The MIB found that block trades in agricultural markets constitute a very small portion of overall volume, but are more prevalent on specific dates and for certain contract months; block trades take place mostly in nearby months; market makers offset their block trades in the central limit order book and all block trades appear to be priced consistent with CME’s fair and reasonable standard. In a separate report, the MIB found after analyzing 2.2 billion transactions from 16 of the most actively traded futures contracts from 2012 through 2017 that neither the frequency or intensity of sharp price movements appears to be consistently increasing over time; sharp price increases appear attributable to volatility, market fundamentals and news and data releases and not the activity of principal trading groups and high-frequency trading; and US commodity futures markets are very efficient.