Kraft Foods investigated by regulators over 2011 wheat futures

Kraft Foods Group Inc., the maker of Velveeta cheese and Oscar Mayer hot dogs, is being investigated by the Commodity Futures Trading Commission over trading of December 2011 wheat futures contracts.

The business involved in the trading is now owned by Mondelez International Inc., which separated from Kraft in 2012, according to a regulatory filing today. Kraft said it's cooperating with investigators.

"While the staff has advised us that they are prepared to recommend that the commission consider commencing a formal action, we and Mondelez International are seeking to resolve this matter prior to any formal action being taken," the company said in the filing.

If there are legal penalties, Mondelez will bear most of the costs, Kraft said. The Northfield-based company doesn't expect the matter to have a material effect on its results or operations.