Full opinion text
ORDER MIHM, Chief Judge. This matter is now before the Court on various motions for summary judgment by Defendants. For the reasons set forth below, Cargill’s Motion for Summary Judgment [#630] is GRANTED; A.E. Staley’s (“Staley”) Motion for Summary Judgment [# 632] is GRANTED; American Maize’s Motion for Summary Judgment [# 650] is GRANTED; and Archer Daniels Midland’s (“ADM”) Motion for Summary Judgment [# 652] is GRANTED. BACKGROUND I. The Parties Plaintiffs are a consolidated class consisting of all U.S. purchasers of high fructose corn syrup (“HFCS”) who purchased this product directly from any Defendant at any time during the period from July 21, 1991, through June 30, 1995. Excluded from this class are governmental entities, Defendants, subsidiaries/affiliates of Defendants, other HFCS producers and their subsidiaries/affiliates, and those purchasers who have opted out of the class. Defendants ADM, Cargill, Staley, and American Maize are United States based manufacturers and sellers of HFCS. The HFCS industry in the United States is highly 'concentrated and is an oligopoly. ADM produced HFCS at corn wet milling plants in Clinton and Cedar Rapids, Iowa, and Decatur, Illinois. Cargill’s HFCS plants were located in Cedar Rapids and Eddyville, Iowa, Dayton, Ohio, Memphis, Tennessee, and Blair, Nebraska (after August 1995). Staley produced HFCS at corn wet milling plants in Decatur, Illinois, Lafayette, Indiana, and Loudon, Tennessee. American Maize produced HFCS at plants in Decatur, Alabama, and Dimmitt, Texas. CPC’s HFCS production was done at plants in Argo, Illinois, Winston Salem, North Carolina, Stockton, California, Port Colborne, Ontario, London, Ontario, and Cardinal, Ontario. During the time period relevant to this litigation, ADM, Cargill, Staley, American Maize, and CPC accounted for an average of more than 90% of the production capacity for HFCS in the United States and Canada. II. The Product and Process HFCS is produced from corn and is used as a sweetener in various applications. In the initial milling process, corn is separated into “starch slurry” and corn co-products, which include corn gluten feed, corn gluten meal, and corn oil. Starch slurry can then be used to make a variety of products including HFCS, ethanol, dextrose, crystalline fructose, potable alcohol, industrial starch, and regular corn syrup. To produce HFCS, enzymes are added to the starch slurry to convert it into dextrose syrup. It can be manufactured to have various sweetener characteristics, depending on the percentage of fructose in the blend. HFCS producers manufacture two primary types of the product, HFCS 42, which contains 42% fructose, and HFCS 55, which contains 55% fructose. To create HFCS 42, another enzyme is added to the dextrose syrup; the HFCS 42 can then be blended with syrup containing a higher percentage of fructose to create HFCS 55. Both HFCS 42 and HFCS 55 are commodities in that their characteristics do not change from producer to producer. HFCS 42 is used as a sweetener in products such as soft drinks, canned goods, baking products, condiments, jams, dairy products, and alcoholic beverages and is purchased by a broad range of customers, including food processors, confectioners, bakers, dairy producers, canners, and soft drink manufacturers. HFCS 55 is primarily used in the soft drink industry as a substitute for sugar but is also used in canned goods, fountain syrups, confectionery products, baked goods, dairy products, and alcoholic beverages. Demand for HFCS is inelastic and cyclical because of seasonal changes in demand for products containing HFCS; demand peaks in the summer when sweetened beverage sales rise. There is very little substitutability between corn syrup and HFCS, and the end uses for corn syrup differ from the end uses for HFCS. Although sugar was formerly used by the soft drink industry as a sweetener, the industry has since shifted to HFCS, as functional differences in many applications make HFCS preferable to sugar. III. The Industry Between 1988 and 1995, the industry’s total HFCS output increased by 3.6 billion pounds. ADM increased its shipments by 13%, Cargill increased its shipments by 60%, Staley increased its shipments by 21%, American Maize increased its shipments by 37%, and CPC increased its shipments by 18%. HFCS producers also increased their HFCS finishing capacities; ADM, American Maize, Cargill, CPC, and Staley increased their finishing capacities by 88.9%, 47.9%, 52.4%, 38.7%, and 33.2% respectively. During this same period, there were fluctuating market shares. Cargill’s market share went from 20.8% in 1988 to 26.3% in 1991 to 25.6% in 1994. ADM’s market share went from 30.6% in 1988 to 25.3% in 1991 to 26.6% in 1995. Staley’s market share went from 22.3% in 1988 to 15.6% in 1992 to 19.5% in 1994. Furthermore, capacity increased by more than the increase in demand. Each of the Defendants was a member of the Corn Refiners Association (“CRA”), a trade association for members of the corn refining industry, and each had been a member prior to 1988. The CRA stems from a predecessor organization that was founded in 1913 and has a professional staff of nine persons, including a President, a Vice President, and directors of congressional affairs, communications, and technical affairs. The CRA’s activities are conducted through a Board of Directors and several committees. Between 1988 and 1995, the members of the CRA sent their monthly grind and shipment figures for HFCS and other products (such as corn syrup, starch, and dextrose) to the accounting firm of Ernst & Young (“E & Y”), which was retained by the CRA to gather members’ statistical data. E & Y combined the individual producers’ data and transmitted only the aggregate numbers to the individual producers. Only the independent accountants at E & Y saw individual company data; none of the CRA staff or representatives of the corn refiner members saw individual company data. Monthly shipment information was then provided by the CRA to the U.S. Department of Agriculture and the Federal Reserve. Defendants regularly published list prices for HFCS before, during, and after the alleged conspiracy period. Competitors’ price lists were obtained from customers and industry observers. However, many large customers nevertheless bargained individually with producers on mul-ti-year volume contracts or tolling agreements in order to receive discounts off the published list prices. A tolling agreement is an arrangement where a customer purchases corn and pays the HFCS producer a processing fee to manufacture corn into HFCS, receiving a credit for sale of the coproducts produced during the process; the parties negotiate the processing fee, and the customer assumes the risk of gains or losses associated with fluctuations in corn and co-product prices. Tolling agreements accounted for significant sales during the alleged conspiracy period. Defendants also contend that these large customers changed HFCS suppliers in order to obtain lower prices. Contracts for the purchase of HFCS are typically negotiated in the fall for the following year. IV. The Alleged Conspiracy In 1992, the Federal Bureau of Investigation (“FBI”) began an undercover investigation of price fixing at ADM with the aid of Mark Whitacre (“Whitacre”), who was at that time the president of ADM’s Bio-Products Division, the division which produced lysine. Over the next two and a half years, Whitacre secretly made between 120 and 130 tapes of conversations and meetings in the lysine industry, none of which contained any recording of any employee of Cargill, Staley, CPC, or American Maize. The investigation culminated in an FBI raid on ADM’s headquarters in June 1995. As a result of the investigation, ADM pled guilty to price fixing in the lysine industry, as well as the citric acid industry, and paid $100,000,000.00 in criminal fines; civil cases followed closely on the heels of the criminal proceedings. Additionally, three ADM executives, Michael Andreas (“An-dreas”), Terry Wilson (“Wilson”), and Whitacre, were criminally prosecuted, convicted, and sentenced to prison. With the exception of ADM, none of the other Defendants involved in this case were implicated in either the lysine or citric acid conspiracies, and no indictments were returned with respect to HFCS. The Plaintiff class contends that beginning as early as 1988, Defendants, through their senior executives responsible for corn wet milling products, conspired to unlawfully fix prices in the HFCS industry in violation of § 1 of the Sherman Act. Like the conspiracies identified by the Department of Justice in the lysine and citric acid markets, the HFCS conspiracy was allegedly accomplished by these executives dictating prices to be quoted and charged to purchasers, limiting knowledge to a centralized core group of executives, negotiating inter-company purchases among themselves when required to balance volume discrepancies, attending CRA meetings to facilitate and conceal communications in furtherance of the conspiracy, and using the CRA to transmit information among the co-conspirators. The class also points to the fact that ADM owned 32% of American Maize’s Class A stock and 27% of all outstanding shares, as well as the fact that it was the largest shareholder in Tate & Lyle, PLC, the parent company of Staley since 1988, as circumstances that promoted and furthered the conspiracy. The Plaintiff class argues that throughout the conspiracy period, Defendants’ market shares were essentially stable, and substantial barriers prohibited other competitors from entering the HFCS market. The Plaintiff class identifies certain pricing practices as circumstantial evidence of conspiratorial activity. Price announcements generally occurred within a few weeks after the CRA meetings, which Plaintiffs suggest were used as a cover for Defendants’ secret price fixing conferences. Defendants also appear to have followed each others’ lead with respect to HFCS pricing by offering similar list prices and utilizing the same pricing mechanisms, which shifted uniformly from time to time. Additionally, the Plaintiff class suggests that on several occasions, one or more of the Defendants refused to take advantage of opportunities to acquire the customer of another Defendant. V. This Litigation Following the consolidation of the individual class actions and the transfer of the Gray & Co. tag-along case to this Court, the class,was certified, and a Consolidated Amended Class Action Complaint was filed on March 1, 1996. After years of extensive discovery, two major interlocutory appeals, and a substantial delay pending the release of tapes by the Department of Justice at the conclusion of its criminal grand jury investigations, the remaining Defendants have now moved for summary judgment. Plaintiffs have filed their response, and the Court entertained oral argument on June 21, 2001. The matter is now ready for resolution, and this Order follows. LEGAL STANDARD A motion for summary judgment will be granted where there are no genuine issues of material fact and the moving party is entitled to judgment as a matter of law. Fed.R.Civ.P. 56(c). The moving party has the responsibility of informing the Court of portions of the record or affidavits that demonstrate the absence of a triable issue. Celotex Corp. v. Catrett, 477 U.S. 317, 106 S.Ct. 2548, 2552, 91 L.Ed.2d 265 (1986). The moving party may meet its burden of showing an absence of material facts by demonstrating “that there is an absence of evidence to support the non-moving party’s case.” Id. at 2553. Any doubt as to the existence of a genuine issue for trial is resolved against the moving party. Anderson v. Liberty Lobby, Inc., 477 U.S. 242, 255, 106 S.Ct. 2505, 2513, 91 L.Ed.2d 202 (1986); Cain v. Lane, 857 F.2d 1139, 1142 (7th Cir.1988). If the moving party meets its burden, the non-moving party then has the burden of presenting specific facts to show that there is a genuine issue of material fact. Matsushita Elec. Indus. Co., Ltd. v. Zenith Radio Corp., 475 U.S. 574, 586-87, 106 S.Ct. 1348, 1355-56, 89 L.Ed.2d 538 (1986). Federal Rule of Civil Procedure 56(e) requires the non-moving party to go beyond the pleadings and produce evidence of a genuine issue for trial. Celotex Corp., 106 S.Ct. at 2553. This Court must then determine whether there is a need for trial — whether, in other words, there are any genuine factual issues that properly can be resolved only by a finder of fact because they may be reasonably resolved in favor of either party. Anderson, 106 S.Ct. at 2511. “In determining whether a material factual dispute exists, the court views the evidence through the prism of the controlling legal standard.” Nebraska v. Wyoming, 507 U.S. 584, 113 S.Ct. 1689, 1694, 123 L.Ed.2d 317 (1993). Here, that means the evidence must be viewed through the prism of antitrust law. PRELIMINARY EVIDENTIARY RULINGS In attempting to meet its burden on summary judgment, the Plaintiff class relies on two categories of evidence that are subject to objection; namely, statements derived from DOJ undercover tapes and FBI 302’s (the “DOJ evidence”) and the inferences to be drawn from the invocation of the Fifth Amendment by certain former ADM executives. I. DOJ TAPES A substantial portion of the Plaintiff class’ case is based on evidence derived from the undercover tapes made with the assistance of ADM’s Mark Whitacre. Although these tapes contain extensive evidence of conspiratorial activity in the lysine and citric acid conspiracies, HFCS is mentioned only tangentially in a handful of the hundreds of hours of taped conversations. All of the taped statements were made out of court, and there were no statements by employees or agents of Car-gill, Staley, or American Maize. Defendants argue that since the tapes are out-of-court statements, they constitute inadmissible hearsay. Moreover, since the taped conversations contain no statements by any employees or agents of Cargill, Staley, or American Maize, they cannot be admitted as admissions against the interest of those Defendants. Plaintiffs assert that the tapes are admissible under Rule 404(b) of the Federal Rules of Evidence, which provides for the admission of evidence of a party’s other bad acts when introduced as “proof of motive, opportunity, intent, preparation, plan, knowledge, identity or absence of mistake or accident....” Specifically, Plaintiffs contend that the DOJ tapes are probative of intent to conspire, motive, plan, and lack of mistake. While the Court agrees that the tapes could possibly be probative for these alternative purposes with respect to ADM, the same cannot be said for the remaining Defendants, who did not play any role in the recordings and are not even identified by name in any conversation. In order for the tapes to be admissible against Cargill, Staley, and American Maize, they would have to be admitted as statements of a co-conspirator. Under Rule 801(d)(2)(E), out-of-court statements are not hearsay if they are offered against a party and are statements “by a co-conspirator of a party during the course and in furtherance of the conspiracy.” The Seventh Circuit has identified three elements that must be established by a preponderance of the evidence in order to qualify for admission under 801(d)(2)(E): (1) the existence of a conspiracy; (2) that the person making the statement was involved in the conspiracy; and (3) that the statement was made “during the course and [in] furtherance of the conspiracy.” Stagman v. Ryan, 176 F.3d 986, 997 (7th Cir.1999), citing Garlington v. O’Leary, 879 F.2d 277, 280 (7th Cir.1989). As set forth below, the Court finds that Plaintiffs have failed to adequately demonstrate the existence of the HFCS conspiracy alleged, much less- the participation of any of the taped individuals in a HFCS conspiracy. Moreover, even assuming that a conspiracy had been adequately proven by a preponderance of the evidence, the nature of the conversations recorded cannot reasonably be said to have been statements made in furtherance of the conspiracy, as the conversations relate primarily to either lysine or citric acid and reference HFCS only in a sparse, tangential, and ambiguous manner. There is nothing contained in the tapes offered as evidence in this case which could reasonably be construed as “part of the information flow between conspirators intended to help each perform his role.” Garlington, 879 F.2d at 283; United States v. Godinez, 110 F.3d 448 (7th Cir.1997). Accordingly, the Court finds that the evidence contained in the DOJ tapes is inadmissible against Car-gill, Staley, and American Maize. The Court now turns to the question of whether this evidence is admissible against ADM. Unlike the situation with the other Defendants, the DOJ tapes contain statements by ADM’s employees and agents that implicate them in other antitrust conspiracies. When evaluating the admissibility of other acts under Rule 404(b), this court uses a four-prong test that incorporates the relevancy aspect of Rule 403:(1) the evidence of the other act must address a matter in issue other than the defendant’s propensity to commit the crime charged; (2) the other act must be similar enough and close enough in time to be relevant to the matter in issue; (3) the evidence of the other act must be sufficient for the jury to find that the defendant committed the other act; and (4) the other act must have probative value that is not substantially outweighed by the danger of unfair prejudice. United States v. Poole, 207 F.3d 893, 897 (7th Cir.2000). Here, the Court has already acknowledged that the tapes could address matters other than ADM’s propensity to violate the antitrust laws; namely, intent, motive, plan, and absence of mistake. The questions of whether the other act is similar enough to be relevant and whether any probative value is substantially outweighed by the danger of unfair prejudice are much closer questions, as the record reveals substantial differences between the way the lysine and citric acid conspiracies operated and the facts with respect to what happened in the HFCS industry. Unlike the lysine and citric acid conspiracies, there is no direct evidence of wrongdoing in the record before the Court, and although the HFCS market was the alleged model for the other two conspiracies, the circumstantial evidence does not readily conform to the asserted pattern. In the lysine and citric acid conspiracies, ADM has admitted to having conspired with foreign companies; the HFCS conspiracy alleged involves only United States based manufacturers. In the other conspiracies, trade associations were used as a cover for illegal meetings, with the sham trade association in the lysine industry even having been created expressly for that purpose. The lysine and citric acid conspirators used the same mechanisms for monitoring market share and compensating one another for exceeding the agreed-on shares. Monthly sales figures were forwarded to one of the conspirators, who then forwarded each member’s information to the other conspirators so that each could monitor the market shares of the other conspirators and determine what corrective action needed to be taken at the end of the year. There was no such mechanism in the HFCS industry. The other conspiracies also had very precise specifications and mechanisms in place to balance any discrepancies between the agreed-upon volumes and actual volumes which are not present in this case. On the other hand, some of the same ADM individuals who were involved in those cases are also alleged to have been involved in this case; namely, Andreas and Wilson. The conduct occurred at roughly the same time as the conspiracy alleged in this case and involved similar allegations of price fixing and volume allocation. Where evidence is admitted to show knowledge, intent, motive, or plan, “the prior acts need not be duplicates of the one for which the defendant[s are] now being tried;” the similarity requirement is met when prior acts share common characteristics that relate to the purpose for which the evidence is offered. United States v. Long, 86 F.3d 81, 84-85 (7th Cir.1996). Although there are substantial differences between the conduct alleged in the lysine and citric acid cases and the facts of record in this case, the Court nevertheless finds by the barest of margins that the other acts evidence is sufficiently similar to have some relevance under the second prong of the test set forth in Poole. That being said, the 404(b) evidence must still have probative value that is not outweighed by the danger of unfair prejudice. Such evidence has been found to be unfairly prejudicial where the admission of the evidence “invokes horror or emotional responses” or “makes it likely that the jury will be induced to decide the case on an improper basis, commonly an emotional one, rather than on the evidence presented _” United States v. Adames, 56 F.3d 737, 742 (7th Cir.1995); Young v. Rabideau, 821 F.2d 373, 377 (7th Cir.1987). While all bad acts evidence is to some degree prejudicial, and there is some danger that this evidence could be considered as demonstrating ADM’s propensity to fix prices and the probative value of such evidence is far from compelling, the Court cannot find that the danger of unfair prejudice outweighs the probative value and declines to impose the blanket exclusion sought by ADM. II. FBI 302’s Defendants move to exclude as hearsay the report forms on which the FBI agents have summarized statements made by witnesses during the course of the investigation, specifically summaries of interviews with Whitacre while he was cooperating with the investigation of ADM. In their brief, Plaintiffs only appear to seek the admission of one FBI 302 report that purports to document a statement given by Whitacre on September 28, 1993, which relates a conversation he participated in earlier that day. The FBI 302 reports are clearly hearsay under Rule 801 of the Federal Rules of Evidence since they are out-of-court assertions and, contrary to Plaintiffs’ argument, are in fact being offered for the truth of the matter asserted; the question is whether there is any applicable exception. Plaintiffs argue that the report is admissible as a present sense impression, which provides an exception for statements “describing or explaining an event or condition made while the declarant was perceiving the event or condition, or immediately thereafter.” Fed.R.Evid. 803(1). While this may provide an exception for Whit-acre’s same-day relation of the conversation that he participated in on September 28, 1993, the report is actually triple hearsay, as it represents an agent’s documentation of the statement by Whitacre recounting a comment that was purportedly made by Andreas. In instances of multiple hearsay, the proponent must provide an exception for every link in the hearsay chain. Plaintiffs make reference to Andreas’ alleged statement as an admission against interest. Assuming that Plaintiffs’ proffered version of the Andreas comment is correct and that the original Andreas comment itself could qualify as an admission against interest, the final link (that is, the actual preparation of the written report some period of time later by the FBI agent) remains unsatisfied. It is worth noting that the 302 report is just that — a report, not an affidavit or a deposition. As Plaintiffs have failed to offer an exception for the last link in this hearsay chain, the report in question is inadmissible and will not be considered for purposes of this motion. III. FIFTH AMENDMENT INFERENCES Plaintiffs argue that they are entitled to adverse inferences because Andre-as, Wilson, and Barrie Cox (“Cox”), ADM’s Vice President of its Food Additives Division, have invoked their Fifth Amendment rights and refused to answer questions during their depositions on advice of counsel. Generally, invoking the Fifth Amendment in a civil context permits an inference that the witness’ testimony would be adverse to his interests. Central States, Southeast and Southwest Areas Pension Fund v. Wintz Properties, 155 F.3d 868, 872 (7th Cir.1998), citing Baxter v. Palmigiano, 425 U.S. 308, 318, 96 S.Ct. 1551, 47 L.Ed.2d 810 (1976). Such an inference may be drawn but does not necessarily need to be drawn. Daniels v. Pipefitters’ Association Local Union No. 597, 983 F.2d 800, 802 (7th Cir.1993). Factors to consider include the nature of the relevant relationships, the degree of control of the party over the non-party witness, the compatibility of the interests of the party and non-party witness in the outcome of the litigation, and the role of the non-party witness in the litigation. LiButti v. United States, 107 F.3d 110, 123-24 (2d Cir.1997). Here, Plaintiffs argue that they are entitled to adverse inferences against all Defendants because three former employees of one corporate Defendant refused to answer substantive questions during their depositions; no employees of Cargill, CPC, American Maize, or Staley invoked the Fifth Amendment in their depositions. Although they are correct in the assertion that a non-party witness’ invocation of the right not to testify is admissible and may result in the drawing of an adverse inference under certain appropriate circumstances, the Court finds that this case does not present such appropriate circumstances. During their depositions, Andreas, Wilson, and Cox repeatedly invoked their Fifth Amendment right against self-incrimination for every question asked. “Once a [witness] invokes the Fifth Amendment for any question, it is [his] right to invoke it for all questions.” In re Citric Acid Litigation, 996 F.Supp. 951, 961 (N.D.Cal.1998). Under these circumstances, it is “impossible to draw a negative inference from his refusal to answer any given question, as it would be if his assertion of the privilege had been selective.” Ullman-Briggs, Inc. v. Salon/Maxim Housewares, Inc., 1996 WL 535083, at *17 (N.D.Ill.1996), citing Brinks, Inc. v. City of New York, 717 F.2d 700, 716 (2nd Cir.1983). In reaching this conclusion in Ullman Briggs, the court noted: Once it became apparent to [the] questioner that he would invoke the fifth amendment privilege with respect to any question whatsoever, counsel would then be able to fashion questions in such a way as to be able to create the most damaging testimony through negative inference, “safe from any contradiction by the witness no matter what the actual facts.” Ullman-Briggs, 1996 WL 535083, at *17. That is precisely what would occur in this case if Plaintiffs were allowed to draw the inferences requested. Many of the questions were phrased in such a way that they could not be answered without subjecting the witnesses to the potential of further criminal liability. As such, the only trustworthy inference that can be drawn from these witnesses’ invocation of their right to remain silent in response to these questions, is that they were refusing to address whether they engaged in the conduct alleged in each question, particularly in light of the absence of other evidence in the record confirming Plaintiffs’ conspiracy theory as set forth more fully below. Moreover, Plaintiffs want to assert these adverse inferences against not only the former corporate employer of these witnesses but also against the other named Defendants, which were completely separate corporate entities with no relationship to or control over these witnesses. The Court is unaware of any authority suggesting that this drastic extension of the concept would be appropriate, and Plaintiffs have not otherwise cited any precedent to this effect. Under the circumstances and evidence present in this case, the Court concludes that no trustworthy inference of conspiratorial conduct can fairly be drawn from the depositions of Andreas, Wilson, and Cox without resorting to bald speculation or conjecture. See LiButti, 107 F.3d at 124 (“finding that the overarching concern is fundamentally whether the adverse inference is trustworthy under all of the circumstances and will advance the search for the truth.”) DISCUSSION Section 1 of the Sherman Act prohibits “conspiracy in restraint of trade or commerce.” 15 U.S.C. § 1. A civil plaintiff asserting a Section 1 claim must establish: “(1) a contract, combination, or conspiracy; (2) a resultant unreasonable restraint of trade in the relevant market; and (3) an accompanying injury.” Denny’s Marina, Inc. v. Renfro Productions, Inc., 8 F.3d 1217, 1220 (7th Cir.1993). The Plaintiff class can establish a genuine issue of material fact by producing either direct evidence that Defendants conspired to fix prices in the HFCS industry or circumstantial evidence from which a reasonable fact finder could conclude that Defendants conspired. Direct evidence in this context is “evidence that is explicit and requires no inferences to establish the proposition or conclusion being asserted.” In re Baby Food Antitrust Litigation, 166 F.3d 112, 118 (3rd Cir.1999). Plaintiffs set forth in their brief six examples of purportedly direct evidence: (1) an April 28, 1993 statement by Terry Wilson that, for secrecy, ADM should minimize the number of expense reports created and should not show the true nature of the meeting or the people involved; (2) a September 23, 1993, statement by Michael “Mick” Andreas to the effect of, “What are you gonna tell K'eough, that we gotta deal with two, our two biggest competitors to f — -ya over”; (3) a March 1992 statement by Staley’s plant director of operations that, “We have an understanding within the industry not to undercut each others’ prices”; (4) a statement by a Staley salesman that Sta-ley could not quote a price because his boss was at an industry meeting and the pricing would not be determined until after his boss returned from that meeting; (5) a statement by Mick Andreas in October 1993 that a then director of Staley’s parent company had made a statement to a member of the lysine conspiracy that “every business I’m in is an organization”; and (6) a handwritten Cargill document stating, “entry of new entrants (barriers) and will they play by the rules (discipline).” Plaintiffs apparently saw the weakness of their assertion that any of these constitutes direct evidence and effectively abandoned any such position during the oral argument in this case. This was a wise decision, as the Court .has reviewed the examples of supposed direct evidence and finds that each of the six examples purportedly indicating that Defendants participated in a HFCS price fixing conspiracy would also require that a substantial inference be drawn in order to have evidentiary significance. Accordingly, the Plaintiff class must attempt to make its proof through circumstantial evidence. In Matsushita Electrical Industrial Co. v. Zenith Radio Corporation, the Supreme Court set forth an antitrust plaintiffs burden in resisting a summary judgment motion. 475 U.S. 574, 106 S.Ct. 1348, 89 L.Ed.2d 538 (1986). Although the Court must generally draw any reasonable inferences from underlying facts in the light most favorable to the non-moving party, “antitrust law limits the range of permissible inferences from ambiguous evidence in a § 1 case” in that “conduct as consistent with permissible competition as with illegal conspiracy does not, standing alone, support an inference of antitrust conspiracy.” Id. at 587-88, 106 S.Ct. 1348. In order to survive a motion for summary judgment, a plaintiff must “present evidence ‘that tends to exclude the possibility’ that the alleged conspirators acted independently.” Id. at 588, 106 S.Ct. 1348. In other words, a plaintiff relying on circumstantial evidence “must show that the inference of conspiracy is reasonable in light of the competing inference of independent action.” Serfecz v. Jewel Food Stores, 67 F.3d 591, 599 (7th Cir.1995), citing Matsushita, 475 U.S. at 588, 106 S.Ct. 1348. The Seventh Circuit subsequently elaborated on the teachings of Matsushita and developed a three-part methodology for addressing antitrust conspiracy claims on summary judgment. We first review the evidence of conspiracy submitted by the plaintiff. Next, we examine whether the defendants have offered evidence that tends to show that the conduct which forms the basis of the plaintiffs complaint is as compatible with the legitimate business activities of the defendant as it is with illegal conspiracy. Finally, if we determine that this analysis leaves the evidence of the conspiracy ambiguous, we determine whether the plaintiff can point to any evidence that tends to exclude the possibility that the defendants were pursuing their legitimate independent interests. Serfecz, 67 F.3d at 599, citing Market Force, Inc. v. Wauwatosa Realty Co., 906 F.2d 1167, 1171-72 (7th Cir.1990). In 1999, the Seventh Circuit essentially reaffirmed this standard in In re Brand Name Prescription Drugs Antitrust Litigation, 186 F.3d 781, 787 (7th Cir.1999), in which the court acknowledged that in a circumstantial evidence case, it was ultimately necessary for the plaintiff “to present economic evidence that would show that the hypothesis of collusive action was more plausible than that of individual action.” Plaintiffs contend that the test set forth in Serfecz is no longer applicable, citing to Eastman Kodak Company v. Image Technical Services, Inc., 504 U.S. 451, 112 S.Ct. 2072, 119 L.Ed.2d 265 (1992). However, Eastman Kodak does not directly address the standard articulated in Serfecz, and the Serfecz case, which was decided three years after Eastman Kodak, is binding on this Court unless otherwise overruled or vacated. In support of the assertion that the Serfecz standard has been vacated, Plaintiffs cite to two more recent Seventh Circuit cases, JTC Petroleum Company v. Piasa Motor Fuels, Inc., 190 F.3d 775 (7th Cir.1999), and Toys “R” Us, Inc. v. Federal Trade Commission, 221 F.3d 928 (7th Cir.2000). In JTC, the plaintiff sued road contractor applicators and producers of emulsified asphalt in southern Illinois, alleging violations of Sections 1 and 2 of the Sherman Act in the road repair business. 190 F.3d at 776. When construing the record in the light most favorable to the plaintiff, the court found that the plaintiff had presented both direct and circumstantial evidence that the road contractor applicators had agreed not to compete with one another in bidding local government contracts and also that the asphalt producers had agreed among themselves not to compete to survive summary judgment. Id. at 777. The Seventh Circuit noted that conflicts with respect to disputed evidence must await resolution at trial but did not appear to find the evidence of conspiracy to be ambiguous or otherwise attempt to provide guidance with respect to what inferences could permissibly be drawn. Id. at 778-79. Thus, it would not appear that the decision in JTC is inconsistent with the standard articulated in Serfecz, and in fact, the opinion in JTC expressly cites and relies on Market Force, which forms the. basis for the standard in Serfecz. Toys “R” Us was in an entirely different posture from the present situation. The Federal Trade Commission (“FTC”) conductéd an antitrust investigation into an alleged boycott in the retail toy market and found both vertical and horizontal restraints on trade; the case was presented on appeal from the FTC’s administrative decision and remedy. Toys “R” Us, 221 F.3d at 930. The Seventh Circuit again cited to Matsushita for the proposition that an antitrust plaintiff relying on 'circumstantial evidence must show some evidence that “ ‘tends to exclude the possibility1 that the alleged conspirators acted independently” or “which, if believed, would support a finding of concerted behavior.” Id. at 934-35. As the FTC was able to present direct evidence, and the court’s function on appeal was to review the administrative record under a substantial evidence standard, there was no detailed discussion of what inferences may permissibly be drawn from the facts or how to handle ambiguous evidence. Id. Accordingly, the Court finds that this case adds little weight in support of the Plaintiff class’ suggestion that Serfecz and Market Force are no longer good law in this circuit. JTC and Toys “R” Us both involved cases that were at least in part based on direct evidence, which is a significant distinction from the purely circumstantial case now before the Court. It was therefore unnecessary for the court to address the questions of permissible inferences and ambiguous evidencé. In fact, the analysis in both of these cases arguably ended after the second step of the Serfecz/Market Force analysis with a finding that the evidence of conspiracy was not ambiguous, which would make JTC and Toys “R” Us consistent with prior law in the circuit. As such, the Court finds it unlikely that the Seventh Circuit would have used these eases as a vehicle to vacate or overrule sub silentio its prior detailed decisions with respect to how a district court should address purely circumstantial evidence of antitrust conspiracy on summary judgment. This interpretation is also consistent with the law in other circuits. For example, in addressing the citric acid conspiracy, the Ninth Circuit outlined a two-part test. In re Citric Acid Litigation, 191 F.3d 1090, 1094 (9th Cir.1999). First, the defendant can “rebut an allegation of conspiracy by showing a plausible and justifiable reason for its conduct that is consistent with proper business practice.” The burden then shifts back to the plaintiff to provide specific evidence tending to show that the defendant was not engaging in permissible competitive behavior. Id. Although the Ninth Circuit phrased its test somewhat differently from the Seventh Circuit’s statement in Serfecz, the difference is one without substance, as the essence of the standard is the same as that articulated in Serfecz and Market Force. See also, In re Baby Food Antitrust Litigation, 166 F.3d at 121-23; Blomkest Fertilizer, Inc. v. Potash Corporation of Saskatchewan, 203 F.3d 1028, 1032-33 (8th Cir.2000); City of Tuscaloosa v. Harcros Chemicals, Inc., 158 F.3d 548, 569-71 (11th Cir.1998). The Plaintiff class has described the alleged conspiracy as involving the following conduct: [R]each agreements to fix prices and allocate volumes at meetings held under the cover of an industry trade association and monitor and enforce the agreements through monthly reporting of sales so that companies getting out of line can adjust as they go along and, if necessary, be compensated at the end of the year through inter-defendant purchases. (Class Plaintiffs’ Corrected Consolidated Opposition at 77.) They note that these same fundamental elements also characterize the lysine and citric acid conspiracies and that the HFCS conspiracy was used as an example in structuring the lysine agreement. Id. In attempting to meet their burden of proof, the Plaintiff class relies on both conduct and economic evidence. Although some of the record may be discussed piecemeal, the Court is nevertheless mindful of its obligation to weigh the evidence as a whole in that “plaintiffs should be given the full benefit of their proof without tightly compartmentalizing the various factual components and wiping the slate clean after scrutiny of each.” Continental Ore Company v. Union Carbide and Carbon Corp., 370 U.S. 690, 699, 82 S.Ct. 1404, 8 L.Ed.2d 777 (1962). I. CONDUCT EVIDENCE There are numerous examples of purported conduct evidence identified by Plaintiffs. In March 1988, ADM announced that HFCS 42 would be priced at 90% of HFCS 55 prices (the “90% rule”), and all other Defendants quickly followed suit. In September 1988, Defendants publicly announced that they would price HFCS on a quarterly basis rather than through annual supply contracts; moreover, executives at ADM and Staley made statements prior to that announcement that Plaintiffs suggest indicate an awareness that the shift to quarterly pricing would, in fact, occur. Various high-level executives from each of the Defendant companies regularly attended meetings of the CRA, at which Plaintiffs assert that price fixing must have been discussed. These same executives had other opportunities for communication in furtherance of the conspiracy, such as phone calls and social dinners. Beginning in December 1988 and continuing through the alleged conspiracy period, Defendants regularly announced list prices that were nearly identical to each other. In 1990, Cargill’s share of the market increased, while ADM’s and Staley’s shares decreased; that same year, Cargill bought HFCS from ADM and Staley, which Plaintiffs suggest was to make amends for its increased market share. In 1991, Cargill again increased its share of the market, while ADM’s share went down, and Cargill purchased additional HFCS from ADM between March and June of that year. In June 1991, Pepsi chose not to buy HFCS 55 from ADM; when Pepsi then tried to increase its supply from other producers, Staley refused to increase its sales to Pepsi despite excess capacity. In the fall of 1991, Pepsi asked Staley to reduce its prices for HFCS 55, and after failed negotiations, Staley refused to sell to Pepsi at all in 1992. ADM then purchased HFCS from Staley in 1992 and 1993 and contributed money toward the building of a starch slurry pipeline between the Staley and ADM headquarters, both of which are located in Decatur, Illinois, which Plaintiffs suggest were compensation for Staley’s loss of the Pepsi business. In 1995, Staley increased its market share and made purchases from ADM and Cargill to “balance the deal.” A growing spread between list prices and the actual transaction prices between 1989 and 1993 purportedly evidences “cheating” from the agreed-to prices by the conspirators. Plaintiffs then point to rebates that ADM and Cargill issued to some of their customers separate from their normal invoices as evidence of further “cheating” by ADM and Cargill. In October 1993, Cargill announced that it would again offer annual pricing for HFCS, and the other Defendants followed suit shortly thereafter. Following a CRA meeting in November 1993, Defendants issued announcements withdrawing annual pricing and reinstating the quarterly pricing. In 1994, price levels continued to increase, which Defendants attribute to the 1993 flood in the midwest. Plaintiffs argue that the price increase is actually indicative of a conspiratorial intent to increase margins, as there were few deviations from list price and no producer responded to a request from Pepsi to obtain more volume in return for lower prices. Cargill also refused to quote prices for increased volume to Coca Cola and declined business from Heilem-ann. The Plaintiff class then points to statements by lower-level employees at ADM, Staley, Cargill, and American Maize that they were frustrated at not being able to effectively pursue new customers, as well as the perceptions of buyers in the industry that the suppliers were uniformly unwilling to reduce prices in exchange for increased volumes. Finally, Plaintiffs point to what they deem to be barriers to entry into the market. In 1993 and 1994, Minnesota Corn Processors (“MCP”) and Pro-Gold entered the HFCS market. ADM, Staley, CPC, and Cargill each tried to dissuade MCP from producing HFCS or entering into a joint venture agreement for its production/ distribution. Similarly, ADM and Cargill made efforts to discourage Pro-Gold. Each category of the purported conduct evidence will be addressed in turn. A. Parallel Pricing Decisions Plaintiffs cite to the 90% rule, the shift to quarterly pricing, the announcement of a return to annual pricing followed shortly thereafter by the recission of annual pricing, the regular announcement of list prices that were nearly identical to each other, and the circulation of price lists as evidence of collusive pricing. Defendants respond that the identified instances of pricing implicate only list prices, which were paid by a handful of small customers, while the majority of sales were actually made pursuant to individually-negotiated tolling agreements. 1. 90% Rule In 1987 and 1988, HFCS 42 list prices were less than 90% of HFCS 55 list prices and were decreasing relative to the HFCS 55 prices. On March 16, 1988, ADM announced that HFCS 42 would be priced at 90% of HFCS 55 prices. This announcement was then followed by similar announcements from CPC, American Maize, Cargill, and Staley on March 21, 1988, March 25, 1988, May 1988, and May 2, 1988, respectively. Plaintiffs point to acknowledgments by Robert Heard (“Heard”), ADM’s Vice President of Sales and Marketing, and John Doxie (“Doxie”), Staley’s Vice President of Sweetener Sales and Logistics, that if one of the HFCS producers had refused to adopt this pricing mechanism, then the rule could not have been implemented; they also note the statement by William Ducey (“Ducey”), Director of Sales for Maize Sweetener Group, that the 90% rule became an industry formula. However, these statements amount to nothing more than candid observations of the realities of an oligopolistic market and add nothing to Plaintiffs’ side of the scale. Plaintiffs then cite ADM Exhibit 825 as support for their contention that these pricing practices are evidence of collusion. This document is a June 1988 “Authorization for Expenditure” prepared by an ADM engineer seeking authorization for funds to debottleneck ADM’s refinery in order to increase HFCS 42 capacity while still operating the HFCS 55 portion of the plant at full capacity “to keep pace with fructose industry growth.” (Defendants’ Joint Appendix, Ex. 60.) The document then states that, “[i]t is anticipated that the current practice of pricing [HF] CS 42 on an annual basis will not be offered in 1989 and [HF] CS 42 margins will realistically be equal to those realized on [HF] CS 55.” Id. Defendants note that this document cannot reasonably be interpreted as indicating the certainty of future action that Plaintiffs suggest, particularly as the document was not prepared until nearly a month after Defendants had already published list price announcements showing the 90% ratio. Even when construed in the light most favorable to the Plaintiff class, the Court finds that the “Authorization for Expenditure” reveals nothing more than an anticipation of ADM’s pricing decisions. It does not even mention an industry trend or any other producer, let alone suggest an agreement among the producers. Plaintiffs then argue that the shift to 90% pricing for HFCS 42 made no economic sense because once ADM announced its increased pricing, the other producers could have undercut that price to gain additional HFCS 42 sales. However, Heard testified in his deposition that ADM shifted to the 90% ratio because HFCS 42 prices had dropped significantly below HFCS 55 prices, and some customers were beginning to switch to the less costly variety; ADM adopted the 90% rule to equalize its margins between the two products. (Heard Dep. at 149.) Staley and Cargill considered 90% to represent a fair estimate of the perceived relative sweetener levels. (Doxsie Dep. at 84; Cotter Dep. at 207-09.) William Ducey, American Maize’s Director of Sales for its sweetener group, and Frederic Ash, its Vice President of Marketing and Sales, both stated that American Maize then simply followed the market. (Ducey Dep. at 76-77; Ash Dep. at 20.) While Plaintiffs take issue with the technical accuracy of the various explanations offered by the Defendants for adopting the 90% rule, there is no evidence of communications regarding the move to a 90% ratio among the producers or any other evidence suggesting anything other than follow-the-leader pricing, let alone evidence tending to exclude the possibility that the Defendants were pursuing their legitimate, independent interests by raising the price of HFCS 42 rather than lowering the price of HFCS 55 to equalize margins and maximize profits. The conduct identified by Plaintiffs in and of itself is simply an illustration of a follow-the-leader effort to maximize profit margins on HFCS 42, and there is nothing illegal about a seller’s conscious choice to maximize profit margins on a product rather than dropping its prices to sell more volume. See In re Potash Antitrust Litigation, 954 F.Supp. 1334, 1363 (D.Minn.1997), aff'd, 203 F.3d 1028 (8th Cir.2000) (rejecting as “unfounded supposition” the suggestion that low cost producers could not rationally decide to sacrifice an opportunity to gain market share in favor of receiving higher product prices.) 2. Quarterly Pricing Similarly, Plaintiffs have seized upon the shift to quarterly pricing, which proceeded along a similar pattern with ADM announcing its intent to price on a quarterly rather than annual basis and the other producers following suit thereafter, as evidence of collusion. They note the fact that customers opposed quarterly pricing, preferring the certainty of annual pricing, and that all producers had to make the shift in order for it to be successful, compelling the inference that the shift was the result of collusion. Plaintiffs refer to the fact that there was a CRA meeting on June 7-8,1988, and ask the Court to draw the inference that this was a cover for Defendants to reach an agreement to implement quarterly pricing. Similarly, the Plaintiff class argues that price fixing must have been discussed on June 19, 1988, when ADM’s Terry Wilson and American Maize’s Patrie McLaughlin met for cocktails and/or dinner in Chicago, Illinois, and in June or July 1988, when ADM’s Mick and Dwayne Andreas had dinner with Staley’s Larry Cunningham at the Decatur Country Club. However, there is not one iota of evidence to confirm the bald speculation that an agreement was reached or even discussed on any of these occasions, and it is well established that mere opportunities to conspire are insufficient to support an inference of conspiracy, as they “do not tend to exclude the possibility of legitimate activity.” In re Citric Acid, 191 F.3d at 1103; In re Baby Food Antitrust Litigation, 166 F.3d at 126 (finding that “communications between competitors do not permit an inference of an agreement to fix prices unless ‘those communications rise to the level of an agreement, tacit or otherwise’ ”); Blomkest, 203 F.3d at 1033-34. An October 1988 speech by Staley’s Doxie is cited for the statement that he “expect[ed] HFCS to be offered for sale in 1989 on a quarterly basis at price levels that average well above 1988 levels.” Plaintiffs then point to the portion of ADM Exhibit 325 which states, “It is anticipated that the current practice- of pricing [HF] CS 42 on an annual basis will not be offered in 1989.” They also note an August 17, 1988, draft operating plan for Staley which contained the comment, “We will announce and support efforts to limit corn syrup, 42% HFCS and 55% HFCS pricing to a quarterly basis.” As the Court previously concluded with respect to the 90% rule, the statement in ADM Exhibit 325 reasonably reflects nothing more than an anticipation of ADM’s pricing decisions. The same is true of Doxie’s prediction of Staley pricing in his October 1988 speech, as well as the Staley operating plan, which is Staley’s own internal policy and makes no reference to any other producer or industry policy. In direct contrast to Plaintiffs’ suggestion that Defendants switched to quarterly pricing as part of the conspiracy in late 1988, Defendants have offered uncontra-dicted evidence indicating that HFCS 55 was already being priced on a quarterly basis prior to the alleged conspiracy period. Specifically, they offer the following testimony: (1) Norbert Cremers, ADM’s Vice President for Sweeteners, stated that ADM had used quarterly pricing long before and returned to that practice in the late '80s (Cremers Dep. at 127); (2) Gary Jordan, then Coca-Cola’s Director of Purchasing, testified that he recalled quarterly price negotiations for HFCS during his employment in the early '80s (Jordan Dep. at 38); and (3) Clint Cutsforth of CPG and Wis-Pak recalled both annual and quarterly pricing mechanisms during his employment from the early '80s through 1990 (Cutsforth Dep. at 124). In fact, the use of quarterly pricing in the HFCS industry was recognized in a finding of fact in a 1991 court opinion involving ADM. United States v. Archer-Daniels Midland Co., 781 F.Supp. 1400, 1419 (S.D.Iowa 1991). Such a practice would also have been in the producers’ self-interest, as pricing over a shorter period of time lessens the seller’s exposure to increases in the price of corn and offers the opportunity to hedge against fluctuations in corn price. Plaintiffs also fail to adequately refute Defendants’ evidence demonstrating that despite the general switch to quarterly pricing, many individual purchasers nevertheless negotiated agreements for the purchase of HFCS priced on an annual or multi-year basis via tolling agreements or other contracts. Additionally, Plaintiffs suggest that collusion is evident from the fact that Defendants announced in late October and early November 1993 that they would again formally offer annual pricing but rescinded their offers of annual pricing shortly after a November 12, 1993, CRA meeting. Again, the mere opportunity to conspire, without more, is insufficient to support an inference of conspiracy. Plaintiffs have offered no evidence indicating that pricing mechanisms were discussed at this meeting and fail to rebut Defendants’ assertion that the rescission was due to a November 9, 1993, USDA report predicting the smallest corn harvest since the 1988 drought and the fact that the price of corn futures rose so precipitously on November 10, 1993, that the market’s upper trading limits were triggered. In light of an uncertain corn harvest, it would have been in each Defendant’s unilateral self-interest to minimize its exposure and risk by committing only to quarterly pricing contracts. 3. Substantially Similar List Prices In this case, it is undisputed that Defendants’ price lists often contained similar or sometimes identical prices. Plaintiffs offer this as evidence of a conspiracy to fix prices. Defendants respond that Plaintiffs’ reliance on list prices is misplaced because it ignores the realities of the HFCS industry, where large customers generally bargain individually with producers to receive discounts off list price and often enter into multi-year contracts or tolling agreements. Representatives from Heinz and Ocean Spray testified that they have never paid list price for HFCS, while a representative from Pepsi stated that list prices were not part of his purchasing discussions with the producers. (James McDonough Dep. at 73; William Johnson Dep. at 22; Nicholas Guarino Dep. at 86.) Defendants have also submitted graphic evidence demonstrating that actual transaction prices for both HFCS 42 and HFCS 55 were widely varied throughout the alleged conspiracy period. (Defendants’ Joint Appendix, Tab 115.) Moreover, in a highly oligopolistic industry, the issuance of identical price lists is not sufficient to establish collusion. Hon. Richard A. Posner, Oligopoly and the Antitrust Laws: A Suggested Approach, 21 Stan-foRD Law Review 1562, 1581-82 (1969). The fact that a standard product is priced according to a standard formula does not indicate that a conspiracy exists; one manufacturer could have implemented the pricing systems, and its competitors could have decided independently to adopt it. Reserve Supply Corp. v. Owens-Corning Fiberglas Carp., 971 F.2d 37, 53 (7th Cir.1992), citing Market Force, 906 F.2d at 1172; United States v. Phelps Dodge Industries, Inc., 589 F.Supp. 1340, 1349 (S.D.N.Y.1984). 4. Circulation of Price Lists Plaintiffs contend that the industry practice of publishing price lists in advance of their effective dates “insure[d] that each [producer] understood the prices the other manufacturers were using.” Defendants respond that the announced price lists have no real relevance because the majority of purchasers did not pay list prices and that such prices could not be used to monitor pricing practices, as the abundant use of discounts, tolling agreements, and multi-year contracts renders list prices non-reflective of actual transaction prices. Defendants also note, without contradiction, that the publication of advance price lists and adoption of another competitor’s announced pricing was common both before and after the period in which a conspiracy is alleged to have occurred. The Supreme Court has consistently noted that “the dissemination of price information is not itself a per se violation of the Sherman Act.” United States v. Citizens and Southern National Bank, 422 U.S. 86, 113, 95 S.Ct. 2099, 45 L.Ed.2d 41 (1975), citing Maple Flooring Manufacturers’ Association v. United States, 268 U.S. 563, 45 S.Ct. 578, 69 L.Ed. 1093 (1925); United States v. Container Corporation of America, 393 U.S. 333, 338, 89 S.Ct. 510, 21 L.Ed.2d 526 (1969). This circuit has further held that “the industry practice of maintaining price lists and announcing price increases in advance does not necessarily lead to an inference of price fixing.” Reserve Supply, 971 F.2d at 53, citing Market Force, 906 F.2d at 1172. Like the market at issue in Reserve Supply, there is evidence in this record that the advance publication of price lists served some purpose other than to facilitate price fixing, as the record demonstrates that buyers in the HFCS industry found the advance publication to be useful to their purchasing practices. Nicholas Guarino, Manager/Director of Sweeteners for Pepsi, testified in his deposition that he looked at the advance price lists to see where Pepsi’s price was relative to the list price and to get a sense of market trends. (Guarino Dep. at 86.) James McDonough, the Director of Procurement for Ocean Spray, used the lists to get a picture of where the industry was at any given time. (McDonough Dep. at 73.) Likewise, Heinz’ Manager of Ingredients and Raw Products waited on the issuance of the fourth quarter price lists and used them as a starting point for negotiation. (Johnson Dep. at 22.) Even Plaintiffs’ expert acknowledged his familiarity with the issuance of advance price information in various commodity industries and that there can be advantages to purchasers where price lists are announced in advance, as they provide a “sense of what one participant in the market believes the realized price will be at some future point in time ... [and] a point of bounds on the negotiations that will take place, or might take place between the buyer and a particular supplier or alternative suppliers.” (Gordon Rausser Dep. at 291-92.) Moreover, the record is simply devoid of evidence indicating that there was any defined plan for the exchange of price data among competitors or that any of the Defendants received another Defendant’s pricing information prior to the public announcement of the price list. See Container Corporation, 393 U.S. at 333, 89 S.Ct. 510 (finding concerted action where there was an express agreement to exchange pricing information that could be analogized to a well-supervised and elaborate plan for the exchange of pricing data among competitors.) To the contrary, there is evidence indicating that Defendants received copies of price lists or quotes of a competitor’s pricing from their customers or other industry groups after they had been publicly announced. Peter Boynton, Cargill’s Western Regional Sales Manager, stated that he received competitors’ pricing information through sales reps and customers themselves. (Boynton Dep. at 35.) American Maize’s Vice President of Marketing and Sales testified that he received price lists from brokers, customer