MF Global, one of the world’s largest commodities brokers, reported a net loss for the first quarter of $71.1m due primarily to unauthorised wheat trades carried out by an employee in its Memphis office.

The loss for the first quarter compared with a profit of $76.1m for the same period last year. It also took the company to a net loss for the year ended March 31 of $57.6m compared with a profit of $188m for the year before. The company announced further steps to shore up its capital base with private equity house JC Flowers committing $300m to the company.