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Excessive Speculation in Agriculture Markets

Excessive Speculation in Agriculture Markets

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Published by Ken Connor

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Published by: Ken Connor on May 12, 2011
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01/09/2013

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Used under Creative Commons license rom Flickr user kerolic.Used under Creative Commons license rom Flickr user milletre.
Excessive Speculationin Agriculture Commodities
SELECTED WRITINGS FROM 2008–2011
 
 Excessive Speculation in Agriculture Commodities: Selected Writings rom 2008–2011
Institute or Agriculture and Trade PolicyIATP sincerely thanks all the authors in this collection o writing on commodity market speculation. We urge readers to support the work o these authors’ organizations as eorts to better regulate commodity markets continue.Editors: Ben Lilliston and Andrew RanalloPublished April 2011© 2011 IATP. All rights reserved.The Institute or Agriculture and Trade Policy works locally and globallyat the intersection o policy and practice to ensure air and sustainable ood, arm and trade systems.More at iatp.org.
 
CONTENTS
Foreward 8I. Overview 9
How Institutional Investors Are Driving Up Food AndEnergy Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
 Michael W. Masters and Adam K. White, CFA
What Explains the Growth in Commodity Derivatives? . . 15
 Parantap Basu and William T. Gavin, Federal Reserve Bank o St. Louis Review
Managing the Financialization o Commodity FuturesTrading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
UNCTAD Task Force on Systemic Issues and Economic Cooperation
Commodity Market Regulatory Pathways Not Yet Chosen 35
Steve Suppan, Institute or Agriculture and Trade Policy
II. Excessive Speculation andthe Agricultural Price Crisis 39
Index Funds and the 2006-2008 Run-up in AgriculturalCommodity Prices . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Daryll E. Ray and Harwood D. Schaer, Agricultural Policy Analysis Center 
Review o Irwin and Sanders 2010 OECD Report . . . . . . . 43
 David Frenk and Sta, Better Markets Inc.
Commodity Speculation and the Food Crisis . . . . . . . . . 51
 Jayati Ghosh, World Development Movement 
Food Commodities Speculation and Food Price Crises. . . .57
Olivier De Schutter, U.N. Special Rapporteur on the Right to Food 
Extraordinary Joint Intersessional Meeting o theIntergovernmental Group (IGG) on Grains and theIntergovernmental Group on Rice . . . . . . . . . . . . . . . . 67
 Food and Agriculture (FAO) Committee on Commodity Problems
Financing Food . . . . . . . . . . . . . . . . . . . . . . . . . . . .69
 Myriam vander Stichele et al., Centre or Research on MultinationalCorporations
Commodity Market Deregulation and Food Prices. . . . . .71
Steve Suppan, Institute or Agriculture and Trade Policy
Executive Summary: Excessive Speculation in theWheat Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
 Permanent Subcommittee on Investigations, U.S. Senate
 III. Regulating Excessive Speculation 85
Letter to U.S. Senate Majority Leader Reid and MinorityLeader McConnell . . . . . . . . . . . . . . . . . . . . . . . . . . 87
Commodity Markets Oversight Coaltion (CMOC)
Testimony o Michael W. Masters Beore the U.S.Senate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89
 Michael W. Masters, Masters Capital Management, LLC 
Statement to the UN Round Table on Financial Regulation 95
Steve Suppan, Institute or Agriculture and Trade Policy
Comment on the European Commission’s “Review o theMarkets in Financial Instruments Directive” . . . . . . . . . 97
Steve Suppan, Institute or Agriculture and Trade Policy
Comment on Commodity Futures Trading CommissionProposed Rule or Agricultural Swaps. . . . . . . . . . . . . 105
Steve Suppan, Institute or Agriculture and Trade Policy
Testimony o Michael Greenberger Beore the CommodityFutures Trading Commission . . . . . . . . . . . . . . . . . . 109
 Michael Greenberger, on behal o Americans or Financial Reorm
Proposal to the European Commission: Regulation o Commodity Derivatives Markets . . . . . . . . . . . . . . . 115
 French Ministries o Finance, Energy and Environment, and Agriculture

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