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Excessive Speculation in the Wheat Market
Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Homeland Security and Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations examined how the activities of many traders, aggregated, have created excessive speculation in the wheat market. In specific, the subcommittee investigates how commodity index traders affected the price of wheat contracts traded on the Chicago Mercantile Exchange. The report finds that there is excessive speculation in wheat derived from the large number of wheat future contracts, CFTC actions to waive position limits for commodity index traders helped excessive speculation in Chicago wheat futures market, inflated future prices can inflate insurance, and that there is a lack of improved data on the number of future contracts purchased by commodity index traders for non-agricultural commodities.
Date
2009-06-24
Document Type
Senate Bipartisan Staff Report
Serial Number
Document Length
266 pages
Congress
111
Relation
DOI
Keywords
Staff Reports, Bipartisan
PAP Major Code
4: Agriculture
PAP Minor Code
401: Agricultural Trade
Related Hearings
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on "Excessive Speculation in the Wheat Market," 111th Cong., S.Hrg. 111-155, (2009, July 21)
• Senate Committee on Foreign Relations, hearing on “Oil Dependence and Economic Risk,” 109th Cong., S.Hrg. 109-950, (2006, June 7)
• Senate Committee on Foreign Relations, hearing on “Oil Dependence and Economic Risk,” 109th Cong., S.Hrg. 109-950, (2006, June 7)