"Excessive speculation on the futures market fuelled last year’s wheat price surge that led to higher prices for industry and consumers, according to the results of a year-long Senate investigation.
Wheat prices peaked in March 2008 at $13.34 a bushel, but disparities between cash and futures prices first emerged in 2005. The futures price has since landed above the cash price by as much as $2 a bushel, undermining the market’s value as a hedging tool. High prices were further exacerbated by soaring energy and fertilizer costs and an increased demand for grain from rapidly developing nations such as China and Brazil."
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