|Hedging questions were answered at least 50 years ago
Financial Times, June 30, 2014
|Back to the Futures
The Economist, September 17, 2011
Analysis of CFTC Proposed Position Limits on Commodity Index Fund Trading
Dr. Clifford V. Rossi, April 25, 2011
|Proposed Regulations Regarding Position Limits for Derivatives
CFTC, January 2010
CFTC Documents Reveal Internal Debate on Position Limits.
Wall Street Journal. May 2010
CME Group Files Public Comment Letter on Energy Position Limits
CME Group. April 26, 2010
Summary of CFTC Position Limits Proposal for Exchange Energy Markets: What Does it Mean for Me?
CME Group. March 2010
Statement of Thomas LaSala, March 25, 2010
CME Group Managing Director and Global Chief Regulatory Officer, Before CFTC Meeting on Metals Position Limits
Energy Position Limits: No Evidence, No Legal Basis
Streetwise Professor. March 19, 2010
FIA comments on the CFTC Notice of Proposed Rulemaking entitled "Federal Speculative Position Limits for Referenced Energy Contracts and Associated Regulations."
Futures Industry Association. March 18, 2010
|Excessive Speculation and Position Limits in Energy Derivatives Markets
CME Group. September 16, 2009
|Speculative Position Limits and Hedge Fund Exemptions
Fred Seamon, associate director, Research and Product Development. CME Group. July 2008.
|Video: Factors that Impact U.S. Food Prices – Richard Volpe, USDA Economic Research Service
FarmPolicy.com, March 25, 2014
|Bubbles in Food Prices
John Kemp, Reuters, March 26, 2013
|On the Fallacy of Speculation-Driven Commodity Price Spikes
Mark J. Roberts, Greed, Green and Grains, October 14, 2011
Why Another Food Commodity Price Spike?
Ronald Trostle, USDA Amberwaves, September 2011
Corn Ethanol Scam: A Profligate Biofuel Policy
Mark J. Perry, Carpe Diem, August 16, 2011
Report Links Biofuels with Food Prices
Caroline Henshaw, WSJ Blog The Source, August 4, 2011
What’s Driving Food Prices in 2011?
Farm Foundation Issue Report, July 2011
The Great Corn Con
Steven Rattner, The New York Times, June 24, 2011
Helping Food Producers Weather the Storm
Thomas Mirow, Financial Times, June 22, 2011 (subscription required)
G-20 to Press U.S. to End Aid for Biofuels Industry
John W. Miller, Wall Street Journal, June 22, 2011 (subscription required)
World Bank in Push for Food Price Hedging
Javier Blas, Financial Times, June 21, 2011 (subscription required)
A Warming Planet Struggles to Feed Itself
Justin Gillis, The New York Times, June 4, 2011
Commodity Markets: Fundamental Factors Affecting Agriculture
CME Group, May 11, 2011
Food Prices Rising. Blame Wall Street?
Joseph Weber, Wide-Eyed Wonder, May 4, 2011
As Long As The Commodity Sells, Does It Make A Difference Who Buys It?
Stu Ellis, The Farmgateblog.com, April 19, 2011
Biofuel Policy is Causing Starvation, Says Nestle Boss
The Independent, March 23, 2011
Outlook for Food Prices: High
Wall Street Journal, February 17, 2011 (subscription required)
Ethanol Pumping up Food Prices
USA Today, February 9, 2011
Corn Prices To Soar As Chinese Imports Increase Ninefold Compared To Official Projections
Zero Hedge Blog, February 6, 2011
|The Economics of Grain Price Volatility
Brian D. Wright, Applied Economic Perspectives and Policy, January 2010
Rethinking the Global Food Crisis: The Role of Trade Shock
Derek Headley, International Food Policy Research Institute (IFPRI Discussion paper 00958), 2010.
Public Policies and Rising World Food Prices Once Again .
Gary Becker. The Becker-Posner Blog. November 21, 2010
Why are commodity prices rising? Our panel of experts discusses.
The Economist . November 12, 2010
Know your onions: Why commodity speculators do more good than harm .
The Economist . November 11, 2010
Hedging helps foodmakers through uncertainty.
Javier Blass and Greg Farrell. Financial Times/ft.com. August 13, 2010 (subscription required)
Reap What You Swap.
Betsy Jensen. New York Times. August 11, 2010
Wheat Speculators Slow Bets on Gain After Best Month Since 1973.
Whitney McFerron. Bloomberg/Bloomberg.com. August 9, 2010
|Spreads and Non-Convergence in CBOT Corn, Soybean, and Wheat Futures: Are Index Funds to Blame?
Scott H. Irwin, Philip Garcia, Darrel L. Good, and Eugene L. Kunda. University of Illinois at Urbana-Champaign. November 2009.
The Economist.. July 9, 2009. (Subscription required)
Crop Cutbacks by Farmers Spell Higher Food Prices.
Scott Kilman; April 6, 2009, Wall Street Journal. (Subscription required)
What's Driving Food Prices?
Philip C. Abbott, Christopher Hurt, Wallace E. Tyner; Farm Foundation, Issue Report, March 2009 Update.
U.S. News: Grain Costs Down, Groceries Not – Farmers to Cut Back on Planting Amid Market Weakness, Pressuring Consumer Prices.
Scott Kilman; March 13, 2009, Wall Street Journal.(Subscription required)
Issues Involving the Use of the Futures Markets to Invest in Commodity Indexes.
U.S. Government Accountability Office. January 30, 2009.
|Soybeans Near $15 On Stockpile Worries.
Lauren Etter, Debbie Carlson and Gary Wulf; September 13, 2008, Wall Street Journal (subscription required)
What's Driving Food Prices? (executive summary) (full report)
Phillip C. Abbott, Christopher Hurt, Wallace E. Tyner: July 2008, Farm Foundation
Global Agricultural Supply and Demand: Factors Contributing to the Recent Increase in Food Commodity Prices.
Ronald Trostle. A Report from the Economic Research Service of the USDA. July 2008.
The Adequacy of Speculation in Agricultural Futures Markets: Too Much of a Good Thing?
Dwight R. Sanders, Scott H. Irwin, and Robert P. Merrin. Dept. of Agriculture and Consumer Economics, Univ. of Ill. at Urbana-Champaign. June 2008.
Farm Prices' Roundabout Path to Market.
Avi Salzman; June 24, 2008. Business Week
Navigating the Uncharted Waters of Weather and Supply & Demand Fundamentals: 2008 Corn, Soybean and Wheat Market Prospects
Drew Lerner, president, World Weather, Inc. and Steve Freed, vice president of Research, ADM Investor Services. June 12, 2008. [video: archived webinar]
The Global Food Crisis: Facts and Opportunities.
BV Krishnamurthy. Harvard Business Publishing. May 8, 2008.
A New Era in Grains and Oilseeds
Joseph Victor, Vice President of Marketing, Allendale, Inc., and Dr. Robert Wisner, Extension Economist, Iowa State University. March 25, 2008. [video: archived webinar]
|Blaming Energy Futures for Energy's Current Costs
Scott Irwin, The Washington Times, May 3, 2012
The Fallacy of Blaming Oil 'Speculators'
Robert J. Samuelson, The Washington Post, May 2, 2012
No Evidence to Blame Speculation for Rising Crude Oil Prices
Commodity Online, May 2, 2012
Speculation and Gasoline Prices: Is There a Link?
Scott Irwin and Dwight Sanders, FarmDocDaily, April 25, 2012
Speculation in oil markets? What have we learned?
Lutz Kilian, VoxEU, April 21, 2012
Scapegoating Oil Speculators Won't Ease Pain at the Pump
Bloomberg Editorial Board, Bloomberg, April 17, 2012
Oil Markets in 2012: Calm or Turbulent Waters?
Bassam Fattouh, Oxford Energy Comment, April 2012
In Defense of Oil Speculators
Blake Clayton, Foreign Affairs, April 9, 2012
In Celebration of the Speculators, Who Bless Society With Significant Benefits
Mark J. Perry, Carpe Diem, April 6, 2012
The Role of Speculation in Oil Markets: What Have We Learned So Far?
Oxford Institute for Energy Studies, March 18, 2012
|Why are Gas Prices Rising?
Energy Tomorrow, 2012
Nouriel Roubini, Project Syndicate, March 15, 2012
|Oil Market Dynamics and the Fear Factor
Bluford Putnam, CME Group Market Insights, March 7, 2012
|Here's The REAL Reason Gasoline Prices Have Been Surging In The US
Joe Weisenthal, Business Insider, February 26, 2012
|Asia is the World's Largest Petroleum Consumer
U.S. Energy Information Administration, February 24, 2012
|Again With the Speculators
Dr. Craig Pirrong, Streetwise Professor, February 24, 2012
|Commodities Speculation Debate Heats Up
Javier Blas, Financial Times, September 14, 2011 (subscription required)
Speculators Aren't to Blame for Energy Prices
Travis Hoium, The Motley Fool, May 10, 2011
Speculators and Oil Prices: What Experiments Tell Us
Noah Smith, Noahpinion, May 9, 2011
The Gas Price Freakout
Wall Street Journal, April 28, 2011
What Determines the Price of Gas: A Visual Guide
Derek Thompson, The Atlantic, April 27, 2011
A Challenge: Stop Saying 'Speculators'
Emily Lambert, Forbes, April 26, 2011
The Feds' Convenient Oil Market Crackdown
Colin Barr, Fortune Magazine, April 21, 2011
Obama Takes the OPEC Line on Oil Prices
James Henner, Wall Street Journal: The Source Blog, April 20, 2011
Gas Prices and Politics: an Ugly Blend
Joseph Weber, Wide-Eyed Wonder, April 23, 2011
Don’t Blame Me! Blame Those Damned Speculators!
Dr. Craig Pirrong, Streetwise Professor, April 20, 2011
Alarm Over Speculation Often Misplaced
Gregory Meyer, Financial Times, March 16, 2011
Defending Crude Oil Speculators
Phil Flynn, Futures Magazine, March 8, 2011
New Margin Requirements for Crude Oil Futures
Terry Duffy, CME Group Executive Chairman on CNBC, February 25, 2011
|No Theory? No Evidence? No Problem?
Craig Pirrong. Regulation, published by the Cato Institute. Summer 2010.
|The Role of Speculators in the Crude Oil Futures Market
Harris, Jeffrey H. and Buyuksahin, Bahattin (July 16, 2009).
Now I Know How Sisyphus Felt.
Craig Pirrong. streetwiseprofessor.com. July 8, 2009.
|Energy Price Outlook.
Walter Zimmermann. United ICAP. September 2008.
Speculators Fixing Oil Prices? Don’t Bet On It.
July 2008, Institute for Energy Research
|Futures Markets and Speculation: Lessons From the Past for Today
Scott Irwin, October 18, 2012
Post hoc, ergo propter hoc
ISDA Media.Comment, September 11, 2012
Why We Need Speculators
Tim Worstall,The Telegraph, July 2, 2012
|Commodity Price Gains: Speculation vs. Fundamentals
The Regional Economist, Brett Fawley and Luciana Juvenal, July 2011
G20 Analysis of Commodity Prices and Volatility
G20 Study Group on Commodities, November 2011
Study Sheds New Light on Commodity Investment and Financialisation of Commodity Markets
CPI Financial, October 26, 2011
Does Speculation Cause High Food Prices?
Kay McDonald, Big Picture Agriculture, October 4, 2011
Beware Whacking Speculators for Commodity Swings
Gillian Tett, Financial Times, September 8, 2011 (subscription required)
Even the U.N. Hates Ethanol
Wall Street Journal, June 14, 2011 (subscription required)
Trade Slows as the Mississippi River Flows
Duane Stanford, Bloomberg Businessweek, May 25, 2011
Everything from Oil to Silver: Are Speculators Causing Too Much Volatility?
Knowledge@Wharton, May 25, 2011
Derivatives Commodity Symposium
John D. Hofmeister, The Honorable Susan Phillips, Dr. Craig Pirrong, May 12, 2011
The Relationship Between Commodity Futures Trading and Physical Commodity Prices
Dr. Henry G. Jarecki, April 5, 2011
The Speculation Scapegoat
Dan Collins, Futures Magazine, May 4, 2011
Are Speculators to Blame for High Food Commodity Prices? No, and This Explains Why.
Kay McDonald, Big Picture Agriculture, March 24, 2011
China-the wild card for commodity prices
Reuters, February 15, 2011
Index Investment Data.
John D. Hill and Jack Cook, CME Group Research and Product Development. February 15, 2011
Tackling the Challenges in Commodity Markets and on Raw Materials
European Commission, February 2, 2011
|Index Funds, Financialization and Commodity Futures Markets
Irwin, Scott H. and Sanders, Dwight R., October 29, 2010
Financial Times/ft.com. July 21, 2010. (Subscription required.)
Speculation and Fund Activity
Dwight Sanders and Scott Irwin. Organisation for Economic Co-operation and Development, June 2010
The Value of Profitable Speculation-Becker.
Gary Becker. The Becker-Posner Blog. May 2, 2010.
CFTC data shows speculators don't influence commodity markets
Alex Davis. Risk.net. April 13, 2010.(subscription required)
Anthony Ward on speculators, commodities futures.
Financial Times/ft.com (video). April 9, 2010. (Subscription required)
|Barcap say speculators are not to blame!
Isabella Kaminska. Financial Times – ftalphaville.ft.com/blog. September 8, 2009. (Subscription required)
Fear of CFTC regulations forces changes.
Gregory Meyer. New York Bureau. Financial Times. August 25, 2009. (Subscription required)
Regulatory action may see commodities traders migrate.
Javier Blas. Financial Times. August 5, 2009. (Subscription required)
HEARD ON THE STREET – Speculation Witch Hunt Is a Gamble.
Liam Denning. Wall Street Journal. August 5, 2009. (Subscription required)
Commodities speculation [Lex Column].
Financial Times. August 4, 2009. (Subscription required)
The Politics of ‘Speculation’ [Review & Outlook].
Wall Street Journal. July 29, 2009. (Subscription required)
Debate Over Speculation In Commodities Investor's Business Daily.
Trang Ho. Investor's Business Daily. July 21, 2009.
Washington to Speculators: All Bets Are Off.
Liam Denning. Wall Street Journal. July 7, 2009.
Commodity derivatives regulation.
Financial Times. July 7, 2009. (Subscription required)
In Defense of Derivatives and How to Regulate Them.
Rene M. Stulz. April 7, 2009, The Wall Street Journal. (Subscription required)
|An Evaluation of the Influence of Large Reporting Traders on Futures Market Performance – a CME Group Summary,
Dave Lehman, Director of Commodity Research and Product Development, CME Group, February 2009 (Video Podcast)
An Evaluation of the Influence of Large Reporting Traders on Futures Market Performance - the Ful Report.
Informa Economics, February 2008
The Misadventures of Mr. Masters: Act II
(a critique of a recent report by Michael Masters on the role of commodity speculation). Dr. Scott Irwin, September 17, 2008, Econbrowser.
See You Later, Speculator.
Editorial; September 15, 2008, Wall Street Journal (Subscription required)
Dwight R. Sanders and Scott H. Irwin; July 20, 2008, New York Times
Who's Behind High Prices.
Robert J. Samuelson; July 1, 2008, Washington Post
Fundamentals, not speculators, are to blame for rising prices.
Francisco Blanch; June 25, 2008, Financial Times (Subscription required)
Review and Outlook: Political Speculators.
June 24, 2008, Wall Street Journal (Subscription required)
A Bull Market Sees the Worst in Speculators.
Diana B. Henriques; June 13, 2008, New York Times
Dubai’s Favorite Senators.
June 10, 2008, Wall Street Journal (Subscription required)
Craig Donohue on CNBC's The Call.
June 6, 2008, CNBC (video)
Independent Research by EKA on the role of Institutional Investors in Rising Commodity Prices.
Keith Black , CFAIA and Ennis Knupp June 2008