So you would agree that the basis, the price gap, is larger than has been historically the case, is that correct?
But the volatility in the basis has had an effect on you.
I am not sure I understand your explanation as to why you disagree that the storage cost shift cannot explain this incre...
The problem is that there is an embedded option inside of the futures contract for below-market cost of storage.
It is a predominant factor, yes.
Should you decide to impose the standard position limits, what is your response to that argument?
If elevators are hurt, because they cannot effectively hedge, is it fair to say that farmers who deal with those elevato...
Exchanges typically charge a transaction fee and a clearing fee for each commodity trade that takes place.
But you have the authority, should you decide to issue that rule?
Well, I am glad to hear you acknowledge at least that it is a contributing factor.
It is a cause, but it is not exclusive.
And yet we see this major change in the basis while the same contract was in effect, is that correct?
Do you believe that it was a big factor prior to 2004?
For more than five years now, this Subcommittee has been taking a hard look at how our commodity markets function.
Our report, which was issued by myself and Senator Coburn last month, concludes that the huge number of wheat futures co...
It took the Subcommittee an entire year to compile and analyze millions of trading records from the three U.S. futures m...
According to estimates by the Commodity Futures Trading Commission (CFTC), about $15 billion was invested in commodity i...
Nor are we alleging that index investors caused high cash commodity prices or that they are somehow responsible for more...
