Carl Levin actually said...

"Hedging in the futures markets only works to the extent that the price of the commodity in the cash market and the price of the commodity in the futures market converge as a futures contract expires."

"As to the issue of price convergence, a competing theory which has been offered for why there is a lack of price convergence is that the Chicago wheat contract is flawed."

"Do you believe that the dramatic increase in commodity indexed trading and the futures which are purchased to hedge against a risk, has played a significant role in the failure of convergence?"

"And when are you going to be deciding whether to carry out that mandate--in other words, remove the exemptions, remove the waivers?"