Carl Levin actually said...

"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."

"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."

"The continued lack of convergence in important segments of the wheat market has significantly diminished the usefulness of the wheat futures market for commercial hedgers."

"The Subcommittee's report on excessive speculation in the wheat market is a very important contribution."