"It doesn't have to be that way."
"It is a predominant factor, yes."
"The problem is that there is an embedded option inside of the futures contract for below-market cost of storage."
"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 elevators would also be hurt?"
"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?"