Report links speculators to spike in global food prices

09/14/2011 | Guardian (London), The

The rise in global food prices, and the corresponding rise in hunger, are being fueled by financial speculators who dominate the commodities markets, according to a report from the World Development Movement, an anti-poverty group. The agricultural futures and options markets -- in which speculators now account for more than 60%, up from just 12% some 15 years ago -- no longer respond to underlying fundamentals of supply and demand because those with direct commercial interests in food production now hold less than 40%.

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