Is the government helping speculators manipulate grain futures?
How sophisticated traders exploit an obscure USDA rule change to get rich, fleece farmers, and drive up food prices
EXTRACT:
Michael Greenberger, a law professor at the University of Maryland and former director of the division of Trading and Markets at the Commodities Futures Trading Commission, says the change further empowers traders to treat grain markets like “casinos,” and in the long-run the public pays. “It creates biases in markets that drive prices up,” he said. “The average consumer is completely undermined in this entire process.”
