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...speculation has nothing to do with it. Krugman covered this territory recently with regard to oil prices, and in fact his argument works even better for perishables w/o in-ground storage. Where are all the warehouses bursting with stored grain, which these speculators are holding off the market? If they don't exist (and it should be pretty hard to hide that much grain), then how, exactly, is the futures price affecting the spot price?
-AK48
