Excessive Speculation in the Wheat Market
Permanent Subcommittee on Investigations
Tuesday, July 21, 2009
02:30 PM
Dirksen Senate Office Building, room SD-342
This hearing is a followup to the June 24th Permanent Subcommittee on Investigations' release of a 247-page staff report entitled, "Excessive Speculation in the Wheat Market," examining how commodity index traders, in the aggregate, have made such large purchases on the Chicago wheat futures market that they have pushed up futures prices, disrupted the normal relationship between futures prices and cash prices for wheat, and caused farmers, grain elevators, grain processors, and others to experience significant unwarranted costs and price risks. The Subcommittee hearing will examine the nature of the problems caused by index trading in the wheat market and possible solutions, including applying standard position limits to index traders instead of exempting them. Witnesses for the upcoming hearing will include representatives of CFTC, and CME Group, as well as representatives of wheat producers, users, consumers, and index traders.
Member Statements
Witnesses
Panel 1
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THE HONORABLE GARY GENSLER
[view testimony]
Chairman
Commodity Futures Trading Commission
Panel 2
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MR. THOMAS COYLE
[view testimony]
Vice President & General Manager, Chicago & Illinois River Marketing LLC, Nidera, Inc.
Chairman, National Grain and Feed Association
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MR. HAYDEN WANDS
[view testimony]
Director of Procurement, Sara Lee Corporation
Chairman, Commodity and Agricultural Policy, American Bakers Association
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MR. MARK COOPER
[view testimony]
Director of Research
Consumer Federation of America
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MR. STEVEN H. STRONGIN
[view testimony]
Head of the Global Investment Research Division
The Goldman Sachs Group, Inc.
Panel 3
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30th
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BUSINESS MEETING (continued from July 29)
Capitol, room S-207
3:00 PM
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29th
|
Nominations of the Honorable Ernest W. Dubester to be a Member, Federal Labor Relations Authority; Julia Akins Clark to be General Counsel, Federal Labor Relations Authority; Rafael Borras to be Under Secretary for Management, U.S. Department of Homeland Security
Dirksen Senate Office Building, room SD-342
3:00 PM
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29th
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BUSINESS MEETING
Dirksen Senate Office Building, room SD-342
10:00 AM
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28th
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Nomination of Alexander G. Garza to be Assistant Secretary and Chief Medical Officer, U.S. Department of Homeland Security
Dirksen Senate Office Building, room SD-342
10:00 AM
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23rd
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D.C. Public Schools: Taking Stock of Education Reform
Dirksen Senate Office Building, room SD-342
2:30 PM
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21st
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Excessive Speculation in the Wheat Market
Dirksen Senate Office Building, room SD-342
2:30 PM
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16th
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Contracting Preferences for Alaska Native Corporations
Dirksen Senate Office Building, room SD-342
2:30 PM
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16th
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Nominations of the Honorable Christine M. Griffin to be Deputy Director, Office of Personnel Management, and Stuart G. Nash to be Associate Judge, Superior Court of the District of Columbia
Dirksen Senate Office Building, room SD-342
10:00 AM
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15th
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Identification Security: Reevaluating the REAL ID Act
Dirksen Senate Office Building, room SD-342
10:00 AM
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08th
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The Federal Protective Service: Time for Reform
Dirksen Senate Office Building, room SD-342
10:00 AM - 12:21 PM
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07th
|
From Strategy to Implementation: Strengthening U.S.-Pakistan Relations
Dirksen Senate Office Building, room SD-342
2:30 PM
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