27 September 2011 16:32 [Source: ICIS news]
"Unfavourable weather in key growing areas and monetary exchange rates have also contributed to rising food costs," said CME CEO Craig Donohue during the 2011 World Fertilizer Conference hosted by The Fertilizer Institute (TFI).
Donohue's remarks countered frequent arguments that commodity trading speculators were the cause for higher food prices.
"Blaming futures markets for higher food and energy costs is like blaming Paul Revere for the American Revolution," Donohue said.
"Support for ethanol and other biofuels in
The CME Group is the world's leading derivatives marketplace. In 2009, it facilitated the trading of 2.6bn futures and options contracts reflecting $813,000bn (€602,000bn) in value.
($1 = €0.74)
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