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)
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections