Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-104"
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"en.20101111.5.4-104"2
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"We are probably on the way to another commodities bubble. Prices on the international market have increased by more than 16% on average since June. Never has there been so much negotiating on the futures market, nor has there been so much money involved. Extremely low interest rates and too much money in search of good deals are leading to an increase in dealing and financial speculation on futures contracts, without any contact with the real economy. The figures for the largest cereals exchange in the world, the Chicago Mercantile Exchange, are impressive, and transaction records are being broken in purchases of soya, maize and wheat. The practical result is the transfer of these increases to real market prices, even in a year when cereals are widely available. These increases in animal feed prices are causing terrible damage to the already difficult situation of many of our livestock farms, which will be unable to pass on the increases in what they sell because of the crisis and are unlikely to be able to absorb them. It is, therefore, time to take action and protect our food from financial speculation. I would like to know, then, what the Commission intends to do about this."@en1
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