You think fuel speculation was bad, wait until you get hit in the bread basket

Last week, new consumer price data released by the US Labor Department confirmed what most shoppers already suspected: Food prices, which took their biggest one-month leap in nearly two decades in April, rose even further in May. Energy costs, too, went up last month. The big question, though, is why?
Commodity analysts are quick to pinpoint reasons: Midwest flooding affecting food, livestock feed overdrive provoked by the Chinese, biofuel-related demand, and a weak dollar. These reasons all have some merit, but I'd argue it's speculation that's skyrocketed prices higher faster, not supply vs. demand.
At the financial leaders G8 summit that wrapped up over the weekend, food and oil speculation were front and center.And G8 leaders aren't the only ones expressing concern over traders profiting from the world's pain. Major hedge-fund stars like George Soros and Michael Masters are also screaming moral foul on commodity speculation?a clear signal there's more fire than smoke on the horizon.
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