But you can't really speculate unless there is a shortage. If you want to know the real grain situation just look up the FAO website, the real cause of the shortage is the excess of demand. There are just too many human beings. Wheat is not like other industries, you can't work extra hours and produce more. Once the planting season finishes, then you have to wait another year. I might add the Australian climate is very unreliable, in 2003 they were net importers of Wheat.

David Vinter, Louth, Lincs., UK.

That's what speculators do! They don't care about supply and demand.

John, London,

So, basically, we're all at the mercy of the city gambling club (alias Stock Exchange). What's new?

KR, Stockport,

The problem with speculators is that they do affect the price of goods. It reminds me of stock market shares as brokers tend to drive the market price.

Marie-Claire Oliver, Bath, United Kingdom

Like Mrs A, I'm puzzled how the government manages to work out that the UK inflation rate is just 3%. Perhaps it's based on prices in the (subsidised) bars and restaurants in the Houses of Parliament. Or could it be based on MPs' outgoings (subsidised of course by their much-publicised expenses).

The official inflation rate certainly doesn't seem to be linked to the real world of house prices, fuel costs, tax rises, and supermarket prices!

Chris K, Cheltenham, UK

Classic...comlaining high input prices while making record profit . You have to blame someone else to avoid gouging accusation. All too familiar.

basara, Toronto, Canada

About time someone said this. It is immoral what is going on with wheat, grain and rice prices as speculators flock in to create another bubble and make a fast 'killing'. The trouble is that such greed is literally killing the poor of the World.

Dot.con shares, houses, gold, oil and now food - what else is left for these immoral people to try and make a buck on!?

Jan C, Swansea, UK

wheat prices have been low for years 7 usd a bushel in 1975 falling to 3 or 4 usd through the 1980s 1990s and 2000s. Only this oct prices started to rebound. Farm inputs have rose 10 times in this period. Thousands upon thousands of farmers have gone bankrupt. Many farmers need an even higher increase to catch up on unpaid bills and replace old and out dated farm equipment. if wheat kept up with inflation it should be around 50 usd per bushel at the low end of the scale.
A farm tractor which cost 10 thousand is now 100 thousand. Fuel cost 50 cents a gallon in the 70s now cost 5 dollars a gallon here in Canada. Land taxes have increased 10 fold, the list is endless.
Now if Russia Usa Europe and many others increase planting and drive prices lower ,production will fall again in a year. There is just no way anyone can grow wheat at 4 usd a bushel. If you want more then pay the price to increase production. We can supply enouf for biofuel and food if we got 50 a bushel.

monty, glentworth, sask Canada

on wounders how much kboris stands to make of weat this year?

Mr W Jones, Liverpool, England

The sad thing is that it's true and it's a human trait !
From houseowners who think their home is going up in value forever to speculators driving up the price of all sorts of commodities. The more money pours in, the more money pours in, as everyone else spots what is happening. It is only when prices reach a high that is so obviously artificial that the crash occurs. By then of course the speculators have pulled out and the rest of the investing public who have been dragged in by the media pundits are left nursing heavy losses. That's what happened when the gold price rocketed decades ago.

David Nammory, Liverpool,

Speculators (or are we supposed to say investment funds?) are also responsible for the current high prices of metals which are not reflecting economic reality

Chris, Birmingham,

what planet is the government living on if it thinks inflation is running at under 3% ? reality is hitting home all too often with news like this.

Mrs A, London, UK

The lowest ending stocks of wheat in the world since 1946/1947 (USDA, released earlier today), meanwhile feed wheat powered ethanol plants in Canada and Spain are humming away... yup, its just a bunch of speculators in Chicago at it again...

More likely a bad roll of the dice for 2 years in a row on weather for wheat production (anyone heard of the drought in Australia and a freeze in the hard red winter wheat belt of the US last spring) combined with food vs fuel (yes, ethanol does have a downside), particularly in regions where either wheat, corn, or soybeans can be grown (eastern North Dakota for instance)..

never mind that, it's those damn speculators...

just raise your prices like everyone else and pass along the effects of the food vs fuel inflation to the consumer... $108 crude oil and $15 wheat, seems about right... oh i forgot, they cant afford the gasoline / diesel to drive to your store.

kboris, stamford, ct, USA