And in early December 2010 it exceeded 40

Every accused has the right to be presumed innocent until proven guilty. Except the speculator on raw. Since the France took the Presidency of the g-20 and decided to make the regulation of these markets one of its priorities, it was charged to play an important role in the volatility of prices. However, the evidence does not exist. "Literature on the subject, if it explains the mechanisms at work, provides no evidence of responsibility for the markets futures and financial operators, particularly in the 2007-2008 price increases", noted last January the strategic analysis Centre, an institution of expertise and placed decision to the Prime Minister, in a memorandum made public. The scientists lack the data, including the bulk of the volumes traded derivative instruments. For basic information on the physical market for raw materials, it remains too patchy and often late manner. Suddenly, the debate seems impossible to determine.

If there are charges, it is that there is undeniably a strong suspicion. Late born in Europe in 1993, the commodity futures markets are strongly developed since. "Between 2003 and 2008, investments by institutional investors in commodity markets increased from 13 to 200 billion euros. "If the financial crisis came to halt this trend, in 2010, the financial positions were close to record levels in 2008, even have exceeded them in some markets", said the European Union.

Coincidence or pas, in recent years, the price volatility has increased, while prices climbed. In 2004, on the course of the wheat, it was about 20. Price 2009 2. And, in early December 2010, it exceeded 40.

Between prices of the contracts of derivatives on raw materials and commodity prices, there is an automatic link, not only because the value of the first depends on the value of the underlying to which they relate. But understanding how these markets interact between them is very difficult. The influence of financial investors plays a secondary role on the prices of basic essential factors as supply and demand...

For several years, the imbalance between production and consumption resulted in a decline in stocks on the set of agricultural materials. Wheat, for example, there was a failure of the production as demand for six years before the crisis of 2007-2008. The weather also play a key role, weighing heavily on the crops. Recently, between droughts in Russia, in the plains of the United States, China and the floods in Australia, rare are the continents which have been spared. These trends must be added the dismantling of public, including European policies that had enabled the stabilisation of agricultural markets. "The reduction in the level of these subsidies, fruit of lengthy international negotiations, caused agricultural price liberalization, desired and assumed," indicated the week last Paris Europlace in a report designed to produce representative conclusions of the actors in the Centre of Paris.

The growing development of biofuels also pushes prices rising in the United States and Europe. More than 10 of world harvest up to 35 for sugar cane and corn are used to produce green fuel. Finally, the lack of transparency on the physical marketincluding China - sows doubt among the operators, who, in trying to anticipate the reactions and each other, "manufacture" finally not indicative of the fair value of financial award of market.

However, while financial investors do not have the influence on ready them, regulating nothing unnecessary. On the financial markets, few are those who question the need to learn more about the actors and to establish a difference between speculative operators and the trade, even on the nature of the transactions carried out. But regulate all crins is not necessarily the solution. Some of the proposals advanced by the work of the French Presidency of the G20 are not unanimous. Limit each and other commitments to prevent dominant positions or implement a system of registration of operations by mutual agreement can sometimes be scary to relevant stakeholders. If certain negotiated OTC products only mirror futures contracts, on the other hand have specific characteristics, requiring a specific contract.

Finally, it is possible, on the physical market, improved international coordination, avoid high price fluctuations. Wheat have not mounted so fast, last summer, if the Russia is not decreed unilaterally an embargo on exports of wheat. If, before the announcement of the Russia, other States such as the United States or the France had declared to be ready to take up the slack in terms of supply and reassured the market on the lack of scarcity, courts would have no doubt less singed.