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The wheat price has recently risen sharply - also because of financial bets
Photo: Bernd Wüstneck / dpa
Investors can exacerbate food crises by speculating on agricultural commodities.
The consumer protection organization Foodwatch has now sharply criticized this development.
"In view of the impending hunger crises, gambling on agricultural commodity prices is unbearable," complains Matthias Wolfschmidt, the organization's strategy director.
Food prices have risen massively around the world in recent weeks.
The main reason for this is that companies and traders are expecting a reduced supply of wheat, vegetable oils and phosphate fertilizers from the Black Sea region due to the war - and have reacted to this.
However, financial bets on rising commodity prices continued to drive prices up, criticized Foodwatch.
"Financial speculators are also fueling the sharp rise in agricultural commodity prices: They are betting on rising prices and hoping for quick profits," said Wolfschmidt.
There is a vicious circle of fear and greed.
Foodwatch: There are no speculation limits
Transparency is needed as to who has which grain reserves at their disposal - this is the only way to counteract the fear of shortages, Wolfschmidt demanded.
“The EU urgently needs to set speculation limits and stop betting on rising prices,” he demands.
There is a lack of effective levers to curb this business.
The research association Lighthouse Reports presented a detailed report on speculation on the commodity exchanges last week.
For two of the largest agricultural funds, the results suggest that certain deals are making things worse in poorer countries.
"The financial industry is already a winner of the Russian war of aggression," says Foodwatch director Wolfschmidt.
His organization had already published research on agricultural speculation under the title "Die Hungermacher" in 2011 and called for regulation.
Apr