All of which leads to the inevitable conclusion that the only way to stop speculation in food commodities is neither high-level debate nor regulation – how quaint and New Dealish – but criminalisation. Indeed, US senator Maria Cantwell and US congressman Ed Markey are now crafting a bill to make gambling on the world‘s food supply illegal.

So when can we expect a bill to hit the floor? „They have been working on this for a long time,“ said Greenberger.

In other words: not yet.