Opening Statement of Commissioner Scott O’Malia, Agriculture Advisory Committee Meeting

October 29, 2009

Commissioner Dunn I appreciate you chairing this hearing to take testimony on the corrective measures identified to remedy the fundamental problems associated with the wheat contract.

This contract serves as the global benchmark for wheat. I am fully aware of the importance this product has on world food prices and the commercial implications to farmers, storage operators and shippers as well as those with significant investment in existing futures contracts.

Although I am now only in my second week on the job, I am impressed with the body of work this Committee has produced to uncover the fundamental flaws in this contract and I compliment Commissioner Dunn as well as the Commission staff and Subcommittee participants who have worked so hard to develop a range of options for our consideration.

I am very interested to hear the testimony from out expert witnesses and greatly appreciate everyone's participation today.

Last Updated: June 10, 2010