WASHINGTON -- U.S. Representative Jo Ann Emerson Thursday questioned Acting Commissioner of the Commodity Futures Trading Commission, Walter Lukken, the acting commissioner of the commodity futures tradig commision in a hearing of the House Subcommittee on Agriculture Appropriations.

"The difference between futures prices and spot prices is a fundamental factor which affects the ability of Southern Missouri producers to market their crops," said Emerson who represents Missouri's Eighth Congressional District. "When the price our farmers are receiving is significantly lower than the price on the Chicago Board of Trade and there's no reasonable explanation, I think the CFTC ought to take a very close look at every aspect of the marketplace."

Commissioner Lukken agreed with Emerson that the lack of convergence, or agreement, between the prices of commodities futures and the price given for spot delivery of those same commodities is both real and problematic. Lukken assured Emerson that the CFTC is working toward a solution.

"At some point, that future date becomes today's date, and there should never be a premium price for grain that you never have to take delivery on. An abnormal, historically wide negative basis in recent years effectively takes quarters, dollars or even more per bushel out of producers' pockets when they go to deliver their crops to the grain elevator. We must examine every possible cause, including the role of speculators, and ensure that regulators have the resources and the transparency they need to ensure the market is working properly," Emerson, R-Cape Girardeau said. "Today, the effects caused by speculators are spilling into the energy markets as well as our markets for commodities -- this is creating a serious concern about their possible effect on retail prices for food and fuel. At the end of the day, the market must have fair, commonsense rules for traders, commercial hedgers, farmers and consumers."

Emerson has been one of the most vocal members of the subcommittee on this issue, repeatedly asking the CFTC and the Federal Trade Commission to examine unusual discrepancies between commodity contract prices at trade exchanges and spot prices at Southeast Missouri ports.