Today every movement in the Chicago, London or Hanover exchanges, where futures contracts for cereals and oilseed grains are negotiated, has an impact on food. Speculation has become one of the main causes of the changes in the price of food. Why is this happening now? How does this work? Who are the winners and who are the losers? This report, written by researchers at the Catalan NGO ODG, and in cooperation with Mundobat, Soberania Alimentaria magazine, and GRAIN, tries to unveil some of the issues. Download the pdf version from the document toolbox.