Speculation in the wheat futures market has disrupted normal price patterns and hurt the ability of farmers, grain processors and others to hedge against risk, according to the report released last month. ''Bakers cannot escape the impact,'' Hayden Wands, the director of procurement at Sara Lee Corp. and an official of the American Bakers Association, said at Tuesday's hearing. ''Today's volatility represents millions of dollars daily in undue financial risk.'' Mark Cooper, research director at Consumer Federation of America, urged ''more aggressive'' limits on the amount of positions held by speculative traders.
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