US House Agriculture Committee Chair writes to USA Futures regulator

The live cattle futures market continues mid year with August and October contracts continuing to show volatility.

http://agriculture.house.gov/news/documentsingle.aspx?DocumentID=3432
In the letter, Chairman Conaway writes, “I have reviewed the document, and I believe it presents a comprehensive overview of the current state of economic research on excessive speculation and an objective analysis of the potential utility of position limits. The report discusses in detail the ongoing and vigorous debate among economists about what constitutes excessive speculation and what, if any, impact it might have on prices and volatility in the commodity futures markets.”
CFTC Office of Chief Economist
we await further news on the subject having seen earlier requests by the NCBA peak US cattle producer organisation requesting government and regulators not to rush any new legislation on futures markets, particularly live cattle.