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by centimeter 2237 days ago
More people than farmers (or manufacturers, or whatever picturesque production business) buy futures without speculative intent. Most futures trades are for (indirect) hedging purposes. E.g. if I made burger buns I would buy and sell wheat futures even if I never actually took delivery of wheat futures, because I can hedge part of my exposure.

Modulo the fact that almost no one a naive observer might accuse of "speculating" is actually speculating, I do agree that speculating on commodities futures is dumb, because taking a directional bet on anything you don't have inside information into is dumb.