Below is a letter from the National Cattlemen’s Beef Association to the CME that originally was posted on the “Points and Figures” blog (commentary follows

There are two types of traders: Hedgers and speculators. You should know which one you are.
Paul Volcker said he wasn’t involved with writing the final version of the rule that bears his name.
In a landmark step, U.S. regulators curbed some types of trading while largely freeing chief executives from personal responsibility.
So whilst the government works to stem inflation, the West continue to increase it. There is little the Chinese can do to stop these currency wars, so instead the government encourages both individuals and institutions to invest in gold.
Officials at two agencies charged with banning U.S. banks from trading for their own accounts are insisting on strengthening a key provision.
Protec Energy Partners has produced solid risk-adjusted returns over its three-year track record, probably because principals Todd Garner and Andrew Greenberg have been working together for 14 years and both have worked in the energy field for more than 30.
Concerns about inflation and weakening currencies are leading the Chinese middle classes and wealthy to again use gold jewelry, coins and bars as a hedge and store of value.
Selling some future production at current prices raises money today. That should be to the benefit of the shareholders. Yet the main concern in hedging isn't how to manage this trade. It is the shareholders' view of hedging that counts.
Volcker rule opponents are making their case for alternatives to the proprietary trading ban at a U.S. House Financial Services Committee hearing as regulators move closer to completing work on the Dodd-Frank Act measure.