The Secret Financial Life of Food: From Commodities Markets to Supermarkets (Arts and Traditions of the Table: Perspectives on Culinary History)

The Secret Life of Food explores the role the futures market plays in the food we consume. The United States once had many different future's markets, some of which had their own specific niches. The markets have since consolidated, with specific commodities coming and going. Successful commodities need to have sufficient uncertainty in their yield as well as a wide variety of participants. The markets define specific standards for the product being produced. Participants include producers (often farmers growing the crops ), consumers (usually large corporations that require the crops as inputs) and speculators (financial players who have no intention of taking delivery.) At times speculators have achieved great gains by cornering the market. (Though there have also been huge loses in failed attempts to corner.) The futures markets are used to help smooth costs, and help prevent wild swings in the processed food products commonly consumed. Significant sustained price swings can often take a year or so to appear in the prices of processed food.
The book provides a fascinating story of how key futures markets, such as corn, wheat, coffee and orange juice work. Equally fascinating is the story of failed markets and ones that don't exist. High Fructose Corn Syrup failed because there were too few participants. Other markets, such as Peking Duck, could be possible, but have not picked up yet. There are a variety of different markets in different countries that trade things important to their population.