The role of speculation in the continued volatility of global food prices continues to spark controversy. Even within the camp of multilateral institutions and those that have themselves prescribed globalisation policies that have facilitated and aggravated unbridled speculation-driven price hikes, the debate is drawing the line between truths and lies. More importantly, the issue is challenging the critical analysis and advocacy of peasant movements, advocates and civil society organisations as the concrete impact of speculation in food is tremendous on the growing hunger and impoverishment of the world’s poor – the direct producers. Indeed there are concrete connections between a seemingly abstract world of speculation and financialisation of commodities and real-world hunger, poverty and underdevelopment in the broader context of the global crisis.