"Another often pointed out topic is the notion that open interest in wheat or corn can often time exceed the physical crop by 3 or 4 times… This happens because the crop changes hands numerous times from the farm to the merchant, to the processor, to the end user, the exporter, the importer… and each of these points of transaction can have and often do hedge themselves at varying times throughout the marketing year…"

He forgot to mention the speculator and arbitrageur, which likely accounts for multiple times the volume of the hedgers he mentions.

John