Commodity speculators are market participants that trade commodities with  higher than average risk with the expectation of making higher than average profits. Commodity speculators try to forecast price changes and they base their futures positions on those forecasts. Speculators assume high risks, due to high price volatility in commodity markets, that hedgers try to avoid. If their forecasts are correct, speculators will obtain high profits from their positions. If their are not, their losses will be equally high.