The market would function without speculators and the price the consumer paid would be the price the producer charged, plus any costs involved in the actual movement and storage of the goods between the point of production and the point of sale (and a margin of course).
Speculators add a level of abstraction that only hurts the consumer as they too want a profit. IOW, prices would ALWAYS be lower without the speculator involved.
Of course, speculators take some risk from the producer which tends level out major swings in prices - IOW the speculator earns his money.
Without the speculator, prices for most commodities would vary greatly due to seasonal demands - but the consumer would pay less, and the producer would earn more, “in the end”. There would also be no “spread” since that only exists in the speculative market.
Finally, in todays market - with HFT and all the rest of the dishonest practices which serve ONLY to drive the price - liquidity is an illusion and your “spreads” are meaningless. Trades are introduced with NO intent of having them actually acted upon - simply to drive a price - and the only beneficiary is the speculator.
The only absurdity here, is attesting noble traits to the speculator - as if we should celebrate his accomplishments and goodness. That is normally reserved for persons that act in the public interest first, and then for themselves; not for those whose only value to society is a by-product of thier own self interest.
Speculators want a profit. They also want a foot rub. They aren't guaranteed either.
Without the speculator, prices for most commodities would vary greatly due to seasonal demands - but the consumer would pay less, and the producer would earn more, “in the end”.
Without a way to lock in future prices, commodity consumers would pay more.