A Review of the New Corn Yield Insurance Futures and Options
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The Center for Agricultural and Rural Development (CARD) conducts innovative public policy and economic research on agricultural, environmental, and food issues. CARD uniquely combines academic excellence with engagement and anticipatory thinking to inform and benefit society.
CARD researchers develop and apply economic theory, quantitative methods, and interdisciplinary approaches to create relevant knowledge. Communication efforts target state and federal policymakers; the research community; agricultural, food, and environmental groups; individual decision-makers; and international audiences.
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Abstract
On June 2, 1995, the Chicago Board of Trade (CBOT) expanded the spectrum of agricultural futures and options to cover financial risks clue to crop yield fluctuations. Yield insurance contracts for corn in the state oflowa were offered in 1995. Starting on january 19, 1996, corn yield insurance contracts for the entire United States and the states o[ Illinois, Indiana, Nebraska. and Ohio were established on the CBOT. This article explains what the yield insurance contracts are and how the colllracts work.