Iowa's Agricultural Situation
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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
Drought concerns in the United States were the resounding cry throughout the Midwest last spring. The drought fears were so severe that on May 16 the U.S. Department of Agriculture (USDA) scheduled a press conference to unveil the findings of the National Drought Policy Commission. This coincided with the National Oceanic and Atmospheric Association's (NOAA) 90-day forecast calling for drought conditions to persist. There is no doubt that weather premiums exist in futures contracts for upcoming crops and will remain until the crop materilizes. The hard question to answer is: What is the size of a given weather permium?