Markets in Everything: Rainfall Futures Contracts
"CME Group, the world's leading and most diverse derivatives marketplace, announced today that it will begin listing and trading rainfall futures, options on futures and binary options beginning October 31 for trade date November 1. The monthly and seasonal contracts will be based on the CME Rainfall Index and will be available March through October.
The rainfall contract locations include Chicago O'Hare International Airport, Dallas-Fort Worth International Airport, Des Moines International Airport, Detroit Metro Airport, Jacksonville International Airport, Los Angeles Downtown USC Campus, New York LaGuardia Airport, Portland International Airport and Raleigh/Durham International Airport."
4 Comments:
Yet another reason we do no need the fat-lard-coprolitic USDA. Farmers can hedge against bad weather.
Wipe out HUD, USDA and VA.
For those that have to deal with the colder version of precipitation there are Snow Contracts avaialable also.
I wonder if tv meteriologists should buy Snow Contracts if their forecasts for one inch is off by eleven inches?
We need more AG subsidies not less.
We cannot expect farmers to do all we ask of them for what they get paid.
A hedges is just that, a hedge against loss, which does nothing in terms of actually increasing revenue.
If you really want less frms and therefore less need for subsidies, what you need to wipe out is th elocal zoning board, not USDA.
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