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La Niña: Calm Before the Storm in Ag Markets?
By Erik Norland, Senior Economist, CME Group
Highlights
- Ag options’ implied volatility remains exceptionally low despite La Niña
- Could be due to decline in U.S. status as predominant global grain exporter
- Economic conditions could temper impact of La Niña as in 2009, 2010
- La Niña might not further depress already low grain prices
