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The 2019 Government Shutdown Increased Uncertainty in Major Agricultural Commodity Markets
In January 2019, a government shutdown prevented the U.S. Department of Agriculture from publishing information about the situation and outlook for major U.S. agricultural commodities. We show that, as a result, Chicago Mercantile Exchange Board of Trade markets for corn and soybeans experienced heightened market uncertainty, elevating the cost of hedging. We use historical options data to estimate that the shutdown and publication delay increased the price of hedging, according to twodoi:10.22004/ag.econ.304256 fatcat:v7tk67cezjf4jafd6w5bism654