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Risk Management Options for Wyoming Farms

James Johnson, Vincent Smith and, John Hewlett (May, 2009)

Summary

Farm managers know they are involved in financially risky enterprises and, as a result, develop strategies and tools to manage that risk. Typically, those strategies involve the use of multiple production, price and business risk management tools. This paper describes federally subsidized production and revenue insurance products available to Wyoming farming operations and presents simulations of the effects of alternative risk management strategies for a representative Wyoming farm.