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The Effects of Weather on Commodity Prices Before Weather Risk Management Tools

Commodity risk expert J. Scott Mathews examines the effects of weather on crop prices in Florida before weather risk management tools became available.

He then discusses the introduction of weather futures and options by CME in 1999 and how they provide risk mitigation for the commodity markets.

Specifically, Mathews looks at:

• The effects on Hurricane Donna in 1960 on the Florida citrus crop
• How Hurricane Donna would have measured up in terms of the CME Hurricane Index (CHI) – the hurricane measurement index used in assessing hurricane futures and options
• Hurricanes that have affected citrus crop prices in recent years
  • Andrew – 1992
  • Charley – 2004
  • Wilma - 2005
• Hurricanes that impacted oil and energy prices in 2005
  • Katrina
  • Rita
  • Wilma