We develop a framework to quantify the convenience yield risk (CYR) inherent to each commodity futures market. Implementing our approach, we document that our novel CYR measure is informative about future commodity returns. In panel regressions, the CYR predicts future returns with a positive...

Weather variability disrupts food grain production and agricultural sustainability. While existing literature highlights the stationary relationship between weather variables and agricultural outcomes, it often overlooks their bearing on land use changes. This study investigates the dynamic...