The short-run effects of the 2007/2008 global food crisis on semisubsistence farmers' well-being in low-income countries depends on whether they are net sellers or net buyers of the affected commodities. Realizing that farmers face volatile prices over the course of an agricultural year, we...

The storage-at-a-loss paradox—stocks despite inadequate price growth to cover storage costs—is an unresolved issue of long-standing interest to economists. Alternative explanations include risk premiums for futures market speculators, convenience yields from holding stocks, and...