Risky Business - Managing Dairy Volatility
There are now three certainties in the life of an Irish dairy farmer, death, taxes and volatility. Like its two predecessors, volatility cannot be avoided but it can be managed to reduce the effects it can have on farm businesses.
The aim of my research was to investigate the role risk management plays in volatility management and what solutions are currently available in other dairy exporting nations, at farm, industry and government level and then to determine what is best suited for the Irish industry.
- The key areas of interest for me were:
- Understanding risk management and hedging.
- Cause and effect of volatility along the dairy supply chain.
- The role of Futures and Options.
- Co-op solutions and supports, e.g. Forward Contracts.
- Government Policy.
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