We know the total of Idaho's agricultural receipts, but do we know the parts?

A common concept introduced in agricultural economics courses that focus on risk is that of the “natural hedge.” To summarize, the natural hedge relates to the commonly observed phenomena in some crop markets in which prices and yields tend to have an inverse relationship.

Fertilizer prices have been on a dramatic run since the end of 2020. Global urea prices increased by more than 130% from January to October 2021.

Despite severe drought, cash receipts for every major crop and livestock commodity were higher in 2021 than in 2020.