Idaho Wheat Commission researcher Cathy Wilson presented an interesting theory about importing and exporting agricultural commodities and then related all of that to risk management. "My husband and I had a conversation this weekend about the trade deficit. I said I don't think our trading policies make that much difference. I said here it is. The last 10 years we have had a strong dollar. That means I can buy more of your stuff because it's cheap. But you can't buy a lot of our stuff because it is expensive. That's not how the world worked a few years ago. We weren't trading globally and we didn't have all of these emerging middle class who have money to spend or really poor countries that will work very cheap, it's all changing. I think those same kinds of changes will impact how a commodity trader or any businessperson thinks about what is my risk financially, globally as well as domestically, and one of the strategies to most effectively manage that risk."
The University of Idaho has a whole program within its College of agricultural and life sciences entirely focused on this issue.