Option traders find it easy to agree about the importance of implied volatility (IV). Some go so far as to say people have no business even thinking about trading options unless they have an informed opinion about volatility.

They find it more difficult to agree on the best way to evaluate volatility.

This is important because, as the 2007 crop growing season gets under way, it’ s difficult to imagine there won’ t be some interesting volatility situations in the corn and soybean markets. Perhaps analyzing these futures can help determine when and how to trade volatility.