| Volatility impacts of elevated pass-through | |||||||||
| Actual Volatility | Counterfactual Volatility | Pass-through Impact | |||||||
| Corn | Wheat | Soybeans | Corn | Wheat | Soybeans | Corn | Wheat | Soybeans | |
| 2007q1 | 29.2% | 30.4% | 22.7% | 28.3% | 28.0% | 21.4% | 0.9% | 2.4% | 1.3% |
| 2007q2 | 34.5% | 32.4% | 20.3% | 34.1% | 32.0% | 19.5% | 0.4% | 0.4% | 0.9% |
| 2007q3 | 32.9% | 33.8% | 27.2% | 32.6% | 33.8% | 26.2% | 0.3% | 0.0% | 1.0% |
| 2007q4 | 28.3% | 34.0% | 23.2% | 26.0% | 34.0% | 21.0% | 2.3% | 0.0% | 2.1% |
| 2008q1 | 27.3% | 43.0% | 25.2% | 24.3% | 42.1% | 23.0% | 3.0% | 0.9% | 2.2% |
| 2008q2 | 30.7% | 47.2% | 35.9% | 29.0% | 44.6% | 32.7% | 1.6% | 2.6% | 3.2% |
| 2008q3 | 38.8% | 43.6% | 35.5% | 35.1% | 40.5% | 31.6% | 3.7% | 3.1% | 3.9% |
| 2008q4 | 50.2% | 49.2% | 44.2% | 40.1% | 39.0% | 33.7% | 10.1% | 10.2% | 10.6% |
| 2009q1 | 41.2% | 42.5% | 34.1% | 37.5% | 38.2% | 29.8% | 3.8% | 4.3% | 4.3% |
| 2009q2 | 30.0% | 39.9% | 29.2% | 26.8% | 33.8% | 25.2% | 3.2% | 6.1% | 4.1% |
| 2009q3 | 36.4% | 33.3% | 33.7% | 33.4% | 31.2% | 29.8% | 3.0% | 2.0% | 3.8% |
| 2009q4 | 35.7% | 35.9% | 27.0% | 32.9% | 33.5% | 24.7% | 2.8% | 2.4% | 2.4% |