California has a new hedge against record droughts: water futures
For the last 100 years, water in the American west has rarely been priced on the open market. Water rights were bought and sold through private contracts and government deeds, and public agencies doled out most of the coveted commodity. On Dec. 7, trading began in the first futures market for water. Farmers, businesses, and investors can now pay to lock in the future price of water in California.