Furthermore, since all five insurance schemes (but perhaps less so the STAX programme) are designed to give US farmers large subsidies when the prices of the commodities they produce fall, they potentially open the gates to trade disputes, including in the case of cotton. First, cotton prices - even after crashing down from an all-time peak in mid-2011 - remain high by historical standards, and subsidies as a share of farm revenue have declined over the years.20 This means that a cotton deal will have limited impact on the world price. Simulations indicate that the highest price increase - occurring under the scenario of full implementation of the December 2008 Revised Draft Modalities - will be no more than 10 per cent.