Policies need to empower farmers to take their own risk management decisions, and to have access to a diversity of instruments and strategies. Most often, aggregate data show that price variability from markets is stronger than production variability due to weather. However, the sample data from all countries show that at the individual level, yield variability is larger than in the aggregate and similar in magnitude to price variability. It was also found that the majority of farms face negative price-yield correlation in three out of five countries, and at least a third of farms in all countries. Finally, there is evidence that price risk is more systemic than yield risk, but there can be cases in which yield variations are highly systemic. These statistical results on farmers’ risk environment have implications in defining policy priorities and approaches.