It could be erroneously concluded that the farmer is more exposed to price risk than to yield risk. However, once the spatial aggregation bias is taken into account, yield risk is higher and the variability of price and yield are of similar magnitude and the yield risk is sometimes higher. The aggregation bias may mislead a policy maker to underestimate the yield variability when observing the aggregated level. This bias has to be properly taken into consideration in order to assess the producer’s exposure to risk.