Hi, This isn't a rhetorical question, and I have no problems admitting I'm a complete newbie when it comes to commodity options. I'm just genuinely surprised at what seems like relatively high rates of implied volatility inside commodity options. ZM (Soybean meal), ZS (Soybean), ZC (Corn)... all have IV in the 30% range. When I measured historical volatility using daily returns, at least from about Jan-May of this year (not a huge sample size)... I'm seeing measured volatility in the 10%-15% range. That seems like a pretty significant gap, at least in the long run. So, am I just looking at too small of a sample...? Or is my math wrong in some other way?