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Insurance companies mostly who must hedge their exposure. Also, any business who could have their operations severely disrupted by the weather. Construction, fishing, clamming, lobstering, resorts, farming...there are many businesses that could be wiped out due to severe weather.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
The contracts are very thin and I suspect they trade primarily through block orders. IDK. CME does offer futures and options on several weather related products.
I have tried to follow the weather products, and they are crud. Kind of like Class III milk. Try and pull up a chart on any weather product. Try to find volume or price action...Yikes! We'd be better off trading products more liquid than that.
P.S...I am speaking of futures only, I do not know options. Maybe options are more liquid than straight futures.