Results of a survey conducted by the USDA (Caron) indicate that the largest "exporting" risk perceived by U.S. grain merchandisers is caused by changes in the flat price of grain. The largest logistical" risk was associated with ocean charters. The objectives of the present study are to (1) measure these perceived risks in terms of price uncertainty facing exporters and importers of U.S. corn and soybeans at various stages of the marketing channel, (2) estimate the extent to which the uncertainty can be reduced through small portfolio diversification, and (3) compare price uncertainty levels facing exporters versus importers in an attempt to deduce behavioral incentives at each marketing stage.