-Niño-induced large-scale drought on smallholder farmers’ livestock holding and milk production using nationally representative data … collected before and after the drought. We show that drought reduced milk production and livestock holding by 25.8% and 8 … insulated their milk production from the drought. In contrast, asset-poor households kept their livestock despite the severe …

negatively affects corn or soybean yields. We also find that it can mitigate the impact of drought on soybean yields. We explore … how wider use of conservation tillage might offset the increase in drought-induced downside risk to soybean yields under …