Cardboard is the most recycled material in America. It’s also a recycler’s biggest worry. Prices tripled from late 2022 to mid-2024, then fell by half. They’ve crashed more than 70% three times in the last 20 years. A recycler’s costs stay the same. What they sell might be worth half as much next year. Farmers hedge corn. Airlines hedge fuel. Recyclers had nothing. Until now. Tomorrow Recycling just placed the first cardboard hedge. As their CFO, Josh Branham, put it: agriculture and energy have done this for decades, and there’s no reason recycling shouldn’t have the same tools.