O uso de mercados futuros como instrumento de Hedging para o agronegócio do café e da soja na Bahia

Abstract

For a long time agricultural protectionism predominated in Brazil. The existence of single prices or government regulated prices led producers not to worry about market conditions, leaving to the government the responsibility of managing prices. With the reduction of government intervention and the failure of the financial incentives for agriculture, agents in this sector must look for new financing instruments for the production and commercialization, and use risk management mechanisms, both for production and for price. The present work analyses the use of futures markets in Bahia. The first article investigates the effectiveness of hedge in the coffee agribusiness in the Vitória da Conquista market and the long term relationship between the physical market and the BM&F during the 1995-2002 period. A regression, having physical (spot) and future prices as explicative variables was used in the model. The results show the hedge for coffee is effective in the Vitória da Conquista market, but also that there is no long term relation (equilibrium) between the physical market and the BM&F. In the second chapter this work is directed to the soybean commodity in the region of Barreiras, and the analysis is for the 1996-2000 period. As in the first chapter the article investigates the effectiveness of hedge for soybeans in the Barreiras market and the long term relationship between the physical XIII market and the BM&F. The results show the hedge for soybeans is not effective, but there is a long term equilibrium relationship between the Barreiras market and the BM&F.