Eficiência do mecanismo do contrato futuro de operações de hedge em derivativos agropecuários: um estudo sobre a cana-de-açúcar

Abstract

Brazilian agribusiness is a sector of the economy in constant growth and participation in the Gross Domestic Product (GDP). Sugarcane has an important contribution to it, highlighting Brazil as a world leader in its production. However, agricultural production faces several risks related to climate, pests and price changes, making risk management necessary. This provides protection for both the producer and the economy, so as a way to mitigate the risks that several producers face, the derivative market is used to ensure the management of price fluctuations. This article aims to analyze the efficiency of the future market mechanism of hedge operations in agricultural derivatives, using sugar cane as the analyzed product. For this, three strategies of price variability management will be carried out to demonstrate how best to reduce risks and losses on the part of the agricultural producer. The strategies are: spot market trading, short futures (traditional hedging) and short futures vs. spot market. Based on what was analyzed and simulated, the marketing strategy in the spot market proved to be the most efficient to the agricultural producer, with cost coverage and high productivity in sales.