Hedge strategies with future contracts for the commodities trading in feedlot beef cattle

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dc.contributor.authorBadaró, Gustavo De Souza Campos
dc.contributor.authorFontes, Renato Elias
dc.contributor.authorGonçalves, Tarcísio De Moraes [UNESP]
dc.contributor.authorJúnior, Luiz Gonzaga De Castro
dc.contributor.authorDe Souza, Waldemar Antonio Da Rocha
dc.contributor.institutionUniversidade Federal de Lavras (UFLA)
dc.contributor.institutionUniversidade Estadual Paulista (Unesp)
dc.contributor.institutionUniversidade de São Paulo (USP)
dc.date.accessioned2018-12-11T16:50:13Z
dc.date.available2018-12-11T16:50:13Z
dc.date.issued2017-04-01
dc.description.abstractThe study applies the futures markets trade, for the market demands of the production activity of the feedlot beef cattle. Presenting the aim of identifying placement strategies in futures contracts, that articulate a better relationship between risk and returns for the purchase of inputs and sale of cattle in the production of feedlot beef cattle. Were analyzed positioning in future contracts, established on account of payments typical to this production system, applied to a hypothetical model. We performed an historical analysis of the hedge operations, by means of simulating costs and revenues, with contracts for input purchases: unfinished cattle (BGI), corn (CCM) and soybeans (SOJ), and for production sale, contracts of live cattle (BGI). With the individual evaluation of positionings tested on future markets, have been identified two strategies that constitute the best relationship between risk and returns.Yielding, respectively, 3.97% and 3.58% more than the average obtained with the spot market, and a lower variability of profit margins over the years. It was concluded that the strategic positions defined in futures contracts allow higher gains than on the spot market, in risk reduced conditions.en
dc.description.affiliationUniversidade Federal de Lavras Departamento de Administração e Economia DAE/UFLA, Caixa Postal 3037
dc.description.affiliationGenética e Melhoramento Animal (UNESP/Wageningen University 2003) Universidade Federal de Lavras Departamento de Zootecnia DAE/UFLA, Caixa Postal 3037
dc.description.affiliationEconomia Aplicada (USP 1999) Universidade Federal de Lavras Departamento de Administração e Economia DAE/UFLA, Caixa Postal 3037
dc.description.affiliationEconomia Aplicada (USP/ESALQ 2010) Universidade Federal do Amazonas Faculdade de Estudos Sociais/Depto de Administração, Av. General Rodrigo Otávio Jordão Ramos, 3000, Coroado I
dc.description.affiliationUnespGenética e Melhoramento Animal (UNESP/Wageningen University 2003) Universidade Federal de Lavras Departamento de Zootecnia DAE/UFLA, Caixa Postal 3037
dc.format.extent265-294
dc.identifier.citationCustos e Agronegocio, v. 13, n. 2, p. 265-294, 2017.
dc.identifier.issn1808-2882
dc.identifier.scopus2-s2.0-85032273775
dc.identifier.urihttp://hdl.handle.net/11449/170311
dc.language.isopor
dc.relation.ispartofCustos e Agronegocio
dc.relation.ispartofsjr0,182
dc.rights.accessRightsAcesso restrito
dc.sourceScopus
dc.subjectFeedlot cattle
dc.subjectFuture markets
dc.subjectHedge
dc.titleHedge strategies with future contracts for the commodities trading in feedlot beef cattleen
dc.typeArtigo

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