Mercado futuro e físico de SLCC: conhecimento e uso no agronegócio citrícola do Brasil

Abstract

O presente estudo teve como objetivo analisar por que as indústrias processadoras de suco concentrado e congelado de laranja não estão negociando na New York Board of Trade como hedger, considerando que o risco de preços é alto neste setor, e preferindo utilizar o preço de Roterdã como base para as suas negociações.Os mercados derivativos de commodities agrícolas são utilizados na administração do risco de preços, e a maioria dos contratos negociados em bolsas de mercadorias no mundo inteiro têm tido sucesso, mas, no caso do suco de laranja concentrado e congelado, negociado na NYBOT (atual IntercontinentalExchange (NYSE:ICE)), o volume de negociação de contratos é baixo em comparação com outras commodities.Mas os custos de transação relacionados ao mercado futuro de SLCC, aliados com a concentração das empresas brasileiras processadoras de suco concentrado de laranja, acabaram induzindo um modo alternativo de governança neste setor: o mercado a termo.

Determinants of Successful Agri - Futures Contracts in India

“…The outcomes of the study underline that the commodities on which CTT is levied have been adversely affected. The imposition of CTT has led to an increase in the transaction costs and as suggested by Sanders and Pennings (1999), Tavares (2008); Webb (2015) such a rise in the trading costs inhibit the potential of the futures contract to be successful. The coefficient of COMP is significantly positive, consistent with the findings of Tashjian and Weissman (1995), Corkish et al (1997), Hung et al 2011.…”

“…They highlight the role of high volatility and competition in the spot market, the absence of traditional risk management mechanism and no cross-hedge possibility in their explanation. Tavares (2008) found high transaction costs, poor knowledge of futures among farmers and highly concentrated market, the presence of forwards contracts, which was adequately fulfilling the need for hedging, to be the factors causing the Intercontinental Exchange (ICE) futures contract on orange juice to fail. Hosseini-Yekani et al (2009) find saffron, pistachio, and rice to be fit for the launch of an agri futures contract by analyzing factors including basis risk in the futures trading, size, and volatility of the cash market, homogeneity and the level of exports to total supply.…”