The goal of this case study was to investigate the economic feasibility of a new enterprise for Southside Virginia farmers to help alleviate problems stemming from a loss of income and excess production capacity of a tobacco greenhouse. Maple liner production in a tobacco greenhouse was determined to not be economically feasible by this study. The control scenario, as well as the sensitivity analysis revealed that maple liner production would yield a loss when produced in a tobacco greenhouse. The breakeven number of plants to be sold was 43% of the cuttings planted, and could exceed 50% under some conditions of the sensitivity analysis. While the maple liner production schedule was determined to be culturally suitable as a supplemental greenhouse activity, the tobacco greenhouse engineering design was deemed inadequate for maple liner production. Modifications were needed to the ventilation and irrigation systems. This economic study was based on a field trial conducted in Halifax County, Virginia. / Master of Science

Nutrient runoff from excess land application of poultry litter in the Chesapeake Bay Watershed has caused damage to the Chesapeake Bay and lead to the need for alternative poultry litter disposal methods. This study provided an economic feasibility analysis of the use of poultry litter as a partial replacement of coal at an electrical generating unit in Virginia's Chesapeake Bay Watershed. Previous research on the feasibility of converting litter to energy failed to include uncertainty in benefit-cost variables, therefore, this study used risk analysis to incorporate variable uncertainty. Project net worth in previous studies was measured under a public investment scenario with risk neutral preferences but did not take into account risk averse preferences common in private investment. This paper compared benefits under both public risk neutral and private risk averse investor preferences. NPV results showed the proposed project to be feasible but sensitive to the acquisition cost of poultry litter, the unit ash value of litter, and future coal price projections. The maximum level of risk aversion required for feasibility increased when expected returns were measured on an investment scale compared to an annual income scale. Poultry litter combustion produced lower levels of NOx and SO₂ emissions compared to coal, therefore, emission allowance trading through the EPA market based trading programs generated additional benefits to the model and increased the maximum level of risk aversion permitted for feasibility. Results suggested the potential to dispose of 110 thousand tons of poultry litter per year from the Chesapeake Bay Watershed without violating EPA emission standards. / Master of Science

Master of Agribusiness / Department of Agricultural Economics / Vincent R. Amanor-Boadu / The purpose of this thesis is to identify which alternative crops could be enhance the income of Quandahl Farms the most by moving the smallest acreage from the farm’s traditional corn and soybean enterprises into its production. The considered crops are grapes, raspberries, and black currants. The objectives of this study included assessing the technical feasibility of producing the selected crops in Northeast Iowa given the agronomic conditions in the region and the agronomic requirements of the crops. The other was the assessment of the economic feasibility of the selected crops and determining the minimum acres required for each to enhance the farm’s financial situation and still allow for corn and soybeans to be the main crops. The analyses were conducted using secondary data on the selected crops from published budgets and government and extension reports as well as the historical financials of Quandahl Farms. The analyses were conducted over a 10-year horizon to ensure a significant duration of cash flow and allow the establishment of the alternative crops. In that 10-year period, the net present value of Quandahl Farms income is $214 per acre per year. Additionally, the analyses were evaluated under four alternative scenarios of prices and yield for each of the crops in addition to the base scenario. The results shows that grapes and black currants were not economically feasible in Northeast Iowa even though they were agronomically feasible. On the contrary, raspberries were found to be both technically and economically feasible in Northeast Iowa. The net present value under that base scenario for raspberries was $23,267 at a discount rate of 4.5%. Based on the net present value of corn and soybean revenue of the same period, it is estimated that taking 22 acres from the current production and putting it into raspberries would increase average farm income by $60,000. The study shows there is an opportunity to allocate a relatively small proportion of current corn and soybean acreage to raspberries to significantly increase farm incomes. As a result, it is recommended to the principals of Quandahl Farms to consider making this small investment in raspberries to protect the farm from the frequent vicissitudes of farm incomes. The next step after their agreement is to develop the business plan to implement such an investment.

Master of Agribusiness / Department of Agricultural Economics / Vincent R. Amanor-Boadu / Nationwide, the craft brew industry has enjoyed massive growth. Hops are an important ingredient in craft brew beer and rapid growth of this industry has created many opportunities to grow hops. Currently, hops production is concentrated in the Pacific Northwest. That is beginning to change with new hops acres being planted every year across the country. The study looks at how economically feasible it is to plant hops in Nebraska. Is there enough local demand? Finally, given that Nebraska’s weather is dramatically different than the Pacific Northwest, can hops flourish there? The research begins by assessing all costs associated with a starting a three acre hops operation. Estimated yield and income is projected for ten years to establish cash flow. Instances of hail, wind and tornados for Clay County Nebraska for the years 2006-2016 were calculated to determine a probability of those weather events occurring. The probability was then used to determine the effect it could have on yield of hops per year. In addition to cost of production, the study also documented the growth of Nebraska’s craft brew industry to establish demand for locally grown hops. The researched concluded that if production stayed constant and our discount rate at 5%, assuming prices remain where they are or higher, then it is economically feasible to grow hops in Nebraska. Wind, hail and tornadoes do pose a threat in the Midwest but their effect on yield is not enough to deter someone from planting hops there. Access to reliable capital to begin and sustain a hops operation appears to have a greater impact. In addition, Nebraska’s craft brew industry continues to expand rapidly suggesting a strong market for locally grown hops. This information is important for anyone who is considering planting a commercial hops yard. Given how expensive the start-up costs are and how labor intensive the crop is, this research can provide guidance to those seeking to add hops production to their new or existing farming operation.

Master of Agribusiness / Department of Agricultural Economics / Vincent Amanor-Boadu / Bunge is a global agribusiness company that has invested in a facility to produce extruded ingredients and inclusions in its Woodland, California rice mill. Because Bunge is not a branded food manufacturer, it is in a unique position to be a contract manufacturer to a variety of customers without the potential for a conflict of interest. Also, because Bunge is primary in three of the most common ingredients for extruded products, corn, rice and oil, this would be a move down the value chain that would allow it to be more competitive. The initial investment in Woodland has allowed Bunge to learn more about the manufacture of extruded ingredients and inclusions and also gauge overall market demand. A possible next step would be to build a second facility in the eastern half of the United States to expand capacity and be geographically situated to supply the Midwest, South and Northeast regions of the U.S. In order to begin exploring the possibility of a greenfield expansion into the contract manufacture of extruded ingredients and inclusions, this thesis considers three subjects. The first is a customer survey case study, which discovers the customer found high price and whether or not the manufacturer was considered a strategic partner to be the most significant factors in how desirable a manufacturer is. The second subject considered is the ideal location for a second manufacturing site based on a number of factors, including distance from both the customer base and inputs, labor issues, and any savings associated with a particular site. It was found that distance from the ultimate customer may be less important overall than the other factors. The third and final component of the research involved conducting a financial feasibility study. The analyses were conducted under alternative scenarios and subjected to a sensitivity analysis on a number of crucial variables. The weighted average NPV for the alternative scenarios was about $31 million and the IRR of 13.8% cleared the company’s investment hurdle rate. The payback period was estimated to be just under six years. All these suggest that the project as presented in this research is feasible and any investment in it, subject to the absence of any unforeseen event, will be profitable. It is hoped that this information can be used as a starting point and a guide to consider a future investment based on demand and other market indicators available at the time such a decision is required.

A soja é uma leguminosa amplamente cultivada mundialmente, sendo o Brasil o segundo maior produtor mundial. Seu alto conteúdo proteico e baixo custo são fatores potenciais para o desenvolvimento de produtos tendo como base o isolado proteico de soja ou seus derivados. Neste sentido, a partir do farelo de soja (após extração do óleo) e métodos convencionais de extração foi obtido o concentrado proteico, substrato para o desenvolvimento de hidrolisados enzimáticos parciais de proteína. Para tanto, foram avaliadas endopeptidases (Neutrase® 0,8L, Alcalase® 2,4L e papaína) e exopeptidase (Flavourzyme® 1000L). A partir do hidrolisado foram preparados complexos/quelatos de metal-peptídeo. Em cada etapa foi avaliada a viabilidade econômica do produto gerado. A condição de extração proteica que proporcionou o melhor resultado foi a relação sólido/solvente de 1:30 (m/v), pH 9,0 ajustado com NaOH 4,0 M, com tempo de extração de 45 minutos, seguido de filtração e ajuste do pH para 4,5 com HCl 2,0 M para a precipitação de proteínas. Nestas condições foi obtido rendimento aproximado de 68,6 % de extrato com teor proteico de 84 %. O processo de hidrólise que proporcionou melhor perfil de peptídeos foi obtido com a Alcalase® 2,4L, cuja relação proteína/enzima foi de 7,5 mg:10 ?L, com tempo de incubação de 30 minutos em solução de tampão fosfato de sódio 30 mM a 55 ºC. Porém, não foi possível a secagem do hidrolisado devido ao teor de glicerol oriundo da enzima. Este inconveniente foi superado com a purificação parcial da mistura enzimática em coluna de Sephadex G25, eluída com tampão acetato de sódio (50 mM, pH 5,0), obtendo assim o concentrado enzimático sem prejuízo para a atividade da enzima. O hidrolisado assim obtido representa a proteína em seu conteúdo de aminoácido tanto qualitativamente quanto quantitativamente. Na preparação dos complexos metálicos de cobre, ferro, zinco e manganês, o ponto de equivalência metal/ligante foi determinado com a utilização de métodos eletroquímicos (voltametria cíclica ou titulação potenciométrica) e a quantificação do metal por absorção atômica revelou uma quantidade de metal ligado de 15,19; 5,55; 3,13 e 2,94 % de manganês, ferro, cobre e zinco respectivamente. A análise econômica mostrou a viabilidade para a produção de complexo de zinco, porém não se descartou a viabilidade dos outros produtos mediante ao ajuste da escala produtiva. / The soybean is a legume widely cultivated worldwide, with Brazil being the second largest world producer. Its high protein content and low cost are potential factors for the development of products based on isolated soybean protein or its derived products. In this way, from the soybean meal ( after oil extraction ) and conventional extraction methods, the protein concentrate was obtained, which is a substrate for the development of partial hydrolysates of protein. For this, were evaluated endopeptidases (Neutrase® 0.8L, Alcalase® 2.4L and papain) and a exopeptidase (Flavourzyme® 1000L). From the hydrolysate were prepared metal-peptide complexes / chelates. At each stage were evaluated the economic feasibility of the generated product. The protein extraction condition which provided the best result was the relationship solid/solvent 1:30 (w/v), pH 9.0 adjusted with 4.0 M NaOH, with extraction time of 45 minutes, followed by filtration and pH adjustment to 4.5 with 2.0 M HCl for proteins precipitation. In these conditions was obtained an income of about 68.6 % of extract with 84% of protein content. The hydrolysis process which provided the best peptides profile was obtained with Alcalase® 2.4L, whose ratio of protein / enzyme was 7.5 mg:10 ?L, with incubation time of 30 minutes in a buffer solution of sodium phosphate 30 mM at 55 º C. However, the drying of the hydrolyzed was not possible due to the glycerol content coming from the enzyme. This drawback was overcome by partial purification of the enzyme mixture on a column of Sephadex G25, eluted with sodium acetate buffer (50 mM, pH 5.0), thus obtaining the enzymatic concentrate without any loss to the enzyme activity. The thus obtained hydrolysate represents the protein in its amino acid content qualitatively and quantitatively. In the preparation of metal complexes of copper, iron, zinc and manganese, the equivalence point metal / ligand was determined using electrochemical methods (cyclic voltammetry or potentiometric titration) and metal quantification by atomic absorption revealed an amount of bounded metal of the 15.19; 5.55; 3.13 e 2.94 % of manganese, iron, copper and zinc respectively. The economic analysis showed the feasibility for the production of zinc complex, but not dismissed the feasibility of using the other products adjusting the scale of production.

Este trabalho é composto por dois artigos que visam analisar as margens relativas e absolutas de comercialização da indústria de processamento de laranja e a viabilidade econômico-financeira para a implantação deste empreendimento no estado de São Paulo. Embora seja uma cadeia produtiva importante no agronegócio do país, vem sendo constatada uma deterioração das relações entre os citricultores e a indústria processadora de suco de laranja. Após uma breve introdução e fundamentação do problema no primeiro capítulo, analisa-se no segundo capítulo as margens de comercialização da indústria de citros. Contatou-se que a indústria tem operado com margens relativas positivas e elevadas, principalmente, quando é incluída a receita obtida com as exportações dos subprodutos. No segundo artigo (terceiro capítulo desta dissertação), são consideradas três plantas industriais de processamento de citros na análise de investimento, com base no mix de produção, além de incorporar um mecanismo de precificação para a caixa de laranja a ser paga ao citricultor, através do modelo CONSECITRUS. Utilizou-se a metodologia de fluxos de caixa descontados, calculando os indicadores de Valor Presente Líquido - VPL, Taxa Interna de Retorno - TIR, Payback - PB e Payback descontado - PBD para os projetos. Os resultados indicaram que há viabilidade em todos os modelos e cenários analisados. Porém, através da análise probabilística, constatou-se a existência de um risco financeiro elevado, mensurado através do quantil negativo da distribuição do VPL. Embora o risco financeiro seja expressivo, verificou-se que o modelo CONSECITRUS proporcionaria à indústria um grau de risco, moderadamente, menor do que aquele que vigora atualmente. Neste contexto, a citricultura brasileira mostra-se como uma atividade razoavelmente rentável no longo prazo, embora esteja sujeita a um elevado nível de risco. / This study is composed of two articles aimed to analyze the relative and absolute margins of commercialization of orange processing industry and the economic and financial feasibility for the implementation of this venture in the state of São Paulo. Although it is an important agribusiness production chain for the country, it observed a deterioration of relations between citrus fruit growers and the processing industry of orange juice. After a brief introduction and justification of the problem in the first chapter, in the second chapter it is possible to analyze marketing margins of the citrus industry. When the revenue from exports of by-products is included, it was found that the industry has operated with positive and higher relative margins. In the second article (the third chapter of this dissertation), three industrial plants of citrus processing are considered in the financial analysis, based on the mix of production, in addition to incorporate a pricing mechanism for the orange box to be paid to the grower through the CONSECITRUS model. The methodology of discounted cash flows was used for calculating the net present value of indicators - NPV, internal rate of return - IRR, Payback - PB and Payback discounted - PBD for the projects. The results indicated that there is feasibility in all models and scenarios analyzed. However, through the probabilistic analysis it was found that there is a high financial risk, measured through the negative quantile of the NPV distribution. Although the financial risk is significant, it appeared that the CONSECITRUS model would offer the industry a risk, lower than the one currently in effect. In this context, the Brazilian citrus industry proves to be a reasonably profitable activity in the long term, although it is subject to a high level of risk.

O uso da biomassa como fonte de energia elétrica corresponde a uma alternativa de grande importância para o planejamento estratégico do crescimento econômico de diversos países. A vasta extensão territorial e o clima favorável ao desenvolvimento da agricultura no Brasil trazem como vantagem o poder de planejar sua matriz energética utilizando variadas fontes primárias renováveis. A cana-de-açúcar destaca-se pela rusticidade e grande produtividade. O bagaço como um subproduto resultante do processamento da cana é utilizado como fonte para a cogeração de energia e pode contribuir significativamente para a descentralização das fontes de energia nacional. Com o desenvolvimento da tecnologia de etanol de segunda geração, a busca pela maior produção de biomassa ganha relevância. Os programas de melhoramento identificaram que se caso com redução de 25 a 35% da sacarose na cana, a planta teria um potencial de aumento de mais de 100% da biomassa. Os híbridos derivados de programas de melhoramento da espécie Saccharum spp., direcionados exclusivamente para a produção de biomassa, foram denominados de cana energia. Tendo em vista o potencial de produtividade da cultura e consequentemente de geração de energia, torna-se necessário conhecer se esse potencial se traduz em resultado econômico. Com esse enfoque, o objetivo deste trabalho foi analisar a viabilidade econômica da produção de biomassa da cana energia. Para tanto foi desenvolvido um modelo em planilha eletrônica e o modelo foi empregado na simulação de cenários e alternativas. A planilha integra modelos de balanço hídrico, produtividade da cultura e distribuição de chuvas, e suas relações com aspectos econômicos e produtivos. O preço de venda da biomassa, a produtividade da cultura e a distância de transporte se mostraram como os itens que mais influem sobre os indicadores de viabilidade econômica. Diferentemente da eficiência gerencial, a eficiência de campo corresponde a um fator de grande importância a ser considerado para reduzir o custo de produção. A análise da área de colheita como uma variável crítica indicou que existem módulos ideais para a utilização de máquinas agrícolas, reduzindo o seu custo operacional devido ao uso melhor atribuído das máquinas na propriedade. A análise da textura do solo como variável crítica mostrou que o cultivo da planta em diferentes tipos de solos reflete em diferentes custos operacionais, produtividade potencial e no montante de investimento. O ano de reforma corresponde a um fator crítico para a viabilização da atividade. Para o cenário base, o indicador de atratividade financeira apresenta um Valor Presente Líquido de 6,4 milhões de reais e uma Taxa Interna de Retorno de 15,2%, com um horizonte de 20 anos de produção. As análises de sensibilidade mostram que as variáveis que mais impactam nos indicadores de viabilidade econômica financeira são o preço de venda da biomassa e a produtividade média da lavoura. / The use of biomass as energy source is an alternative of great importance to the strategic planning of growth for any economy in the world. The vast territory and favorable climate for Brazilian agriculture development, brings advantage to plan its energy matrix using various renewable primary sources. The sugarcane is highlighted by its rusticity and large amount of biomass generated by area. Since the bagasse is a sugarcane by product, it can be used as a source for energy cogeneration, which can significantly contribute to the strengthening of the Brazilian energy matrix. Genetic improvement of the culture has always sought the highest sucrose content, due to the needs of the industrial process. With the development of second generation ethanol technology, the quest for higher biomass production becomes important. If the cane were fully harvested, the total biomass would be increased in more than 100%, with a loss of 25 to 35% in sucrose. The hybrids derived from Saccharum spp. breeding programs directed exclusively for biomass production were named energy cane. Considering the potential crop yield and consequently the energy generation, it is very important to know if this potential is related to economic results. Therefore, the aim of this study was to develop a model to analyze the economic feasibility of biomass production from energy cane. It was developed an electronic spreadsheet and the model was used in different scenarios and alternatives. In the base scenario, the financial attractiveness indicators shows a Net Present Value of 6.4 million and an Internal Rate of Return of 15.2%, in 20 years of production. Sensitivity analyzes shows that the variables that most impact the financial viability of economic indicators are the sales price of biomass and the average productivity of the crop.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-07-06T16:48:25Z No. of bitstreams: 1 Fernanda Schutz.pdf: 3291135 bytes, checksum: 63120ab5adc65b02a69a9a223f9aaa64 (MD5) / Made available in DSpace on 2015-07-06T16:48:25Z (GMT). No. of bitstreams: 1 Fernanda Schutz.pdf: 3291135 bytes, checksum: 63120ab5adc65b02a69a9a223f9aaa64 (MD5) Previous issue date: 2013-01-31 / CNPQ – Conselho Nacional de Desenvolvimento Científico e Tecnológico / Esta pesquisa tem como objetivo geral avaliar a viabilidade econômica da implantação e da operação de destilaria de produção de etanol, em pequena escala, tomando por base as experiências dos municípios de Cândido Godói e de Ijuí (RS). Adotou-se como estratégia de pesquisa o Estudo de Caso múltiplo. Quanto aos procedimentos metodológicos, buscou-se avaliar a viabilidade econômica utilizando-se instrumental tradicional de análise de projetos econômicos, com a construção de um fluxo de caixa, determinação de indicadores econômicos como o VPL e a TIR. Para a elaboração dos fluxos de caixa, tomaram-se por base as informações coletadas em visitas técnicas e entrevistas realizadas. Após, a avaliação da viabilidade foram determinados possíveis limites de preços futuros do etanol para os anos de 2015, 2020, 2025 e 2030, considerando três possíveis cenários: 1) Cenário 1, com preços máximos do etanol; 2) Cenário 2, com preços médios do etanol e; 3) Cenário 3, com preços mínimos. Para a elaboração de cada cenário, utilizou-se dois critérios. O primeiro foi considerar a taxa de crescimento do preço do petróleo para projeções até 2030, aplicando o preço de R$1.082 do etanol, em dezembro de 2010. Como segundo critério, os preços do etanol foram estimados, levando-se em conta a média dos preços anuais, no período de 03 de janeiro de 2012 a 28 de dezembro de 2012. Os principais resultados encontrados apontam que não haverá retorno financeiro positivo nos projetos. Os maiores custos referem-se à matéria-prima e à incidência de carga tributária. Os preços que viabilizam todos os fluxos de caixa gerados são R$ 2,40 e R$3,20, para o Cenário 1, e de R$ 2,00, para o Cenário 2, considerando o critério 2. Em relação ao critério 1, o único valor que viabiliza os projetos refere-se ao preço de 2015 (R$2,50). Todos os demais valores não permitem a viabilidade dos mesmos, direcionando para uma rejeição de se realizar os investimentos necessários para implantação de microdestilarias de etanol. / This research aims to evaluate the economic feasibility of the deployment and operation of the production ethanol distilleries, in small-scale, based on the experiences of Candido Godoi and Ijuí countys, RS, Brazil. Adopted as the research strategy the Multiple Case Study. Regarding the methodological procedures, we sought to evaluate the economic viability using traditional instrumental analysis of economic projects with the construction of a cash flow, determination of economic indicators like NPV and IRR. For the formulation of the cash flow, were built on the information collected on visits and interviews. After the evaluation of viability, were determined limits of possible future prices of ethanol for following years: 2015, 2020, 2025 and 2030, considering three possible formations: 1) Formation 1: with maximum prices of ethanol, 2) Formation 2, with average prices ethanol and 3) Formation 3, with minimum prices. For the preparation of each formation we used two criteria. The first considered the growth rate of oil price for forecasts in 2030 by applying the price of ethanol R$ 1,082 in December 2010. For the second criterion ethanol prices were estimated taking into account the average annual price for the 3 January 2012 to 28 December 2012 period. The main findings show that there is no positive financial return on the projects. The greatest costs relate to raw material and the incidence of the tax burden. The prices that enable all the cash flows generated are R$ 2.40 and R$ 3.20, for Formation 1, and R$ 2.00, for Formation 2, considering criterion 2. Regarding the first criterion the only value that enables the projects refers to the price of 2015 (R$ 2.50), all the other values do not allow their own feasibility, for directing a rejection to make the necessary investments to implement of ethanol microdistilleries.

Alguns peixes carnívoros, como o salmão e a truta, são produzidos mundialmente com rações nutricionalmente completas contendo elevados níveis de farinha e óleo de peixe em função da excelente qualidade nutricional destes ingredientes. A estagnação dos estoques pesqueiros e a demanda crescente por estes ingredientes fazem com que o custo com alimentação de peixes carnívoros seja cada vez mais elevado. Nutricionistas vêm então buscando substituir a farinha e o óleo de peixe nas dietas comerciais, sem prejudicar o desempenho dos peixes confinados. O dourado, Salminus brasiliensis, é um Characiforme ictiófago neotropical de grande porte que apresenta um grande potencial para a aquicultura: excelente qualidade de carne e boa aceitação do mercado consumidor, refletidos em elevado valor comercial, sendo ainda procurado para a pesca esportiva. Entretanto, os estudos sobre o uso da espécie em piscicultura comercial são ainda rudimentares. Os objetivos deste estudo foram avaliar o desempenho do dourado alimentado com dietas contendo a farinha de vísceras em substituição à farinha de peixe e determinar o nível máximo de substituição da farinha de peixes que permitisse a maximização do lucro. O experimento foi realizado em um sistema de recirculação de água com controle de temperatura (26,78 ± 2,21 ºC), oxigênio dissolvido (6,44 ± 1,03 mg L-1), pH (7,40 ± 0,28) e amônia total (<= 0,25 mg L-1). Juvenis de dourado (12,00 ± 0,58 g) foram distribuídos em 24 caixas de polietileno de 300 L (12 peixes por caixa) em um delineamento inteiramente casualizado (n=4), aclimatados às condições de criação e dietas por 10 dias, submetidos a jejum de 24 horas, pesados, medidos e então alimentados em duas refeições diárias por 66 dias com rações extrudadas, nutricionalmente completas (40% de proteína digestível e 4020 kcal kg-1 de energia digestível), com níveis crescentes de farinha de vísceras de aves (0, 20, 40, 60, 80, 100%) em substituição à fonte dietética de proteína, a farinha de peixe. Ao final do período experimental foi feita a biometria para cálculo das seguintes variáveis de desempenho: peso médio final, ganho de peso médio, taxa de crescimento específico, consumo de ração, taxa alimentar, sobrevivência, índice de conversão alimentar, taxa de eficiência proteica, valor produtivo da proteína, eficiência de retenção de energia e maximização do lucro. Embora as variáveis estudadas não apresentassem diferenças significativas (P>0,05), foi observada a presença de dados influentes ou atípicos, que viciaram os resultados da regressão. Para diminuir a influência destes dados na curva da regressão, foi adotado o método da regressão robusta. A análise de maximização do lucro determinou que o nível ótimo de substituição de farinha de peixe por farinha de vísceras de aves foi de 33,29 %. / Carnivorous fish such as trout and salmon are raised on complete feeds, containing large quantities of fish oil and fishmeal, the best quality feed ingredient there is. The stagnation of natural fish stocks and the increasing demand for such feedstuffs makes the cost of carnivorous fish diets increasingly high. Nutritionists are thus in search of alternative ingredients to replace fishmeal in commercial diets without hampering fish performance. The dourado, Salminus brasiliensis, is a Neotropical, large ichthyophagous Characin, highly regarded for fish farming and sport fishing alike because of its prized flesh, high acceptance and market value. However, studies on the farming and husbandry of dourado are still rudimentary. This study evaluates the performance of dourado fed diets formulated to contain increasing levels of poultry byproduct meal in replacement of fish meal and determining the maximum level of replacement of fishmeal that maximizes profit. Trial was set up in a closed loop system, controlled temperature (26.78 ± 2.21 ºC), dissolved oxygen (6.44 ± 1.03 mg L-1), pH (7.40 ± 0.28), and total ammonia (<= 0.25 mg L-1). Juvenile fish were stocked in 24 tanks (300 L, 12 fish per tank) in a completely randomized design (n=4), acclimatized to system conditions and experimental diets for 10 days, fasted for 24 hours, weighted, measured and then fed twice a day for 66 days with extruded, nutritionally complete diets (40% digestible protein and 4020 kcal kg-1 digestible energy), formulated to contain increasing levels of poultry byproduct meal (0, 20, 40, 60, 80, 100) as surrogate protein source to fish meal. At the end of feeding period, fish were measured and weighted (final average weight ) to allow determining average weight gain, specific growth rate, feed consumption, feed conversion rate, protein efficiency rate, productive value of protein, energy retention rate, survival rate and profit maximization. Performance parameters did not differ (P>0.05), so to decrease the effects of influent data, the robust regression method was used and the profit maximization analysis revealed that replacing 33.29% of dietary fishmeal by poultry byproduct meal maximizes profit in the farming of dourado.