A existência de especificidade temporal na produção do confinamento de bovinos, que limita o período de negociação e busca por preços mais atrativos, corrobora com a necessidade do uso de mecanismos de hedge. Este pode ser feito pelo confinador com o uso da BM&F Bovespa, via contratos futuros e de opções, ou diretamente com os frigoríficos, por meio de contratos a termo. O objetivo desta dissertação é identificar fatores determinantes para a utilização de hedge (contratos futuros, de opções e termo) por confinadores. Foram realizadas pesquisas com confinadores participantes de eventos realizados em Ribeirão Preto-SP, em 2012 e 2013, e por telefone em 2014. Para a análise dos dados foram utilizadas estatísticas descritivas. Em seguida, com uso do Teste Exato de Fisher, foi analisada a associação das características dos confinamentos e pecuaristas ao uso do hedge. Com o intuito de identificar os determinantes para o uso de ferramentas de gestão de preços, foram elaborados modelos de regressão logística. Os resultados indicaram que o tamanho do confinamento, a escolaridade do gestor, o controle acurado de custos, o confinamento exclusivo, a utilização de hedge para os grãos, uso anterior de ferramentas e a parceria com frigoríficos têm relação com a utilização de uma ou mais formas de gestão de risco de preços do boi gordo. / The existence of temporal specificity in the production of feedlot cattle, which limits the period of negotiation and search for more attractive prices, confirms the necessity of using hedging mechanisms by feedlot cattle producers. The hedging can be done via BM&F Bovespa, through futures and options, or directly with slaughterhouses, through forward contracts. The aim of this study is identify determinants for using hedge (futures contracts, options contracts and forward contracts) by feedlot cattle producers. Surveys were applied to participants of events in Ribeirão Preto-SP, in 2012 and 2013, and via phone in 2014. Descriptive statistics of data were obtained and the determinants for using hedge were investigated using hypothesis tests. The relations between the producer\'s and feedlot\'s characteristics with hedging use were tested by Fisher Exact Test. In order to identify the determinants for the use of hedge, logistic regression models were implemented. The results have indicated that the size of the confinement, the manager\'s educational level, the high cost control, the feedlot as the only activity, the use of hedging for grains, the prior use of these tools and the partnership with slaughterhouses are related to the use of one or more ways to manage price risk of cattle.

A existência de especificidade temporal na produção do confinamento de bovinos, que limita o período de negociação e busca por preços mais atrativos, corrobora com a necessidade do uso de mecanismos de hedge. Este pode ser feito pelo confinador com o uso da BM&F Bovespa, via contratos futuros e de opções, ou diretamente com os frigoríficos, por meio de contratos a termo. O objetivo desta dissertação é identificar fatores determinantes para a utilização de hedge (contratos futuros, de opções e termo) por confinadores. Foram realizadas pesquisas com confinadores participantes de eventos realizados em Ribeirão Preto-SP, em 2012 e 2013, e por telefone em 2014. Para a análise dos dados foram utilizadas estatísticas descritivas. Em seguida, com uso do Teste Exato de Fisher, foi analisada a associação das características dos confinamentos e pecuaristas ao uso do hedge. Com o intuito de identificar os determinantes para o uso de ferramentas de gestão de preços, foram elaborados modelos de regressão logística. Os resultados indicaram que o tamanho do confinamento, a escolaridade do gestor, o controle acurado de custos, o confinamento exclusivo, a utilização de hedge para os grãos, uso anterior de ferramentas e a parceria com frigoríficos têm relação com a utilização de uma ou mais formas de gestão de risco de preços do boi gordo. / The existence of temporal specificity in the production of feedlot cattle, which limits the period of negotiation and search for more attractive prices, confirms the necessity of using hedging mechanisms by feedlot cattle producers. The hedging can be done via BM&F Bovespa, through futures and options, or directly with slaughterhouses, through forward contracts. The aim of this study is identify determinants for using hedge (futures contracts, options contracts and forward contracts) by feedlot cattle producers. Surveys were applied to participants of events in Ribeirão Preto-SP, in 2012 and 2013, and via phone in 2014. Descriptive statistics of data were obtained and the determinants for using hedge were investigated using hypothesis tests. The relations between the producer\'s and feedlot\'s characteristics with hedging use were tested by Fisher Exact Test. In order to identify the determinants for the use of hedge, logistic regression models were implemented. The results have indicated that the size of the confinement, the manager\'s educational level, the high cost control, the feedlot as the only activity, the use of hedging for grains, the prior use of these tools and the partnership with slaughterhouses are related to the use of one or more ways to manage price risk of cattle.

Corn production is scattered geographically over various continents, but most of it is grown in the United States. As such, the world price of corn futures contracts is largely dominated by North American corn prices as traded on the Chicago Board of Trade. In recent years, this market has been characterised by an increase in price volatility and magnitude of price movement as a result of decreasing stock levels. The development and implementation of an effective and successful derivative price risk management strategy based on the Chicago Board of Trade corn futures contract will therefore be of inestimable value to market stakeholders worldwide. The research focused on the efficient market hypothesis and the possibility of contesting this phenomenon through an application of a derivative price risk management methodology. The methodology is based on a combination of an analysis of market trends and technical oscillators with the objective of generating returns superior to that of a market benchmark. The study found that market participants are currently unable to exploit price movement in a manner which results in returns that contest the notion of efficient markets. The methodology proposed, however, does allow the user to consistently achieve returns superior to that of a predetermined market benchmark. The benchmark price for the purposes of this study was the average price offered by the market over the contract lifetime, and such, the efficient market hypothesis was successfully contested. / Business Management / D. Com. (Business Management)

Corn production is scattered geographically over various continents, but most of it is grown in the United States. As such, the world price of corn futures contracts is largely dominated by North American corn prices as traded on the Chicago Board of Trade. In recent years, this market has been characterised by an increase in price volatility and magnitude of price movement as a result of decreasing stock levels. The development and implementation of an effective and successful derivative price risk management strategy based on the Chicago Board of Trade corn futures contract will therefore be of inestimable value to market stakeholders worldwide. The research focused on the efficient market hypothesis and the possibility of contesting this phenomenon through an application of a derivative price risk management methodology. The methodology is based on a combination of an analysis of market trends and technical oscillators with the objective of generating returns superior to that of a market benchmark. The study found that market participants are currently unable to exploit price movement in a manner which results in returns that contest the notion of efficient markets. The methodology proposed, however, does allow the user to consistently achieve returns superior to that of a predetermined market benchmark. The benchmark price for the purposes of this study was the average price offered by the market over the contract lifetime, and such, the efficient market hypothesis was successfully contested. / Business Management / D. Com. (Business Management)