Resumo: Propor um índice de mercado para o agronegócio brasileiro, a partir da proposta de uma carteira de mercado que reflita o setor do agronegócio brasileiro e sirva como parâmetro para análise de investimento nos principais ramos de atividades agropecuárias. A hipótese que norteou esse estudo é que o Ibovespa, enquanto proxy para uma carteira de mercado, não reflete adequadamente o risco sistemático para análise de investimentos no agronegócio. Desta forma, o índice proposto deriva da criação de uma carteira de mercado para o setor do agronegócio, sendo está calculada com base nas principais culturas agropecuárias que compõem o Valor Bruto de Produção (VBP) do Ministério de Agricultura, Pecuária e Abastecimento (MAPA). As culturas selecionadas foram: soja, bovinos, cana-de-açúcar, frango, milho, leite, café, algodão herbáceo, suínos, laranja, banana, arroz, tomate, batata, uva, trigo e maçã. A composição da carteira foi embasada na participação individual no VBP e teve sua série histórica computada a partir de dados mensais de 2012 a 2018. Os preços das culturas foram extraídos do Centro de Estudos Avançados em Economia Aplicada (CEPEA) e da União Nacional da Bioenergia (UDOP). Adicionalmente, foi criada uma carteira, a partir das ações negociadas na Bolsa de Valores de São Paulo [B³] que estão inseridas nas cadeias do agronegócio, como forma de avaliar se essa carteira com ativos financeiros negociados no mercado poderia ser eficiente para representar o risco sistemático do merc... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: To propose a market index for Brazilian agribusiness based on the proposal of a market portfolio that reflects the Brazilian agribusiness sector and serves as a parameter for investment analysis in the main fields of agricultural activities. The hypothesis that guided this study is that Ibovespa, as a proxy for a market portfolio, does not adequately reflect the systematic risk for analyzing agribusiness investments. Thus, the proposed index derives from the creation of a market portfolio for the agribusiness sector, which is calculated based on the main agricultural crops that make up the Gross Production Value (GPV) of the Ministry of Agriculture, Livestock and Supply (MAPA). The selected crops were: soybean, cattle, sugar cane, chicken, corn, milk, coffee, herbaceous cotton, swine, orange, banana, rice, tomato, potato, grape, wheat and apple. The portfolio composition was based on individual participation in VBP and its historical series was computed from monthly data from 2012 to 2018. Crop prices were extracted from the Center for Advanced Studies on Applied Economics (CEPEA) and the National Union of Bioenergy (UDOP). Additionally, a portfolio was created from the shares traded on the São Paulo Stock Exchange [B³] that are part of the agribusiness chains as a way to assess whether this portfolio with financial assets traded in the market could be efficient to represent the risk. agricultural market. The data from these companies were obtained from the Economática® Syste... (Complete abstract click electronic access below) / Mestre

Agriculture revenue contributions to Ghana's gross domestic product have declined because of limited farm funding, which has constrained some smallholder rice farmers access credit to acquire necessary inputs, and to secure a stable market for their harvests. The purpose of this qualitative multiple case study was to explore successful strategies some smallholder rice farmers in the Afadzato South District of Ghana used in obtaining farm funding. Data collection included semistructured, face-to-face interviews with 9 smallholder rice farmers who successfully obtained farm funding. Previous research, reports, and policies of the Ghana Ministry of Food and Agriculture served as additional data collection sources. Data were analyzed using thematic analysis and resulted in three major themes: the smallholder farmer's strategy of belonging to cooperative association membership, the smallholder farmer's strategy for satisfying lender collateral requirements, and smallholder farmer's strategies for developing a repayment rating history. The implications for positive social change include the potential to guide the smallholder farmers to successful strategies to access farm funding for their farming activities and increase their farm sizes. The increase in farm sizes may result in more rice production that can help mitigate hunger and reduce poverty in the Afadzato South District of Ghana.

<p>Purpose - The goal of this study is to identify the current distinct market segments within the US agricultural credit lending market, predict segment membership based on readily available characteristics, and better understand farmer financing preferences. </p> <p><br></p> <p>Design/methodology/approach - A two stage clustering analysis was used to identify five distinct market segments. A multinomial logit regression was used to predict segment membership based on demographic and psychographic characteristics. </p> <p><br></p> <p>Findings - The segmentation analysis produced five distinct market segments. The identified segments are service, convenience, balance, price, and performance. </p> <p><br></p> <p>Practical implications - This information can aid credit lenders in segmenting the market and tailoring their sales approach to the different farmer segments. </p> <p><br></p> <p>Originality/value - This paper contributes to the literature in several ways. First, previous studies of farmer selection of lending institutions rely on supply side data (Brewer et al., 2019; Dodson & Koenig, 2004; Ifft and Fiechter, 2020). While these studies are useful in knowing how farmers may be segmented according to their choice set of particular lending institutions, what we cannot examine is why the farmer is choosing that choice set. Our study incorporates psychographic and buying preferences. Prior work has highlighted the trend away from demographics and socioeconomic characteristics towards psychographic characteristics as categories for customer segmentation (Sherrick et al., 1994). Secondly, as described above, much has changed in the agricultural lending markets concerning the lending institutions available to farmers and the technology that changes how farmers and lending institutions interact. Thus, this study updates the literature as farmers preferences may have changed due to the new market structure </p>

About seventy-seven percent of Zambia’s citizens who are engaged in primary activity in the agriculture sector are poor (Economies, 2017). One of the ways in which the poverty levels can be reduced is by lessening constraints of access to finance in agriculture sector. The implications of the low access to credit in the agriculture sector is reduced productivity, high food insecurity and perpetual poverty particularly in Zambia’s rural areas. Most of the studies conducted focused on identifying factors which limit participation in agriculture finance from the bank’s perspective and not farmers. Therefore, this study sought to fill the gap and assess variables directly related to smallholder farmers access to finance. It further examines the dynamism of access to finance depending on location, gender and transport infrastructure. The data employed in the study was obtained from a survey conducted in 2013 by IAPRI and UNZA with a sample size of 1,231 households in six districts of Zambia. Agricultural credit for small holder farmers (SHFs) in rural areas is mostly provided in the form of cash or in kind through supply of inputs to these SHFs. This data was modeled based on the logistic regression. The results showed that 14.1% of the SHFs had access to finance. Among these farmers only 13% were female. In addition, secondary education, access to finance information, farm size, access to collateral and distance between the location of the farmer and the financial services, were significant factors in determining access to credit. A recommendation proposed to policy makers based on results presented include sensitization on various finance facilities available to rural farmers so that they are aware and can make necessary efforts to access the finance. Rural education is directly related to access to finance, therefore government should promote education for its citizens. Lack of collateral has been identified as a factor that gravely hinders access levels by most. Government should implement standardized policies that ensure availability of credit to farmers with little or no collateral. In conclusion, improved credit permeation in agriculture sector promotes sustainable and inclusive growth in Zambia and will eventually eradicate absolute poverty.

Master of Science / Department of Agricultural Economics / Christine Wilson / Allen Featherstone / The objectives of this thesis are to examine the banking strategy of Kansas farmers and to analyze the determinants of lender choice among Kansas farmers. To meet these objectives, econometric analysis was used to examine the financial characteristics of the farm that affect the number of banking relationships and the probability a farmer has a loan with a respective lender. The financial characteristics include variables representing the solvency, liquidity, and profitability of the farm. To analyze banking strategy, a poisson model was estimated to determine how the financial characteristics of the farm affect the number of banking relationships used by the farmer. The solvency, liquidity, and profitability of a farmer was analyzed to examine how these measures affect how many banking relationships the respective farmer has. Additionally, a panel data fixed effects model was used to analyze how the number of banking relationships affects the net farm income of the farm. To analyze the determinants of lender choice for Kansas farmers, six probit models were used to determine how farm and financial characteristics, including dollar amount of inventory for certain assets and dollar amount of loans, affect the probabililty the farmer has a loan with the respective lender. A Heckman selection model was used to further analyze the dollar amount of loans a farmer has with a respective lender using information from the probit models. Results of the study show that the higher the debt to asset ratio the farmer has, the more banking relationships the respective farmer has. It was also found that the amount of inventory for certain asset classifications, dollar amount loans, and the financial characteristics affect the lender the farmer chooses to use.

O crédito rural sempre teve papel fundamental na produção agrícola nacional sendo que desde a sua institucionalização no Brasil, o volume de capital direcionado para o financiamento expandiu. A participação de fontes públicas neste mercado de crédito, no entanto, diminui e desta forma abriu espaço para o financiamento privado. O produtor de soja mato-grossense, além do crédito rural público, disponibilizado por instituições financeiras, pode escolher dentre diversos tipos de contratos de troca de insumos por grãos. Estes contratos ganharam importância no financiamento da produção agrícola e na estratégia de garantia de demanda pelas empresas processadoras e exportadoras de commodities. Dessa forma, objetivo deste estudo foi analisar a percepção do produtor agrícola da região de Lucas do Rio Verde, Mato Grosso, com relação às operações de troca (Barter) oferecidas e compará-las com as demais opções. Na troca, o produtor agrícola recebe os insumos necessários para o plantio e desenvolvimento de sua cultura e concorda em entregar parte de sua produção como pagamento no futuro. A partir de análises de entrevistas feitas sob a ótica do \"Grounded Theory\", foi possível observar oito percepções de benefícios nas operações de troca realizadas pelos produtores: (1) Controle de risco: tanto do preço de venda do grão como o preço de compra dos insumos; (2) Entrega de insumos: evita a necessidade de estocagem de produtos, uma vez que são entregues durante o desenvolvimento da cultura; (3) Pacote completo: economia de tempo na negociação dos diversos insumos necessários; (4) Popularidade: diversas empresas oferecem os pacotes e concorrem entre si para fechar contratos; (5) Praticidade: possuem menor quantidade de pré-requisitos para fechamento do contratos e abrem a possibilidade para relacionamento entre produtor e empresa ; (6)Comercialização: economia de tempo no momento de venda dos grãos e possibilidade de aproveitamento de variações positivas do mercado a partir do excedente da produção; (7) Fluxo de caixa: melhor visualização dos custos e receitas medidos na mesma unidade; (8) Liquidez: possibilidade de negociação durante o ano e participação em variações positivas do mercado. Desta forma, foi possível observar a preferência do produtor por recursos mais baratos, como o bancário e o autofinanciamento, porém a opção pelas operações de troca se deve aos benefícios atrelados e oferta de crédito insuficiente das outras fontes. / Rural credit policies play an essential role in the Brazilian agricultural production. The amount of financial capital destined to Rural Credit has been increasing since the government institutionalized it in 1965. However, the arrangement of the several active financial resources changed over the years, passing from a main official source to several private alternatives. The soybean producer in Mato Grosso state can choose from a range of input-grain trades, known as barter, besides the public credit offered by financial institutions. These contracts have been important to finance agricultural inputs in the Center-West region of Brazil and, furthermore, exporting and processing companies use them to guarantee future demand. This study analyzes the farmer perception with respect to input-grain trades (Barter) offered and compare them with other options in the region of Lucas do Rio Verde, Mato Grosso. Survey questionnaires were applied using Grounded Theory. The study identified eight perceptions of benefits in barter operations by producers: (1) Risk control: both the selling price of the grain, as well as the purchase price of inputs; (2) Inputs Delivery: resellers deliver inputs during the season, avoiding the need for product storages; (3) Complete Package Deal: time saving in negotiating several required inputs; (4) Acceptance: many companies offer packages and compete to sign contracts; (5) Convenience : less prerequisites for approval and open up the possibility for the relationship between producer and company; (6) Marketing: time saving on grain sales and possibility to profit with markets oscillations with the production surplus; (7) Cash Flow : better view of costs and revenues measured in the same unit; ( 8 ) Liquidity : possibility of trading during the year and participation in positive changes in the market. Moreover, we observed the producer\'s preference for low-cost resources, such as banking and private equity, but often decide for barter operations due to other benefits and insufficient financial capital in other sources.

O crédito rural sempre teve papel fundamental na produção agrícola nacional sendo que desde a sua institucionalização no Brasil, o volume de capital direcionado para o financiamento expandiu. A participação de fontes públicas neste mercado de crédito, no entanto, diminui e desta forma abriu espaço para o financiamento privado. O produtor de soja mato-grossense, além do crédito rural público, disponibilizado por instituições financeiras, pode escolher dentre diversos tipos de contratos de troca de insumos por grãos. Estes contratos ganharam importância no financiamento da produção agrícola e na estratégia de garantia de demanda pelas empresas processadoras e exportadoras de commodities. Dessa forma, objetivo deste estudo foi analisar a percepção do produtor agrícola da região de Lucas do Rio Verde, Mato Grosso, com relação às operações de troca (Barter) oferecidas e compará-las com as demais opções. Na troca, o produtor agrícola recebe os insumos necessários para o plantio e desenvolvimento de sua cultura e concorda em entregar parte de sua produção como pagamento no futuro. A partir de análises de entrevistas feitas sob a ótica do \"Grounded Theory\", foi possível observar oito percepções de benefícios nas operações de troca realizadas pelos produtores: (1) Controle de risco: tanto do preço de venda do grão como o preço de compra dos insumos; (2) Entrega de insumos: evita a necessidade de estocagem de produtos, uma vez que são entregues durante o desenvolvimento da cultura; (3) Pacote completo: economia de tempo na negociação dos diversos insumos necessários; (4) Popularidade: diversas empresas oferecem os pacotes e concorrem entre si para fechar contratos; (5) Praticidade: possuem menor quantidade de pré-requisitos para fechamento do contratos e abrem a possibilidade para relacionamento entre produtor e empresa ; (6)Comercialização: economia de tempo no momento de venda dos grãos e possibilidade de aproveitamento de variações positivas do mercado a partir do excedente da produção; (7) Fluxo de caixa: melhor visualização dos custos e receitas medidos na mesma unidade; (8) Liquidez: possibilidade de negociação durante o ano e participação em variações positivas do mercado. Desta forma, foi possível observar a preferência do produtor por recursos mais baratos, como o bancário e o autofinanciamento, porém a opção pelas operações de troca se deve aos benefícios atrelados e oferta de crédito insuficiente das outras fontes. / Rural credit policies play an essential role in the Brazilian agricultural production. The amount of financial capital destined to Rural Credit has been increasing since the government institutionalized it in 1965. However, the arrangement of the several active financial resources changed over the years, passing from a main official source to several private alternatives. The soybean producer in Mato Grosso state can choose from a range of input-grain trades, known as barter, besides the public credit offered by financial institutions. These contracts have been important to finance agricultural inputs in the Center-West region of Brazil and, furthermore, exporting and processing companies use them to guarantee future demand. This study analyzes the farmer perception with respect to input-grain trades (Barter) offered and compare them with other options in the region of Lucas do Rio Verde, Mato Grosso. Survey questionnaires were applied using Grounded Theory. The study identified eight perceptions of benefits in barter operations by producers: (1) Risk control: both the selling price of the grain, as well as the purchase price of inputs; (2) Inputs Delivery: resellers deliver inputs during the season, avoiding the need for product storages; (3) Complete Package Deal: time saving in negotiating several required inputs; (4) Acceptance: many companies offer packages and compete to sign contracts; (5) Convenience : less prerequisites for approval and open up the possibility for the relationship between producer and company; (6) Marketing: time saving on grain sales and possibility to profit with markets oscillations with the production surplus; (7) Cash Flow : better view of costs and revenues measured in the same unit; ( 8 ) Liquidity : possibility of trading during the year and participation in positive changes in the market. Moreover, we observed the producer\'s preference for low-cost resources, such as banking and private equity, but often decide for barter operations due to other benefits and insufficient financial capital in other sources.

Orientador: Pedro Ramos / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-19T17:08:41Z (GMT). No. of bitstreams: 1 Silva_FelipePrince_M.pdf: 3086473 bytes, checksum: 82b1879c9ab7cd506145bc6390cd7aa7 (MD5) Previous issue date: 2012 / Resumo: Uma das conseqüências da crise fiscal do Estado na década 1980 foi a queda dos recursos destinados ao financiamento agrícola no Brasil. Nesse contexto, mecanismos privados de crédito foram criados, com o objetivo de atender a demanda crescente do setor, que se desenvolveu fortemente a partir do final da década de 1970 no país. Esses mecanismos estiveram relacionados à própria evolução e consolidação dos Complexos Agroindustriais, e contaram com a atuação das empresas fornecedoras de insumos, tradings, agroindústrias e exportadores como agentes na concessão de crédito aos produtores. Assim, ao lado dos mecanismos de crédito oficial (que envolvem bancos e cooperativas de crédito), fortaleceram-se mecanismos de crédito não-oficial para o financiamento da agricultura, especialmente da produção de grãos no Centro-Oeste do Brasil, onde houve maior crescimento da área cultivada a partir desse período. O primeiro objetivo desse trabalho é explicar os modelos de financiamento de custeio dos produtores de grãos no Brasil, tanto os modelos de crédito oficial - que funcionam sob a égide do Sistema Nacional de Crédito Rural - SNCR -, quanto os modelos de crédito não-oficial, em que os agentes concedentes de crédito são trading e os fornecedores de insumos. O segundo objetivo é demonstrar os modelos de crédito predominantes para o financiamento da produção de grãos nas duas maiores regiões produtoras do país, a saber, Sul e Centro-Oeste. Verificar-se-á, através de dados estatísticos, que o modelo de crédito predominante no Sul é o crédito oficial, enquanto no Centro-Oeste, o modelo de crédito predominante é o não-oficial / Abstract: One of the consequences of fiscal crisis in the 1980s was the decline of resources for agricultural finance in Brazil. In this context, private credit mechanisms were created, in order to meet the sector's growing demand, which has developed strongly since the late 1970's. These new mechanisms were related to the own evolution and consolidation of agribusiness in Brazil, and included the performance of input suppliers, trading companies and exporters as credit lenders to grain growers. Thus, alongside the official credit mechanisms (involving banks and credit coops), have strengthened mechanisms unofficial credit for the financing of agriculture, especially of grain production in the Midwest of Brazil, where there was a higher growth of the cultivated area from the 1970s. The first aim of this essay is to explain the working of funding models of grain growers in Brazil, both the models of official credit - which operate under the National Rural Credit System- SNCR - and the models of unofficial credit, in which agents are trading companies and input suppliers. The second objective is to demonstrate the prevailing credit models of to finance the production of grains in the two largest producing regions Brazil, which are South and Midwest. Through statistical data, will be shown that the prevailing credit model in South region is the official credit, while in the Midwest, the prevailing credit model is unofficial / Mestrado / Desenvolvimento Economico, Espaço e Meio Ambiente / Mestre em Desenvolvimento Econômico

Tendo como pano de fundo o grande crescimento da pecuária de corte no Brasil e o substancial avanço observado nas exportações de carne bovina, este estudo teve como objetivo principal identificar os fatores responsáveis pelo excelente desempenho que vem tendo esse segmento do agronegócio. Para a condução deste trabalho, fez-se necessário a construção de um modelo teórico capaz de dar suporte à especificação do modelo econométrico usado para quantificar os impactos de variações nos determinantes da oferta e da demanda de carne bovina sobre a produção e exportação deste produto. Para fundamentar a construção do modelo teórico fez-se necessário um estudo analítico sobre diversos aspectos relacionados à produção, ao consumo e à comercialização de carne bovina nos mercados interno e internacional. Além disso, foi abordada, também, a influência do uso de instrumentos de gerenciamento de risco e de financiamento da produção (CPR, contratos futuros e mercado a termo) no aumento da oferta de carne bovina observado nos últimos anos. Os resultados mostram que a determinante do crescimento do produto pecuário e das exportações de carne bovina brasileira foi o estoque de animais. Um choque positivo de 1% nessa variável eleva o produto em 7,6% após 8 trimestres, e em cerca de 13% as exportações. Os resultados indicam, também, que o aumento do rebanho bovino reduz tanto os preços ao produtor como os no varejo. Outra variável importante foi a produtividade, que afetou positivamente e de forma expressiva a produção e as exportações. Os efeitos dos preços ao produtor e ao varejo sobre as exportações são expressivos, mas somente no curto prazo. Quanto aos resultados da decomposição histórica dos erros de previsão, pode-se inferir que o modelo apresentou boa performance em termos de ajustamento, para algumas variáveis, podendo-se citar: o estoque de animais e os preços ao produtor. Quanto aos resultados da decomposição da variância dos erros de previsão, conclui-se que muitos resultados encontrados corroboram os obtidos nas funções de impulso resposta. / This study aims to identify the factors which are responsible for the excellent performance of the beef cattle sector, taking its growth in Brazil and the increase of beef exports into account. The construction of a theoretical model which is capable to support the specification process of the econometric model used to quantify the impacts of the variations in the factors which are responsible for both supply and demand of beef in production and exports is necessary to conduct this study. An analytical study regarding several aspects of production, consumption and beef trading in both domestic and international markets is necessary to construct a theoretical model. Moreover, this study involves the influence of the use of risk management and financing of production tools (CPR, future contracts and term markets) in the increase in beef supply observed over the last years. Results show that the stock of animals influences the growth of the cattle product and Brazilian beef exports. A positive shock of 1% in this variable increases the product in 7.6% after eight trimesters, and, as for shipments, in roughly 13%. Results indicate also that the increase in the bovine livestock reduces prices paid to producers and values in the retail market. Yield is also an important variable, because it has affected positively and expressively production and shipments. The effects of prices paid to producers and in the retail market are expressive, but only in the short-terms. Concerning results of the historical decomposition of forecast mistakes, it can be inferred that the model has presented a good performance regarding adjustment for some variables, such as animal stocks and prices paid to producers. As for the results of the decomposition of oscillations of forecast mistakes, it can be said that several results found corroborate that obtained in the impulse response function.

The World Bank has estimated that an additional $80 billion in financing are needed annually to achieve the 70 % increase in food supply required to feed the world in 2050. One of the cornerstones in achieving this increase in production is expected to be improved agricultural technology, where one of the latest additions is precision agriculture. It is believed that the money for investing in this technology must come from the private sector, but financial institutions are hesitant in lending money to farmers. This, in part, comes down to a high perceived riskiness in agricultural lending stemming from the risk composition in agriculture compared to other industries as well as from weak collaterals provided by farmers. This thesis aims to find what factors are most prominent in banks´ risk assessment of agricultural firms during the lending process and look at how precision agriculture could help mitigate these risks. We have gathered aggregated quantitative data from FAOSTAT and the Swedish Board of Agriculture on farm income and hectare yield (productivity) at Swedish farms. These variables were found to be two of the most important factors in agricultural lending based on previous research. In addition to this data, information on e.g. weather, ecological farming and expenditure related to pesticides, fertilizer, and machinery were collected to further the analysis. Precision agriculture is made up from a myriad of different technologies. We have opted to not separate the technologies in this study as the adoption of each technology included in the term is currently not sufficiently well understood. This aggregation of technologies allowed for us to use the dynamic AAGE-model to estimate the adoption based on the minimum hectare size where precision agriculture should be profitable at each point in time. The study finds that precision agriculture does have a positive impact on farm productivity and income volatility. Hence, precision agriculture should reduce the risk of agricultural financing given to adopting farmer which would increase the access to credit and, in continuation, lead to an increase in aggregated food production. In addition, we conclude that financial institutions should gain a better knowledge of precision agriculture technologies and use this information to improve the credit evaluation process in agricultural lending. Lastly, banks should understand how the risks related to information asymmetry and moral hazard could be reduced by utilizing the data available through farmers use of precision agriculture technology.