Perfil e práticas de hedge em grandes agentes agroindustriais de grãos e algodão no Brasil: evidências de survey

Abstract

Brazilian agriculture and livestock production, together with its agroindustrial supply chain, has shown continuous growth and plays a strategic role in the national economy. In this context, preserving financial margins and the economic sustainability of agribusiness is essential, requiring sector agents to adopt effective price risk management mechanisms, especially through hedging operations. This study aimed to identify the practices adopted, the perceived benefits, and the main challenges faced by large agents in the grain and cotton agroindustrial chain, located in the main producing states of Brazil, in carrying out hedging operations. The research was conducted through the application of questionnaires to 30 large-scale agents in Brazilian agribusiness, analyzing the hedging strategies used, including the proportion of price exposure hedged, the derivative instruments employed, and the marketing practices adopted. The results indicate broad recognition of the importance of derivatives for price risk management, with an acceptance and usage rate of 97% among participants. However, challenges such as the availability of credit for margin requirements and the need for a more structured domestic hedging market were identified by 67% and 57% of respondents, respectively, as factors limiting the sector’s advancement in Brazil.