Viabilidade da implantação do contrato futuro de trigo na BM&FBOVESPA

• Ano de defesa: 2010
• Autor(a) principal: Schwantes, Fernanda
• Orientador(a): Mattos, Leonardo Bornacki de
• Banca de defesa: Rufino, José Luís dos Santos , Silva Júnior, Aziz Galvão da , Arêdes, Alan Figueiredo de
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Viçosa
• Programa de Pós-Graduação: Mestrado em Economia Aplicada
• Departamento: Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos
• País: BR
• Palavras-chave em Português: Trigo; Mercados futuros; Contrato futuro
• Palavras-chave em Inglês: Wheat; Future markets; Future contract
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIAS AGRARIA E DOS RECURSOS NATURAIS::ECONOMIA AGRARIA
• Link de acesso: http://locus.ufv.br/handle/123456789/40

This paper studied the wheat market in Brazil, searching to analyze the feasibility of implementation of future contract for this commodity by Brazilian Stock Exchange, Commodities and Futures – BM&FBOVESPA. Furthermore, this paper analyzed the intention to use this contract by Brazilian wheat chain agents. The Success and Failure of Future Contracts Theory was used to support this search theoretically and methodologically. This theory approaches some characteristics which are consider required to feasibility of implementation of a new future contract by stock market face to failure of many future contracts. Based on this theory, this search is divided in two complementary approaches, which are named macro approach and micro approach. The first aimed identify if Brazilian wheat can be bought and sold in future market, and it analyzes some key variables that influence the success of a future contract, such as market physical size, market structure (market concentration degree and vertical integration), government intervention, price volatility, different types of commercialization, if commodity can be storage and standardized, and, either, if other contracts can be used to protect wheat chain agents against unfavorable price fluctuations. On other hand, micro approach analyses the potential market participant’s decision-making determinants. In general, the results showed that Brazilian wheat market is able to receive this new future contract. However, wheat physical market is still considered small face to commodities which have successful contracts being deal in BM&F. Furthermore, government intervention has created price distortions that can influence in success of this new contract. Concerning about Brazilian wheat chain agents profile, there is expressive request for new instruments to manage price risk in this sector; but farmers and mills doesn’t use future contracts negotiated in BM&F. Therefore, the implementation of wheat future contract in Brazil is still a precipitate movement in this market.