Tillämpning av prissäkring i spannmålsodlingen
The grain market is facing substantial changes. Tradionally, cereal has been a supply-led market i.e. supply conditions have had a major impact on price level or indirectly, through market interventions implemented through the Common Agriculture Policy (CAP). Just a few years ago, Sweden and the EU...
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| Formato: | Otro |
| Lenguaje: | sueco sueco |
| Publicado: |
2008
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| Acceso en línea: | https://stud.epsilon.slu.se/12161/ |
| _version_ | 1855572011532681216 |
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| author | Näslund, Christian |
| author_browse | Näslund, Christian |
| author_facet | Näslund, Christian |
| author_sort | Näslund, Christian |
| collection | Epsilon Archive for Student Projects |
| description | The grain market is facing substantial changes. Tradionally, cereal has been a supply-led market i.e. supply conditions have had a major impact on price level or indirectly, through market interventions implemented through the Common Agriculture Policy (CAP). Just a few years ago, Sweden and the EU were not affected so strongly by world market prices for cereals. EU was a surplus-area and to a substantial degree a local market. Today, the situation is different. Both countries and industries are competing for the world's grain which means that a major production area with a good harvest face many buyers. In a situation where market forces play an increasingly important role, price movements have become a major problem. A market that is constantly exposed to sharp price changes makes specific demands on the farmer's decision-making process and increases the importance of having access to the tools that guard against unwanted price changes.
The purpose of this essay is to examine the factors that characterize farmers who use price risk management tools for cereals. More specific this work intends to examine the extent of and which factors affect the likelihood that a farmer uses price risk management tools.
The study shows that tillable land and thereby, the aggregate risk exposure plays a crucial role in the farmer's choice to incorporate price risk management. The likelihood that a farmer hedges increases with experience. The same trend applies to the farmer's degree of market orientation. The study shows that farmers who choose to hedge their price risk exposure, feel that debt on the farm can be increased. In addition, they demand a higher return on equity.
Farmers have different perceptions of price risk management. A farmer who uses forward/futures markets has a deeper understanding of the market and believes to a higher degree that their contracts enable them to exploit their entrepreneurial freedom in the market place. In addition, farmers who incorporate risk management tools in their business, have a stronger confidence in the risk reduction capacity of these instruments.
In summary, one of the most prominent explanations to why farmers use hedging instruments is linked to management. Farmers that hedge are characterized by good managerial capacity. They are well informed about the markets, use external advice to a higher degree and receive higher yields although their production costs appear to be lower as indicated by stated reference prices. |
| format | Otro |
| id | RepoSLU12161 |
| institution | Swedish University of Agricultural Sciences |
| language | Swedish swe |
| publishDate | 2008 |
| publishDateSort | 2008 |
| record_format | eprints |
| spelling | RepoSLU121612017-11-06T11:55:06Z https://stud.epsilon.slu.se/12161/ Tillämpning av prissäkring i spannmålsodlingen Näslund, Christian Agricultural economics and policies The grain market is facing substantial changes. Tradionally, cereal has been a supply-led market i.e. supply conditions have had a major impact on price level or indirectly, through market interventions implemented through the Common Agriculture Policy (CAP). Just a few years ago, Sweden and the EU were not affected so strongly by world market prices for cereals. EU was a surplus-area and to a substantial degree a local market. Today, the situation is different. Both countries and industries are competing for the world's grain which means that a major production area with a good harvest face many buyers. In a situation where market forces play an increasingly important role, price movements have become a major problem. A market that is constantly exposed to sharp price changes makes specific demands on the farmer's decision-making process and increases the importance of having access to the tools that guard against unwanted price changes. The purpose of this essay is to examine the factors that characterize farmers who use price risk management tools for cereals. More specific this work intends to examine the extent of and which factors affect the likelihood that a farmer uses price risk management tools. The study shows that tillable land and thereby, the aggregate risk exposure plays a crucial role in the farmer's choice to incorporate price risk management. The likelihood that a farmer hedges increases with experience. The same trend applies to the farmer's degree of market orientation. The study shows that farmers who choose to hedge their price risk exposure, feel that debt on the farm can be increased. In addition, they demand a higher return on equity. Farmers have different perceptions of price risk management. A farmer who uses forward/futures markets has a deeper understanding of the market and believes to a higher degree that their contracts enable them to exploit their entrepreneurial freedom in the market place. In addition, farmers who incorporate risk management tools in their business, have a stronger confidence in the risk reduction capacity of these instruments. In summary, one of the most prominent explanations to why farmers use hedging instruments is linked to management. Farmers that hedge are characterized by good managerial capacity. They are well informed about the markets, use external advice to a higher degree and receive higher yields although their production costs appear to be lower as indicated by stated reference prices. Spannmålsmarknaden står inför ett paradigmskifte. Traditionellt sett har spannmålsmarknaden varit en utbudsstyrd marknad d.v.s. utbudet har bestämt prisnivån indirekt EUs marknadsregleringar. För några år sedan påverkades inte Sverige och EU så starkt av världsmarknadspriserna på spannmål. EU var ett överskottsområde med en i betydande grad lokal marknad. Situationen har emellertid förändrats då fler länder och branscher konkurrerar om världens spannmål. Ett område med god skörd drar till sig många spekulanter. Nu när marknaden i allt större utsträckning styr prisutvecklingen är prisrisken ett större problem. En marknad som ständigt möter kraftiga prisförändringar ställer särskilda krav på företagarnas beslutsfattande och ökar betydelsen av att ha tillgång till olika metoder som gör det möjligt att försäkra sig mot oönskade prisförändringar. Syftet med denna uppsats är att undersöka vilka faktorer som karaktäriserar lantbrukare som prissäkrar spannmål vid försäljning. Mer specificerat ämnar uppsatsen att undersöka vilken utsträckning olika faktorer påverkar sannolikheten att en lantbrukare prissäkrar. Studien visar att åkerarealens omfattning och därmed företagets riskexponering spelar en avgörande roll för lantbrukarens beslut att prissäkra. Sannolikheten för att en lantbrukare prissäkrar stiger med ökad erfarenhet. Samma tendens gäller även lantbrukarens grad av marknadsorientering. Studien visar dessutom att lantbrukare som väljer att prissäkra upplever att skuldnivån kan ökas i företaget samt att deras avkastningskrav från verksamheten är högre. Lantbrukare har olika uppfattningar om prissäkring. En lantbrukare som prissäkrar har en djupare förståelse för terminsmarknadens funktion samt anser i större utsträckning att terminskontrakt främjar handlingsfriheten på spannmålsmarknaden. Dessutom har lantbrukare som prissäkrar ett större förtroende för terminskontraktets riskreducerande funktion. Sammanfattningsvis kan noteras att en av de mest framträdande förklaringarna till att en lantbrukare väljer att prissäkra är kopplat till de företagsledande funktionerna. Lantbrukare som prissäkrar kännetecknas av god företagsledning. De håller sig väl uppdaterade om marknaden, använder sig av extern rådgivning samt har högre skördenivå trots att deras produktionskostnader förfaller att vara lägre mätt utifrån de uppskattade referenspriserna. 2008-07-01 Other NonPeerReviewed application/pdf sv https://stud.epsilon.slu.se/12161/1/naslund_c_171106.pdf Näslund, Christian, 2008. Tillämpning av prissäkring i spannmålsodlingen : en jämförelse mellan svenska lantbrukare. UNSPECIFIED, Uppsala. Uppsala: (NL, NJ) > Dept. of Economics <https://stud.epsilon.slu.se/view/divisions/OID-510.html> urn:nbn:se:slu:epsilon-s-8607 swe |
| spellingShingle | Agricultural economics and policies Näslund, Christian Tillämpning av prissäkring i spannmålsodlingen |
| title | Tillämpning av prissäkring i spannmålsodlingen |
| title_full | Tillämpning av prissäkring i spannmålsodlingen |
| title_fullStr | Tillämpning av prissäkring i spannmålsodlingen |
| title_full_unstemmed | Tillämpning av prissäkring i spannmålsodlingen |
| title_short | Tillämpning av prissäkring i spannmålsodlingen |
| title_sort | tillämpning av prissäkring i spannmålsodlingen |
| topic | Agricultural economics and policies |
| url | https://stud.epsilon.slu.se/12161/ https://stud.epsilon.slu.se/12161/ |