A Utilização da BM&F como Instrumento de Gerenciamento de Risco de Preço de Boi Gordo Comercializado em Rondônia

This paper aimed to analyse the BM&F cattle future market as a tool for price riskmanagement for traders that deal cattle in the Rondônia State. In order to reach this goal itwas analysed if there is a long-term relationship between the cattle prices in Rondônia and theEsalq/BM&F Cattle Index. Besides that, it was done an examination of the optimal hedge Rio Branco – Acre, 20 a 23 de julho de 2008Sociedade Brasileira de Economia, Administração e Sociologia Ruralratio and its effectiveness to the year of 2007. The results indicated that the cattle price inRondônia and the Esalq/BM&F Cattle Index has a long-term relationship, which means thetraders can use the BM&F as tool to hedge the cattle price in such state. However, through theoptimal hedge ratio and the effectiveness analyses were possible to note that between augustand november the BM&F utilization did not contribute significantly to manage the cattle pricerisk.