文章基本信息

标题：Cross-Hedging Distillers Dried Grains Using Corn and Soybean Meal Futures Contracts
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作者：Brinker, Adam J. ; Parcell, Joseph L. ; Dhuyvetter, Kevin C. 等
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2009
期号：suppl
页码：1-15
出版社：Journal of Agribusiness
摘要：Ethanol mandates have led to an increase in the production of distillers dried grains (DDGs), a co-product of ethanol production that is incorporated into livestock rations. As with most competitive industries, there is some level of price risk in handling DDGs, and there is no DDG futures contract available for managing price risk. Commonly, DDGs are hedged using only corn futures. Our results suggest that cross-hedge risk may be reduced by including soybean meal futures in an encompassing cross-hedge strategy. Further, we also conclude soybean meal futures currently may be slightly more effective at reducing risk than in the past.
关键词：cross-hedge;distillers dried grains;ethanol;price risk