Estratégia de comercialização em mercados derivativos - descobrimento de base e risco de base da cafeicultura em diversas localidades de Minas Gerais e São Paulo

The general objective of this assignment is to measure the value of the basis and of the risk of basis of the cultivation of coffee in important coffee producer cities from the states of Minas Gerais and Sao Paulo, for the strategy of using the derivative markets has been obtaining more importance due to its characteristics that provide the hedge of the prices. The  cities  studied were Boa Esperanca, Caratinga, Lavras, Machado, Patrocinio, Tres Pontas, Varginha and Garca (SP). The primary data used was, the local price of the coffee bag. The data was collected directly from the participant institutions and the future price of the coffe was raised  with the BM&F. The variety of the values of the basis and of the risk of basis found shows that each locality presents its own commerce characteristics and all of them present negative values. The period of commercialization is  an  important issue and so should be considered, because during the crop havest there is a strengthening of the basis, altrough and the risk of basis is lower than it is between the crop havests, when there is a weakening of the basis.