重新审视生物柴油套期保值

IF 2.1 3区经济学 Q2 AGRICULTURAL ECONOMICS & POLICY

Agribusiness Pub Date : 2023-10-13 DOI:10.1002/agr.21870

Jason R. V. Franken, Scott H. Irwin

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引用次数: 0

摘要

以前的研究发现，豆油和取暖油期货都应该用来对冲生物柴油的价格风险。这是明智之举，因为掺混规定导致生物柴油价格受其主要投入品--豆油价格的影响。近年来情况发生了很大变化，冠状病毒病（COVID）大流行期间需求急剧下降，生物柴油厂在 2020 年努力实现收支平衡，然后在 2021 年出现亏损，因为随着可再生柴油的兴起，大豆油价格暴涨，而可再生柴油是一种相对较新的基于生物质的柴油燃料，主要由于加利福尼亚州的绿色政策而需求旺盛。本研究重新审视了对冲生物柴油生产风险的适当策略，发现豆油已不再是重要的对冲工具。[EconLit Citations: Q420, Q410, Q480, Q160, Q110, Q130].

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Revisiting biodiesel hedging

Previous research found that both soybean oil and heating oil futures should be used to hedge biodiesel price risk. This was sensible because blending mandates caused biodiesel prices to be driven by that of its primary input—soybean oil. Much has changed in recent years, with plummeting demand during the coronavirus disease (COVID) pandemic, biodiesel plants struggling to break-even in 2020, and then incurring losses in 2021 as soybean oil prices skyrocketed with the rise of renewable diesel—a relatively new biomass-based diesel fuel in high demand largely due to green policies in California. This study revisits the appropriate strategies for hedging biodiesel production risk and finds that soybean oil has become a less important hedging vehicle. [EconLit Citations: Q420, Q410, Q480, Q160, Q110, Q130].

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来源期刊

Agribusiness 农林科学-食品科技

CiteScore

5.50

自引率

6.20%

发文量

审稿时长

6 months

期刊介绍： Agribusiness: An International Journal publishes research that improves our understanding of how food systems work, how they are evolving, and how public and/or private actions affect the performance of the global agro-industrial complex. The journal focuses on the application of economic analysis to the organization and performance of firms and markets in industrial food systems. Subject matter areas include supply and demand analysis, industrial organization analysis, price and trade analysis, marketing, finance, and public policy analysis. International, cross-country comparative, and within-country studies are welcome. To facilitate research the journal’s Forum section, on an intermittent basis, offers commentary and reports on business policy issues.