Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia


ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2018.94/2-09
CC BY-SA   Open Access 

Issue archive / 4/2018
Ocena zastosowania zagranicznych kontraktów terminowych w zarządzaniu ryzykiem cenowym na rynku pszenicy w Polsce
(Assessment of the use of foreign futures contracts in price risk management in the wheat market in Poland)

Authors: Anna Szczepańska-Przekota ORCID
Politechnika Koszalińska, Wydział Nauk Ekonomicznych
Keywords: futures contracts hedging speculation currency risk
Data publikacji całości:2018
Page range:12 (113-124)
Klasyfikacja JEL: G15 Q13 Q14
Cited-by (Crossref) ?:

Additional information

Artykuł po konferencji "Rynek kapitałowy. Skuteczne inwestowanie".

Abstract

Purpose – The aim of the work is to recognize the possibility of reducing the volatility of cash prices on the polish wheat market by using futures contracts from the MATIF and CBOT markets. Design/methodology/approach – The financial result from the strategy was compared without the use of contracts with the financial result from the strategy with the use of contracts. Descriptive statistics were used here. The prices of futures contracts were converted into PLN according to the floating exchange rate and according to the fixed exchange rate, which made it possible to assess the currency risk. Findings – An important issue from the analysis is the statement that the Polish agricultural producer can’t safely perform hedging operations on foreign futures markets. It was noticed that on the wheat market, exposing itself to conscious risk, it is possible to use foreign futures markets to build non-hedging but speculative strategies. Originality/value – The paper discusses the problem of using foreign futures markets to manage price risk on the domestic wheat market. Considering that there is no market for futures contracts for agricultural products in Poland, research undertaken at work has an application dimension.
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