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Abstract
Dynamic hedging effectiveness for soybean farmers in Rondonópolis (MT) with futures contracts of BM&F is calculated through
optimal hedge determination, using the bivariate GARCH BEKK model, which considers the conditional correlations of the prices
series, comparing the results with the minimum variance model effectiveness, calculated by OLS, the unhedged and the naïve hedge
positions. The financial effectiveness of the dynamic hedge model is superior and can be used by farmers for several decision making
purposes such as price discovery, hedging calibration, cash flow projections, market timing, among others.