SUMMARY

• Provides a detailed understanding of the application of risk management tools to agribusiness by covering the topic in greater depth than any other title currently available

• Enables you to examine the ways in which risks are identified

• Explains the changes in hedging strategies for commodity price risk management brought about by the evolving market

• Topical approach updates you on the most recent changes in legislation and reactions from the industry.

• Risks are examined from the point of view of all market participants including producers, processors, consumers, lenders, brokers and end-users

• Presents a unique global perspective that incorporates the views of leading international practitioners, academics and consultants alongside up-to-date case-studies from around the world

• Additionally covers contract and instrument types, portfolio management, credit risk, commodity financing and much more

• An indispensable guide for commodities processors, traders and brokers; corporates; agricultural lenders; regulatory and research bodies; agricultural insurers; consultants, hedge fund practitioners and climate risk professionals

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  TABLE OF CONTENTS

Introduction: The Unique Characteristics of Agricultural Production and its Influence on Market Perception and Government Policy
Bruce Tozer, Rabobank

RISK

1. Risk and Uncertainty in Agricultural Markets?
Jagdish Parihar, Olam International

2. Understanding Volatility and its Implications on Price Expectations
Al Dickie, HGCA

Risk management tools and instruments - the Products

3. Agricultural Futures and Options
Keith Schap and Bernie Dan, CBOT

4. OTC Instruments
Nigel Scott, Rabobank and Hendrik Wijnen, Cargill

Risk management tools and instruments - the Participants

5. Why Hedge?
Shawn Mills, Maple Leaf

6. The Australian Cotton Industry
Cliff White, QCC

7. What Drives Actual Hedging Behaviour? Developing Risk Management Instruments
Joost Pennings, University of Illinois

8. The Roles of Market Participants and Their Influence on Risk Management
Dan Day Robinson, Day Robinson International Ltd

9. Innovative Approaches for Managing Agricultural Risks
Panos Varangis, World Bank; Ulrich Hess, IFC and Erin Bryla, World Bank

Systems and Management

10. Credit Risk Management in Agribusiness Markets
Benedict Roth, West LB

11. Price Risk Management Using Derivatives: Corporate Policy Creation and Management Control Guidelines
Tom James, Carr Futures

Impact of Risk on Financing

12. Consequences of the New Basel II Regime for Food and Agribusiness Companies
Geert Embrechts, Rabobank International

13. Collateral Management
Rodolfo Barros, Daimler Chrysler Capital

14. The Challenges of Introducing a Warehouse Receipts System in Developing Countries
Rolf Boehnke, Common Fund for Commodities

Appendices - Debates:

15. Managing Commodity Price Risks In Developing Countries: A Debate
Henny Gerner and Ineke Duijvestijn, Netherlands Ministry of Foreign Affairs

16. Government Policy and WTO agreements - Crop Insurance Reforms and Market-Oriented Legislation
Pierre Bascou, DG Agriculture, European Commission

17. Subsidies in Agricultural Risk Management
Arie Oskam, Wageningen University

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  AUTHOR BIOGRAPHY

Nigel Scott is an executive director in capital markets at Rabobank International, London. He is global head of the commodity price risk management (CPRM) unit. CPRM trades soft commodity price swaps & options with the bank's clients to hedge their risk. Nigel also heads up the OECD structured commodity finance team. He has worked for Rabobank since 2000. Previously, Nigel has worked for Cargill as a senior structurer on the financial markets platform, where he started a number of swaps markets in cotton. He also developed and traded cocoa and fertilizer swaps. Nigel has acted as an arbitrator, as a member of the Liverpool Cotton Association (LCA) for the last 9 years, and regularly serves on technical appeal committees. Nigel has a BSC (Hons) in microbiology from Imperial College, London.

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  CONTRIBUTORS

Bruce Tozer, Rabobank; Jagdish Parihar, Olam International; Al Dickie, HGCA; Keith Schap and Bernie Dan, CBOT; Nigel Scott, Rabobank and Hendrik Wijnen, Cargill; Shawn Mills, Maple Leaf; Cliff White, QCC; Joost Pennings, University of Illinois; Dan Day Robinson, Day Robinson International Ltd; Panos Varangis, World Bank; Ulrich Hess, IFC and Erin Bryla, World Bank; Benedict Roth, West LB; Tom James, Carr Futures; Geert Embrechts, Rabobank International; Rodolfo Barros, Daimler Chrysler Capital; Rolf Boehnke, Common Fund for Commodities; Henny Gerner and Ineke Duijvestijn, Netherlands Ministry of Foreign Affairs; Pierre Bascou, DG Agriculture, European Commission; Arie Oskam, Wageningen University
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