Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Novas propriedades do SKTI (Inibidor de tripsina de soja): inibição para elastase neutrofílica humana e efeitos no processo de injúria pulmonar aguda

Seeds from legumes including the Glycine max are known to be a rich source of protease inhibitors. The soybean Kunitz trypsin inhibitor (SKTI) has been well characterised and has been found to exhibit many biological activities. However its effects on inflammatory diseases have not been studied to date. In this study, SKTI was purified from a commercial soy fraction, enriched with this inhibitor, using anion exchange chromatography Resource Q column. The purified protein was able to inhibit human neutrophil elastase (HNE) and bovine trypsin. . Purified SKTI inhibited HNE with an IC50 value of 8 µg (0.3 nM). At this concentration SKTI showed neither cytotoxic nor haemolytic effects on human blood cell populations. SKTI showed no deleterious effects on organs, blood cells or the hepatic enzymes alanine amine transferase (ALT) and aspartate amino transferase (AST) in mice model of acute systemic toxicity. Human neutrophils incubated with SKTI released less HNE than control neutrophils when stimulated with PAF or fMLP (83.1% and 70% respectively). These results showed that SKTI affected both pathways of elastase release by PAF and fMLP stimuli, suggesting that SKTI is an antagonist of PAF/fMLP receptors. In an in vivo mouse model of acute lung injury, induced by LPS from E. coli, SKTI significantly suppressed the inflammatory effects caused by elastase in a dose dependent manner. Histological sections stained by hematoxylin/eosin confirmed this reduction in inflammation process. These results showed that SKTI could be used as a potential pharmacological agent for the therapy of many inflammatory diseases

Obtenção de polímeros de LCC para aplicação como antioxidante de biodiesel de soja

Biodiesel is a fuel obtained from vegetable oils, such as soy, castorbean, among others. The monoester of fatty acid of these oils have chains with mono, di and tri double connections. The presence of these insaturations are susceptible to oxidization. Antioxidants are substances able to prevent oxidization from oils, fats, fat foods, as well as esters of Alquila( biodiesel). The objective of this work is to summarize a new antioxidant from the Cashew Nut Shell Liquid (CNSL) using the electrolysis technique. A current of 2 amperes was used in a single cell of only one group and two eletrodos of stainless steel 304 in a solution of methanol, together with the eletrolits: acetic acid, sodium chloride and sodium hydroxide, for two hours of agitation. The electrolysis products are characterized by the techniques of cromatography in a thin layer, spectroscopy of infrared and gravimetric analysis. The material was submitted to tests of oxidative stability made by the techniques of spectropy of impendancy and Rancimat (EN 14112). The analyses of characterization suggest that the polimerization of the electrolytic material ocurred. The application results of these materials as antioxidants of soy biodiesel showed that the order of the oxidative stability was obtained by both techniques used

Síntese, caracterização e aplicação de LaSBA-15 e como catalisador para obtenção de biodiesel de soja via rota etílica

Biodiesel is an alternative fuel, renewable, biodegradable and nontoxic. The transesterification of vegetable oils or animal fat with alcohol is most common form of production of this fuel. The procedure for production of biodiesel occurs most commonly through the transesterification reaction in which catalysts are used to accelerate and increase their income and may be basic, acid or enzyme. The use of homogeneous catalysis requires specific conditions and purification steps of the reaction products (alkyl ester and glycerol) and removal of the catalyst at the end of the reaction. As an alternative to improve the yield of the transesterification reaction, minimize the cost of production is that many studies are being conducted with the application of heterogeneous catalysis. The use of nano-structured materials as catalysts in the production of biodiesel is a biofuel alternative for a similar to mineral diesel. Although slower, can esterify transesterified triglycerides and free fatty acids and suffer little influence of water, which may be present in the raw material. This study aimed at the synthesis, characterization and application of nano-structured materials as catalysts in the transesterification reaction of soybean oil to produce biodiesel by ethylic route. The type material containing SBA-15 mesoporous lanthanum embedded within rightly Si / La = 50 was used catalyst. Solid samples were characterized by X-ray diffraction, thermogravimetric analysis, infrared spectroscopy, nitrogen adsorption and desorption. For the transesterification process, we used a molar ratio of 20:1 alcohol and oil with 0.250 g of catalyst at 60°C and times of 6 hours of reaction. It was determined the content of ethyl esters by H-NMR analysis and gas chromatography. It was found that the variable of conversion obtained was 80%, showing a good catalytic activity LaSBA-15 in the transesterification of vegetable oils via ethylic route

Análise da lubricidade do biodiesel brasileiro de ésteres etílicos de soja e girassol

Fuel is a material used to produce heat or power by burning, and lubricity is the capacity for reducing friction. The aim of this work is evaluate the lubricity of eight fossil and renewable fuels used in Diesel engines, by means of a HFRR tester, following the ASTM D 6079-04 Standard. In this conception, a sphere of AISI 52100 steel (diameter of 6,000,05 mm, Ra 0,050,005 μm, E = 210 GPa, HRC 624, HV0,2 63147) is submitted to a reciprocating motion under a normal load of 2 N and 50 Hz frequency to promote a wear track length of 1.10.1mm in a plan disc of AISI 52100 steel (HV0,05 18410, Ra 0,020,005 μm). The testing extent time was 75 minutes, 225,000 cycles. Each one test was repeated six times to furnish the results, by means of intrinsic signatures from the signals of the lubricant film percentage, friction coefficient, contact heating, Sound Pressure Level, SPL [dB]. These signal signatures were obtained by two thermocouples and a portable decibelmeter coupled to a data acquisition system and to the HFRR system. The wettability of droplet of the diesel fuel in thermal equilibrium on a horizontal surface of a virgin plan disc of 52100 steel, Ra 0,02  0,005 μm, were measured by its contact angle of 7,0  3,5o, while the results obtained for the biodiesel B5, B20 and B100 blends originated by the ethylic transesterification of soybean oil were, respectively, 7,5  3,5o, 13,5  3,5o e 19,0  1,0o; for the distilled water, 78,0  6,0o; the biodiesel B5, B20 and B100 blends originated by the ethylic transesterification of sunflower oil were, respectively, 7,0  4,0o, 8,5  4,5o e 19,5  2,5o. Different thickness of lubricant film were formed and measured by their percentage by means of the contact resistance technique, suggesting several regimes, since the boundary until the hydrodynamic lubrication. All oils analyzed in this study promoted the ball wear scars with diameters smaller than 400 μm. The lowest values were observed in the scar balls lubricated by mixtures B100, B20 and B5 of sunflower and B20 and B5 of soybean oils (WSD < 215 μm)

Utilização do éster de soja como biolubrificante

The lubricants found in the market are of mineral or synthetic origin and harm to humans and the environment, mainly due to their improper discard. Therefore industries are seeking to develop products that cause less environmental impact, so to decrease mainly, operator aggression the Cutting Fluids became an emulsion of oil / water or water / oil. However, the emulsion was not considered the most suitable solution for environmental question, therefore the search for biodegradable lubricants and which no are toxic continues and so vegetable oils are seen, again, as a basis for the production of lubricants. The biggest problem with these oils is their oxidative instability that is intensified when working at high temperatures. The process transesterification decreases the oxidation, however changes some physical and chemical properties. Therefore soybean oil after the transesterification process was subjected to tests of density, dynamic viscosity, kinematic viscosity which is calculated from two parameters mentioned, flash point and acidity. Besides the physico-chemical test the soybean oil was subjected to a dynamic test in a tribometer adapted from a table vise, whose induced wear was the adhesive and ultimately was used as cutting fluid in a process of turning in two different materials, steel 1045 and cast iron. This latter test presented results below the mineral cutting fluid which it was compared in all tests, already in other experiments the result was satisfactory and other experiments not, so that chemical additives can be added to the oil analyzed to try equate all parameters and so formulate a biolubrificante not toxic to apply in machining processes of metalworking industry

Desenvolvimento de um biossensor potenciométrico, à base de soja, para a determinação de uréia

In this work, the objective in study was the development of a biossensor potencyometric for urea detection, starting from the extracted urease of soy grains. Initially, was made a chemometrics study, through a planning factorial 24, objectified to find great conditions for the extraction of the urease without its properties were affected. Starting from this study, the best conditions were determined for the obtaining of rich extracts in urease, allowing the biossensors making with good characteristics. These were made using a platinum electrode as transducer with the dispersed urease in chitosan head office and reticulated in glutaraldehyde vapor. The biossensors obtained presented a limit of urea detection the same to 0,33 mM and lineal strip between 0,33 and 3 mM of the substratum. The time of answer was considered loud, mainly, in low concentrations of the substratum, where it was taken about 5 minutes by analysis. For high concentrations that time was reduced for not more than one minute. The time of life was limited by the adherence of the enzymatic membrane to the transducer, but it was possible to maintain the biossensor with operation for one month with about 50 accomplished measures. Application of the biossensor for analyses of fertilizers to the urea base presented excellent result for a sample with few interfering, but it was different when the used fertilizer was originating from of a complex sample. Even so the label was not expressed the text of nitrogen it was totally coming of the urea. An evaluation of the kinetic parameters of the catalytic reaction of the biossensor showed coherence with the results exposed in the literature

Estudo da eficácia do tensoativo sorbitano tween 80 veiculado em nanoemulsão contendo óleo de soja, como inibidor de corrosão

Nowadays, the use of chemicals that satisfactorily meet the needs of different sectors of the chemical industry is linked to the consumption of biodegradable materials. In this context, this work contemplated biotechnological aspects with the objective of developing a more environmentally-friendly corrosion inhibitor. In order to achieve this goal, nanoemulsion-type systems (NE) were obtained by varying the amount of Tween 80 (9 to 85 ppm) a sortitan surfactant named polyoxyethylene (20) monooleate. This NE-system was analyzed using phase diagrams in which the percentage of the oil phase (commercial soybean oil, codenamed as OS) was kept constant. By changing the amount of Tween 80, several polar NE-OS derived systems (O/W-type nanoemulsion) were obtained and characterized through light scattering, conductivity and pH, and further subjected to electrochemical studies. The interfacial behavior of these NE-OS derived systems (codenamed NE-OS1, S2, S3, S4 and S5) as corrosion inhibitors on carbon steel AISI 1020 in saline media (NaCl 3.5%) were evaluated by measurement of Open Circuit Potential (OCP), Polarization Curves (Tafel extrapolation method) and Electrochemical Impedance Spectroscopy (EIS). The analyzed NE-OS1 and NE-OS2 systems were found to be mixed inhibitors with quantitative efficacy (98.6% - 99.7%) for concentrations of Tween 80 ranging between 9 and 85 ppm. According to the EIS technique, maximum corrosion efficiency was observed for some tested NE-OS samples. Additionaly to the electrochemical studies, Analysis of Variance (ANOVA) and Principal Component Analysis (PCA) were used, characterization of the nanoemulsion tested systems and adsorption studies, respectively, which confirmed the results observed in the experimental analyses using diluted NE-OS samples in lower concentrations of Tween 80 (0.5 1.75 ppm)

Estudo da influência do biodiesel de mamona como aditivo antioxidante para o biodiesel de girassol e soja

Biodiesel is a fuel made up by mono-alkyl-esters of long chain fatty acids, derived from vegetable oils or animal fat. This fuel can be used in compression ignition engines for automotive propulsion or energy generation, as a partial or total substitute of fossil diesel fuel. Biodiesel can be processed from different mechanisms. Transesterification is the most common process for obtaining biodiesel, in which an ester compound reacts with an alcohol to form a new ester and a new alcohol. These reactions are normally catalyzed by the addition of an acid or a base. Initially sunflower, castor and soybean oil physicochemical properties are determined according to standard test methods, to evaluate if they had favorable conditions for use as raw material in the transesterification reaction. Sunflower, castor and soybean biodiesel were obtained by the methylic transesterification route in the presence of KOH and presented a yield above 93% m/m. The sunflower/castor and soybean/castor blends were studied with the aim of evaluating the thermal and oxidative stability of the biofuels. The biodiesel and blends were characterized by acid value, iodine value, density, flash point, sulfur content, and content of methanol and esters by gas chromatography (GC). Also studies of thermal and oxidative stability by Thermogravimetry (TG), Differential Scanning Calorimetry High Pressure (P-DSC) and dynamic method exothermic and Rancimat were carried out. Biodiesel sunflower and soybean are presented according to the specifications established by the Resolution ANP no 7/2008. Biodiesel from castor oil, as expected, showed a high density and kinematic viscosity. For the blends studied, the concentration of castor biodiesel to increased the density, kinematic viscosity and flash point. The addition of castor biodiesel as antioxidant in sunflower and soybean biodiesels is promising, for a significant improvement in resistance to autoxidation and therefore on its oxidative stability. The blends showed that compliance with the requirements of the ANP have been included in the range of 20-40%. This form may be used as a partial substitute of fossil diesel

O circuito espacial de produção e os círculos de cooperação da soja no Maranhão no período técnico-científico informacional

The study in screen it has as objective the understanding of the space circuit of production and the circles of cooperation of the soy that if develop in the Maranhão in the technician-scientific-informational period. Characterized for the material and incorporeal flows if they develop in the Maranhão, from the moment where it had a process of integration of the maranhense territory while peripheral space of the capitalist dynamics, that if gave through the politics of regional integration created by the State, but when it had a process of selective modernization, also partial and conservative of the agriculture, that made possible the significant increase of the production and reproduction of the capital. The study sample that with the advent of the soy, had a concentration of the production techniques, mainly in the agricultural region of Balsas, due to bigger it offers of lands, time of implantation of the culture, technique accumulated in the production, whereas in the agricultural region of Chapadinha, these indices still are without representation. Moreover, the intensification of the agricultural credit, the agrarian politics and tax incentives are elements that have propitiated increase of the production of the soy. The development of the space circuit and circles of cooperation of the soy, a side, create new forces politics in the Maranhão that can result in the creation of a new state, the other, are responsible, for the elimination of part of the subsistence agriculture, producing social problems as, agrarian concentration and unemployment. The study it still evidences the appropriation of the place for a small number of companies that has generated, beyond an intense concentration of income, an alienation of the territory, in view of that this is used for a strange purpose to the place and the yearning of the population does not stop