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

Estudo da potencialidade da incorporação de resíduo de granito e da queima da casca do café em cerâmica vermelha

The industrial production of ornamental rocks and the burning of coffee husk generate waste that is discarded into the environment. However, with the study of the incorporation of these residues in ceramic products, may be found an alternative to reducing environmental impacts and detrimental effects on human health caused by its indiscriminate disposal of waste in nature. Thus, this work aimed to study the addition of ashes of the coffee husk and granite residue in matrix of red ceramic. The raw materials were dry milled and sieved to mesh 100. To characterize the raw materials were carried out analyzes of X-ray diffraction (XRD), X-ray fluorescence (XRF), particle size analysis (PSA), differential thermal analysis (DTA) and thermogravimetric analysis (TG). Six formulations were prepared where the clay content was kept constant (70%wt) and ashes contents and granite residue varied from 10, 15, 20 and 30%. Dilatometrics analyzes were performed at four selected formulations, containing them: 100% clay (A100); 70% clay and 30% ashes (A70C30); 70% clay and 30% granite residue (A70G30); and 70% clay, 15% granite residue and 15% ashes (A70G15C15). The samples were prepared by uniaxial compaction with pressure of 25 MPa, and fired at temperatures of 800°C, 850ºC, 900ºC, 950ºC, 1000ºC and 1100°C. Assays were performed to determine the linear shrinkage of burning (LSB), water absorption (WA), apparent porosity (AP), density (D) and tensile bending. Also were performed analyzes of X-ray diffraction (XRD) and scanning electron microscopy (SEM) of the samples fired. The formulations incorporating granite residue and/or ashes reached the required limits of water absorption according to NBR 15270-1 and NBR 15310 and tensile bending according to classical literature (SANTOS, 1989) necessary for the production of tiles and ceramic block for masonry sealing

Adição de subprodutos da cinza da casca de café (coffea canephora) em massa cerâmica para porcelanato

To produce porcelain tiles fluxing agents are used in order to obtain a liquid phase during firing. This liquid phase fills the pores decreasing porosity, water absorption and contributes to material densification. In the porcelain tiles industry, feldspar is the main flux material used, with quantities ranging between 35 and 50%. Studies focus on the discovery of materials with flux characteristics that can reduce the consumption of feldspar by porcelain tiles industry. In this context, the coffee husk ashes, a residue obtained when coffee husks are burned to produce heat for the dryers during the processing of the green fruit, have as main chemical constituents potassium, calcium and magnesium, giving them characteristics of fluxing material. Brazil is the largest coffee producer in the world and is responsible for over 30% of the world s production. In this work a physical treatment of coffee husk ash was carried out in order to eliminate the organic matter and, after this, two by-products were obtained: residual wastes R1 and R2. Both residues were added separately as single fluxes and also in association with feldspar in mixtures with raw materials collected in a porcelain industry located in Dias d Ávila-Ba. The addition of these residues aimed to contribute to the reduction of the consumption of feldspar in the production of porcelain tiles. Specimens were produced with dimensions of 60 mm x 20 mm x 6 mm in an uniaxial die with compacting pressure of 45 MPa. The samples were heated to a temperature of 1200 °C, for 8 minutes. Tests were performed to characterize the raw materials by XRF, XRD, particle size analysis, DTA and TGA and, additionally, the results of the physical properties of water absorption, apparent porosity, linear shrinkage, density, dilatometry, flexural strength and SEM of sintered body were analyzed. Additions of less than 8% of the residue R1 contributed to the decrease of porosity, but the mechanical strength of the samples was not satisfactory. Additions of 5% the R2 residue contributed significantly to decrease the water absorption and apparent porosity, and also to increase the mechanical strength. Samples with addition of feldspar associated with the R2 residue, in proportions of 6.7% of R2 and 6.7% of feldspar, led to results of water absorption of 0.12% and mechanical strength of 46 MPa, having parameters normalized to the manufacture of porcelain stoneware tiles

Períodos de interferência de Commelina benghalensis na cultura do café recém-plantada

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Eficiência de diferentes ramais de pulverização e volumes de calda no controle de Brevipalpus phoenicis na cultura do café

Efficiency of different spraying lances and spraying volumes on the control of Brevipalpus phoenicis in coffee crops. The mite Brevipalpus phoenicis is found on coffee plantations in Brazil since the 1950's. Responsible for indirect losses due to its role as vector of a virus disease, this mite species often requires control measures, the most common based on mitecide spraying. It was evaluated the mortality of B. phoenicis due the coverage of spraying liquid applied on coffee plants, with two types of lances used in air assisted sprayers and four spraying. volumes. Treatments were applied with mitecide abamectin (Vertimec 18 CE (R) at 0.4 L per hectare), in volumes of 250, 400, 550 and 700 L per hectare, with two types of lances for the nozzles. The control efficiency against B. phoenicis, deposition and coverage by spray liquid on coffee plants was evaluated. Experimental delineation was in randomized blocks, with eight treatments plus a check plot in four replications. The statistical analysis was carried in a factorial scheme 2x4+1. No significant differences in the number of mites were found between treatments. As regards spraying liquid deposition, it was observed an increment with increasing spraying volumes, with the plant tops showing the best deposition of spraying liquid. The duplication of the lances (nozzle branches) resulted in a significant increase in control efficiency for B. phoenicis compared with conventional branch and with check plot, without dependence of spraying volume.

Desenvolvimento de equipamento motorizado para aplicação líquida de produtos fitossanitários na cultura do café

O trabalho teve como objetivo desenvolver um protótipo aplicador de líquidos na superfície do solo para cafezais localizados em regiões de topografia acidentada ou cultivados em sistema de plantio adensado. O protótipo do aplicador construído é um trator de rabiças acionado por um motor de dois tempos a gasolina, de 2,61 kW (3,5 cv), com duas rodas motrizes com bitola de 0,60 m e uma terceira roda direcional, equipado com sistema de pulverização dotado de depósito de 40 L, bomba centrífuga, filtros de linha, regulador de pressão, manômetro, mangueiras, válvulas e suporte de bicos. Para avaliar a eficiência do protótipo, foram instalados dois experimentos de campo em São Sebastião do Paraíso - MG (2003 e 2004), onde foram aplicados inseticidas sistêmicos para o controle da cigarra. Os métodos de aplicação avaliados foram: aplicação em faixa, filete, drench contínuo e drench intermitente. O protótipo aplicador de líquidos à superfície do solo atendeu aos objetivos propostos, visto que conseguiu realizar o controle químico de cigarras com destaque para a aplicação em drench contínuo. O protótipo, se equipado para aplicar simultaneamente nos dois lados da planta, apresentará capacidade de campo operacional semelhante à do equipamento tratorizado.

Caracterização morfológica de espécies de Hemerobius Linnaeus, 1758 (Neuroptera, Hemerobiidae) associadas a cultivos de café (Coffea arabica L.), milho (Zea mays L.) e erva-mate (Ilex paraguariensis St. Hill.)

The predators were collected in mate crop in Cascavel and São Mateus do Sul, Paraná, Brazil and some other additional specimens in coffee and maize crops in Ribeirão Preto, São Paulo, Brazil. Illustrations obtained by SEM are given by the first time to the principal structures. Three species of Hemerobius were identified: H. bolivari Banks, 1910; H. domingensis Banks, 1941 and H. gaitoi Monserrat, 1996. H. domingensis is recorded for the first time to Brazil.

Avaliação dos textos informativos em três embalagens de café

O presente trabalho tem o objetivo de apresentar uma investigação sobre o nível de clareza dos textos informativos dos rótulos de embalagens de café torrado e moído, considerando os aspectos lingüísticos e ergonômicos presentes nos rótulos do produto. Lingüisticamente analisar se a linguagem utilizada nos rótulos é adequada para a compreensão das informações pelo consumidor, ainda expor como a lingüística preconiza a organização e estruturação dos textos a partir da classificação do gênero textual. Do ponto de vista da ergonomia a pesquisa pretende identificar a conformidade ergonômica presente nas informações dos rótulos das embalagens de café. Devido à evolução das atividades comerciais, a embalagem passou ao longo do tempo a acumular funções, transformando-se em um considerável veículo de comunicação, informação e sedução do seu público consumidor, por isso, a adoção de normas adequadas relativas às informações pode evitar que o consumidor desenvolva conceitos inadequados ou até mesmo empregue erroneamente um produto alimentício em sua dieta. A engenharia de produção considera importante a inserção de melhores práticas de produção e gestão do produto nas empresas, com vistas ao aumento de sua competitividade, compatibilizando as características ergonômicas do produto embalagem, com as necessidades do consumidor enquanto parte integrante do processo de desenvolvimento do produto. A pesquisa propõe, então, um roteiro para avaliação dos rótulos de embalagens, utilizando para isso um questionário com questões fechadas e uma aberta, aplicados em consumidores de café torrado e moído no momento da compra em quatro supermercados de Natal. Os principais resultados da investigação demonstram que os aspectos lingüísticos dos textos informativos foram considerados bons, enquanto os aspectos ergonômicos informacionais analisados podem vir a contribuir para uma melhoria visual das informações contidas nos rótulos das embalagens das marcas de café investigadas

Agentes polinizadores e produção de grãos em cultura de café arábica cv. “Catuaí Vermelho”

Coffee (Coffea arabica L.) plants had the pollination process of their flowers studied in three coffee producing regions in Brazil: the first in Ribeirao Preto, state of São Paulo, in September of 2004, the second in Carmo do Paraiba, in the state of Minas Gerais, in October of 2006, and, the third, in Altinopolis, state of São Paulo, in September of 2007. In all these locations the coffee variety used was the 'Catuai Vermelho'. The pollinator species visiting the flowers, the frequency with which the flowers were visited by the insects, and the type of material collected by them ( nectar and/or pollen) were determined by counts taking place at the first 10 minutes of each hour from 7:00 AM till 6:00 PM during the months mentioned above. To estimate the fructification percentage, 25 branches were identified with color threads and protected with wire frames covered with a nylon fabric to prevent them from being visited by insects. Another group of 25 branches was similarly identified but remained without any covering so that their flowers were thus freely visited by insects. on the average, the most frequent pollinator was the Africanized bee Apis mellifera (73.7%) followed by the bee Trigona spinipes (14.5%), and Tetragonisca angustula (9.5%). The Africanized bee collected nectar and pollen to almost the same extent: 58.5% of the first and 41.5% of the second. To collect nectar, that species increased its visiting frequency up to 1:00 PM. To collect pollen, A. mellifera visited the flowers up to 1:00 PM with frequency peaks between 8:00 and 9:00 AM. T. spinipes collected pollen (58,5%) and nectar (41.5%). T. angustula collected only pollen. The branches freely visited by insects produced 181 grains on the average whereas those covered with the nylon fabric produced only 81 grains, this meaning a reduction of 55.25% in grain production. Coffee grains produced on the freely visited branches had a mean weight (1.13 g) significantly superior to that of those produced on the covered branches (0.94 g).

Eficácia do teste de acidez graxa na avaliação da qualidade do café Arábica (Coffea arabica L.) submetido a diferente períodos e temperaturas de secagem

This work had the aim of evaluating the effect of different temperatures and pre-drying periods on yard on the chemical composition and quality of the beverage of peeled cherry coffee. Temperatures of 40 degrees C, 50 degrees C and 60 degrees C were used in the mass with air flow of 20m(3)m(-1)m(2). After drying, the visible defects of the coffee samples were removed. For evaluation of quality, the following analyses were performed: sensorial analyses, total sugars, reducing sugars and non-reducing sugars, electrical conductivity, potassium leaching and fatty acidity. One verified that lower drying temperature and greater pre-drying period had contributed for the attainment of a better quality drink. The increase of temperature and pre-drying periods decreased the non-reducing sugars content while the values of reducing sugars increased. The electrical conductivity, potassium leaching and fatty acidity increased significantly with the rise of temperature and potassium leaching reduced with increasing of the pre-drying period. The fatty acidity test showed to be sensible to the drying temperature.

Incorporação de cinzas da casca de café na produção de placas cerâmicas para revestimento

Brazil is the world s leading coffee producer. In 2008, 45.99 million of 60 kg bags of benefited coffee were produced. In the process of improvement 50% is grain and 50% is husk, thus, 1.38 million tons of coffee husk are produced annually. The husk is used as combustible in the drying and improvement ovens in the coffee farms, generating ash as residue. These ashes contain a high concentration of alkaline metals and earth metals, mainly K2O and CaO. This work studies the use of this residue in the ceramic tiles industry, as fluxing agents in substitution to the feldspar. Ten mixtures with equal ratios of clay and kaolin, proceeding from Bahia and the residue (varying from 30 to 5%) were defined and produced in uniaxial tool die of 60x20mm with approximately 5 mm of thickness and 45MPa compacting pressure. The samples were fired in four different temperatures: 1100 °C, 1150 °C, 1185 °C and 1200 °C during 60 minutes and characterized by means of X-ray fluorescence, X-ray diffraction, gravimetric thermal analysis and differential thermal analysis. The results of water absorption, apparent porosity, linear shrinkage, XRD, dilatometry, flexural strength and SEM were also analysed. The test specimen with addition of 10% of ash fired in 1200 °C resulted in 0.18% water absorption and 40.77 MPa flexural strength, being classified as porcelain stoneware tiles according to ABNT, UNI and ISO norms

Beneficiamento de sementes de café e efeitos na qualidade física

A pesquisa foi realizada com o objetivo de verificar a possibilidade de uso da máquina de pré-limpeza, da máquina de limpeza e classificação (ventiladores e peneiras) e da mesa densimétrica para o beneficiamento de sementes de café e, paralelamente, avaliar seus efeitos na qualidade física do lote. Para essa finalidade, um lote de sementes de café arábica 'Catuaí Amarelo IAC 62' foi submetido ao beneficiamento nesses três equipamentos, em diversas combinações. As frações retidas pelas peneiras 22/64 e 20/64 avos de polegada, na máquina de ventiladores e peneiras, constituíram a maior parte do lote e foram processadas, separadamente, em mesa densimétrica. Foram realizadas avaliações de pureza física, massa de mil sementes, peso hectolítrico, teor de água, tipos de sementes predominantes e integridade do endocarpo. Observou-se que: a) A máquina de pré-limpeza, a máquina de ventiladores e peneiras e a mesa densimétrica foram eficientes para a homogeneização do lote de sementes de café, proporcionando obtenção de melhor qualidade física na seqüência operacional em que foram utilizadas de forma conjugada; b) O uso de peneiras com crivos oblongos e crivos circulares, intercaladas na máquina de ventiladores e peneiras, possibilitou a separação de sementes mocas, de sementes com resíduos de exocarpo aderidos ao endocarpo e de sementes desprovidas de endocarpo, melhorando a aparência do lote; c) A mesa densimétrica foi o equipamento que proporcionou melhor separação de sementes com endocarpo danificado, bem como alterações favoráveis à qualidade física do lote; d) As sementes pequenas, retidas nas menores peneiras da máquina de ventiladores e peneiras, e as sementes de menor massa específica, classificadas ou não por tamanho e coletadas na descarga inferior da mesa densimétrica, foram as de baixa qualidade física.

Beneficiamento de sementes de café e efeitos na qualidade fisiológica

Considerando-se a escassez de informações sobre o beneficiamento mecanizado de sementes de café, realizou-se este trabalho para estudar seus efeitos na qualidade fisiológica das sementes de café arábica. Um lote de sementes de 'Catuaí Amarelo IAC 62' foi submetido à ação de máquina de pré-limpeza, máquina de ventiladores e peneiras e mesa densimétrica, em diversas combinações, e as sementes foram avaliadas quanto à germinação e ao vigor (envelhecimento acelerado, emergência de plântulas, altura e massa de matéria seca de plântulas e mudas). O teor de água das sementes também foi determinado. Utilizou-se o delineamento estatístico de blocos ao acaso, com quatro repetições, e o teste de Tukey a 5% para comparação de médias. Concluiu-se que: a) a qualidade fisiológica das sementes foi aprimorada à medida que o lote passou por equipamentos específicos no beneficiamento, culminando com a melhor qualidade na seqüência operacional em que o lote foi submetido à ação da máquina de ventiladores e peneiras e mesa densimétrica; b) a mesa densimétrica, associada à máquina de ventiladores e peneiras, foi o equipamento que proporcionou a melhor separação de materiais que interferem negativamente na qualidade fisiológica das sementes; c) as sementes maiores e/ou mais pesadas tiveram qualidade fisiológica superior, e as sementes mocas graúdas, qualidade fisiológica similar à das sementes chatas graúdas; d) o descarte das frações do lote constituídas por sementes pequenas ou de menor densidade possibilitou a obtenção de lotes homogêneos e com alta qualidade fisiológica, favorecendo a obtenção de mudas mais vigorosas.

Além das xícaras: a construção do Café São Luiz como lugar de memória em Natal (1950-1980)

This research stands in discussions involving the relationship between memory, history and space. We will work with the Café São Luiz in the neighborhood of Cidade Alta in Natal, an place which remains open and founded in 1953. The place was opened in the district of greater movement of the 1950s, a zone of concentration of commerce and leisure. In consequence an impulse of memory, the Café São Luiz was represented by different statements, which they built a space that serves to support memory and identity of a group. The speeches elaborate the Café São Luiz as a monument, a place of memory according to Pierre Nora. Among these discourses of construction of the Café São Luiz stands out the 1982 book titled Na Calçada do Café São Luiz by José Luiz Silva. This research aims to discuss the construction of the Café São Luiz as a place of memory, questioning their representations, traversing the authorship of speeches over the place

Caracterização física e sensorial do café produzido nas condições topoclimáticas de Jesuitas, Paraná

Climatic variations influence formation and maturation of coffee grains by altering their intrinsic characteristics, which call allow for several types of coffee qualities, including the potential for production of special coffee. This study was carried out to verify the effect of environmental conditions and crop cultivation on chemical composition and their consequences in cup quality of coffees from region of Jesuitas, Parana State. During the same crop season this study was accomplished (2002-2003), cup quality was evaluated among the producers in several coffee-growing municipalities in Parana State. It was observed that 86% of samples were classified simply as "soft" (smooth flavor) or "hard" (bolder flavor), and 14% were classified as rioysh/rio (strong unpleasant taste). The results concluded that the practices adopted by producers, who have collaborated with the study, reflected positively oil the final cup quality, when compared to the overall quality results in the State. The climatic conditions and practices of crop management and harvest ill the Jesuitas region made for bolder coffee with low acidity, comparable to high quality coffees produced in Brazil and abroad.