„Una Oportunidad de Negocio que parece haberse dejado de lado: Administrando Márgenes y Ganancias en las Americas con Futuros sobre Arroz‟ Fred Seamon, Senior Director Commodity Research and Product Development Gerardo Luna, Senior Director, International Products & Services, Latin America Miami, FL, Junio 6, 2012 TEMAS Introducción - CME Group Funciones Economicas de los Mercados de Futuro Riesgo Administración de Riesgos – Importancia Alternativas de coberturas con Futuros y Opciones Para Después: Integridad Financiera Los „10 Aspectos Clave de Jelinek´ para una Administración de Riesgo Exitosa Recursos © 2012 CME Group. All rights reserved 2 CME Group - Introducción Chicago Mercantile Exchange (CME) © 2012 CME Group. All rights reserved Chicago Board of Trade (CBOT) New York Commodity Mercantile Exchange Exchange (COMEX) (NYMEX) 4 Complejos de Productos de CME Group • Commodity ¿A qué Riesgos está Expuesto? • Tasa de Interés Precios de Commodity • Tipo de Cambio Costos de Energía Portafolio Financiero • Indices Accionarios Fluctuaciones de Tipo de Cambio • Inversiones Alternativas • Energía • Metales © 2012 CME Group. All rights reserved 5 Complejos de Productos de CME Group Granos y Oleaginosas: Pecuarios: • Corn Futures, Options & Swaps • Feeder Cattle Futures and Options • Wheat Corn Spread Options • Live Cattle Futures and Options • Mini-sized Corn Futures • Lean Hogs Futures and Options • Ethanol Futures, Options and Swaps • Live Cattle & Lean Hog Calendar Spread Options • Oat Futures and Options • Rough Rice Futures and Options • Soybean Futures, Options & Swaps • Mini-sized Soybean Futures Productos Lácteos: • Butter Futures and Options • Soybean Meal Futures and Options • Butter Spot Call • Soybean Oil Futures and Options • Cash-Settled Butter Futures • Soybean Corn Price Ration Options • Milk Class III Futures and Options • Crude Palm Oil Futures • Milk Class IV Futures and Options • Wheat Futures, Options & Swaps • Cheese • Mini-sized Wheat Futures • Nonfat Dry Milk Futures and Options • Corn, Wheat, Soybeans, SoyOil, SoyMeal Calendar Spread Options • Dry Whey Futures © 2012 CME Group. All rights reserved Funciones Económicas de la Industria de Futuros Funciones Económicas de los Futuros Descubrimiento de Precio Mercados de Futuros Administración de Riesgo © 2012 CME Group. All rights reserved Rentabilidad en la Cobertura de Precios Ingresos ─ Costos Rentabilidad Aumentar rentabilidad mediante • Aumentar ingresos • Bajar costos Controlar rentabilidad por medio de • Mejor planeación • Mejor administración de precio © 2012 CME Group. All rights reserved Riesgo e Importancia de su Administración Futuros de Maíz Riesgos y Oportunidades Maíz – Cierres de Mercado 2002/12 $9 $8 DEUA por Bushel $7 $6 $5 $4 $3 $2 $1 © 2012 CME Group. All rights reserved El Riesgo de Precio está siempre Presente Problema • ¡Lo único cierto acerca del futuro es la incertidumbre! Solución • Use las herramientas de administración de riesgo para administrar la incertidumbre en sus transacciones de contado (físico) en Latinoamérica © 2012 CME Group. All rights reserved Volatilidades de Precio Producto Trigo FrijolSoya Alto 2008 2009 2010 2011 8.1% 23.9% (1980 – 2011) 50.6% 37.9% 35.4% 43.3% 60.0% 5.2% 20.6% (1980 – 2011) 38.4% 33.7% 20.2% 21.6% 41.3% 36.8% 30.1% 38.5% 34.5% 37.1% 25.8% 24.8% 40.4% 42.2% 25.8% 22.8% 39.4% 29.3% 19.4% 20.7% 63.9% 5.6% 20.7% (1980 – 2011) 89.1% 83.5% Pasta de Soya Aceite de Soya Promedio 73.4% Maíz Cerdo Bajo (Promedios Anuales) 10.8% 29.6% (2004 – 2011) 6.3% 22.2% (2004 – 2011) 67.5% 6.6% (2004 – 2011) 21.9% ‘Volatility is measurement of the change in price over a period of time. Historical Volatility is expressed as a percentage and is calculated by taking the standard deviation of the log-differences of the daily settlement prices of the underlying commodity over the course of the month. The result is multiplied by the square root of 252 (the number of trading days in a year).’ 13 © 2012 CME Group. All rights reserved Importancia de la Administración de Riesgo de Precio © 2012 CME Group. All rights reserved Maíz: Futuro Cercano, Precio de Contado en Golfo y Base © 2012 CME Group. All rights reserved Correlación Precios EUA con Futuros Arroz CBOT Nearby Rough Rice Futures and FOB NOLA Spot Prices $25.00 Nearby Futures FOB NOLA $ per Hundredweight $20.00 $15.00 $10.00 $5.00 $0.00 © 2012 CME Group. All rights reserved 16 Ejemplo Cadena Granos y Ac. Vegetales Mercado de Contado Agricultor Uso/Almacenamiento en Campo Productor de Concentrado Compañía Semillera Operación Pecuaria Sistema de Elevadores Mercados de Exportación Molineros / Refinadores Procesadores de Alimentos/Bebidas Restaurantes Sector Energético Productos No Alimenticios Menudeo/Mayoreo Tiendas/Supermercados Consumidor MERCADO DE FUTUROS © 2012 CME Group. All rights reserved Herramientas para Administrar Riesgo de Precio Futuros, Opciones, Swaps, Contratos de Contado, Programas de Gobierno • Todos diferentes en cuanto pros y contras • Estúdielos, Practíquelos, Utilícelos • Mejore sus administración de riesgo de precio © 2012 CME Group. All rights reserved 18 Hacer Algo, Hacer Nada © 2012 CME Group. All rights reserved 19 Ejemplo de „Acciones‟ Milenio Diario, 27/02, 2012, Pg. 25 © 2012 CME Group. All rights reserved 20 Alternativas para tomar Coberturas con Futuros y Opciones • Programas de Gobierno • El mercado mexicano HOY dispone de DOS con apoyos a coberturas • Cuenta de la empresa con un broker • Individual • Grupo • Cuenta de corretaje de empresa proveedora © 2012 CME Group. All rights reserved 21 Donde, Quienes, Que (solo como ejemplos) - Argentina • Agricultores Alimentos Concentrados - Brasil • Comercializadores Maíz, Trigo, Soya, … - Colombia • Ganaderos Cerdo, Res - Costa Rica • Plantas de Concentrado Alimentos Concentrados - Chile • Productores de Cerdo ‘Juan Valdez’ - Guatemala • Productores de Pollo, Huevo FX / Tasas de Cambio - Panamá - Paraguay - Rep. Dominicana - Uruguay © 2012 CME Group. All rights reserved 22 Coberturas de Granos en México (ASERCA, Programa de Gobierno) Notas: - Fuente: ASERCA, Marzo 2012 -El Reporte de Programa de Prevención y Manejo de Riesgos (Componente Apoyo al Ingreso Objetivo y a la Comercialización, Apoyos a Coberturas de Precios de Productos y Especies Elegibles) para 2011 incluye apoyos a +/- 50 mil TM de Arroz © 2012 CME Group. All rights reserved 23 Excusas Para No Usar Administración de Riesgo • Los precios no pueden moverse más arriba / abajo – Excusa Débil • La industria de futuros es muy complicada – Excusa Débil • La administración de riesgos es muy cara – Excusa Débil – Los márgenes de garantía son muy altos – Las primas de Opciones son demasiado • Ninguno de mis competidores administra riesgos – Excusa Débil • Tengo un buen control de los fundamentales de mercado – Excusa Débil • No creo en la protección de precio – Excusa Débil • NOTA: NO HAY EXCUSAS VALIDAS © 2012 CME Group. All rights reserved Resumen de Administración de Riesgos Dicho en forma simple: • Todo tiene que ver con su “LIMITE” • Proteger y/o mejorar su “POSICION DE MERCADO DE CONTADO” © 2012 CME Group. All rights reserved Integridad Financiera Integridad de Mercado Regulación de Futuros Interna • CME Group tiene 4 Organizaciones Auto reguladas (SRO) • CME • CBOT • NYMEX • COMEX • Regulación Legal y de Mercado Externa • Commodity Futures Trading Commission (CFTC) • National Futures Association (NFA) *Nota: La legislación Dodd-Frank puede tener impacto en la regulación de mercado © 2012 CME Group. All rights reserved Papel de CME Clearing en el Mercado El Modelo de Contraparte Central de Compensación © 2012 CME Group. All rights reserved Los „10 Aspectos Clave de Jelinek´ para una Administración de Riesgo Exitosa 10 CLAVES PARA UNA ADMINISTRACIÓN DE RIESGO EXITOSA 1) Desarrolle un equipo 2) Consulte con asesores 3) Conozca sus alternativas 4) Desarrolle políticas corporativas 5) Desarrolle un plan 6) Involucre a favor a la administración 7) Siga con el plan pero manténgase flexible 8) Mantenga buenos registros 9) Revise los resultados 10) No mire hacia atrás © 2012 CME Group. All rights reserved Resumen y Recursos Beneficios de CME Group • Diversidad de Productos • Futuros, Opciones & Swaps Compensados • Complejos de Productos Diversificados • Usos Flexibles • Estrategias de Administración de Riesgo • Estrategias Especulativas • Fundamentos para contratos de contado • Iniciar y ajustar posiciones con base en la exposición al riesgo deseada • Liquidez & Transparencia • Descubrimiento de Precio eficiente y equitativo • Regulación e integridad financiera • Monitoreo interno y externo • CME Clearing – Proceso de compensación garantiza todas las transacciones en CME Group • Plataformas de operación a elección del cliente & compensación • CME Globex – Electrónico • Piso de Operación – A Viva Voz • CME Clearport – Interfaz de compensación OTC © 2012 CME Group. All rights reserved Centro de Educación www.cmegroup.com/edu © 2012 CME Group. All rights reserved CME GROUP: Forecast for the 2012 USDA Acreage Report WHEN: Tuesday, June 26, 2011 2:00 p.m. CT WHERE: CME Group Auditorium 20 S. Wacker Drive Chicago, IL 60606 Attend Online or In-Person Register here The current conditions in agricultural commodities have created much volatility in the grain markets. What has been the impact on planted acres? In anticipation of the June 29, 2012 USDA Acreage report, please join us in a discussion of the summer's grain and oilseed prospects, and the potential effects of seasonal weather conditions. The program will also include a discussion of short term Agricultural options, including Weekly Grain Options options and the recently announced Short-Dated New Crop option, which provide opportunities to trade on high impact events-such as USDA reports and weather forecasts © 2012 CME Group. All rights reserved 34 CME GROUP: Forecast for the 2012 USDA Acreage Report Topics include: Perspectives on acreage 2012 yield potential and price outlook Current weather trends Capitalizing on opportunities with Short-Dated New Crop options and Weekly Grain options Speakers: Darin Newsom, Senior Analyst Telvent DTN Kyle Tapley, Senior Agricultural Meteorologist MDA EarthSat Weather (CropCAST) Ankita Roy, Manager CME Group Agricultural Products Register here Learn more about Short-Dated New Crop options Learn more about Weekly Agricultural options © 2012 CME Group. All rights reserved 35 Resources • Registrar‟s Reports: • http://www.cmegroup.com/market-data/reports/registrar-reports.html • Delivery Reports: • http://www.cmegroup.com/market-data/reports/cbot-delivery-reports.html • List of approved delivery facilities: • http://www.cmegroup.com/rulebook/CBOT/I/7/interpretations.html • Suggested Reading: Economics of Futures Trading for Commercial and Personal Profit (Hieronymus, 1977) • http://www.farmdoc.illinois.edu/irwin/links_archive_book_Hieronymus197 7.asp © 2012 CME Group. All rights reserved 36 Contacto e Información Fred Seamon Senior Director, Commodity Research and Product Development Tel: +1 (312) 634-1587 Email: [email protected] Brenda Tucker Executive Director, CD&S – Commercials / Corporations Tel: +1 (312) 454-8304 Email: [email protected] Richard Jelinek Director , Market Education & Development Tel: +1 (312) 930-2320 Email: [email protected] Gerardo Luna Melo Director, International Products & Services (Latin America) Tel: +1 (312) 342-5350 Email: [email protected] © 2012 CME Group. All rights reserved Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. The Globe Logo, CME®, Chicago Mercantile Exchange®, and Globex® are trademarks of Chicago Mercantile Exchange Inc. CBOT® and the Chicago Board of Trade® are trademarks of the Board of Trade of the City of Chicago. NYMEX, New York Mercantile Exchange, and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. CME Group is a trademark of CME Group Inc. All other trademarks are the property of their respective owners. The information within this presentation has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Although every attempt has been made to ensure the accuracy of the information within this presentation, CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT, NYMEX and CME Group rules. Current rules should be consulted in all cases concerning contract specifications. © 2012 CME Group. All rights reserved CBOT Rough Rice Futures XTRA Slides Fred Seamon Associate Director Commodity Research and Product Development Rough Rice Volume CBOT Rough Rice 20-Day Moving Average Volume 5,000 4,500 4,000 3,500 Average Daily Volume 3,000 2,500 2,000 1,500 1,000 500 0 © 2012 CME Group. All rights reserved 40 Rough Rice Open Interest CBOT Rough Rice 20-Day Moving Average Open Interest 30,000 Average Daily Open Interest 25,000 20,000 15,000 10,000 5,000 0 © 2012 CME Group. All rights reserved 41 America‟s Rice Prices Correlated with CBOT Rice Nearby Rough Rice Futures and FOB NOLA Spot Prices $25.00 Nearby Futures FOB NOLA $ per Hundredweight $20.00 $15.00 $10.00 $5.00 $0.00 © 2012 CME Group. All rights reserved 42 CBOT Rough Rice Delivery Territory © 2012 CME Group. All rights reserved 43 Rough Rice Exports Have Become Increasingly Important to the US U.S. Rough Rice Exports 2,500 1,000 Metric Tons 2,000 1,500 1,000 500 0 © 2012 CME Group. All rights reserved 44 U.S. Rice Export Destinations U.S. Rice Exports - Top 10 Destinations 113.0 123.7 125.4 846.7 135.1 Mexico Japan Haiti Turkey 227.5 Venezuela Canada Iraq 243.7 Honduras Saudi Arabia Nicaragua 361.5 281.3 327.7 © 2012 CME Group. All rights reserved 45 U.S. Grain Export Routes Wheat Corn Soybean Sorghum © 2012 CME Group. All rights reserved Rice 46 Rice Futures Contract Terms U.S. # 2 2,000 cwt contract Not less than 65% mill yield Not less than 48% head rice No Heat; No Stain; 75 Lightly Discolored Allowed in 500-gram Sample Load-out charge max. 22.222 cent/cwt Storage charge max. 34/100 cent/cwt/day (Proposed 42/100s starting 9/28) January, March, May, July, September & November Expirations Price Example – 14.805 is $14.805 per cwt. Codes – ZR Globes; RR - Pit © 2012 CME Group. All rights reserved Delivery Procedures • Key Dates • First Position day – Two business days prior to first delivery day of the current month contract. If a long wishes not to risk taking delivery, they need to close all of their positions prior to the close on this day. • First Notice day – One business day prior to first delivery day of the current month contract. • First Delivery day – The first business day of the current month contract. © 2012 CME Group. All rights reserved 48 Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. The Globe Logo, CME®, Chicago Mercantile Exchange®, and Globex® are trademarks of Chicago Mercantile Exchange Inc. CBOT® and the Chicago Board of Trade® are trademarks of the Board of Trade of the City of Chicago. NYMEX, New York Mercantile Exchange, and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. CME Group is a trademark of CME Group Inc. All other trademarks are the property of their respective owners. The information within this presentation has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Although every attempt has been made to ensure the accuracy of the information within this presentation, CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT, NYMEX nd CME Group rules. Current rules should be consulted in all cases concerning contract specifications. © 2012 CME Group. All rights reserved 49