Os desafios para a reestruturação do complexo agroindustrial canavieiro do Centro-Sul

This article analyzes the changes in the structure and trade of sugar and alcohol production at Center-South region of Brazil in the 90s. The data demonstrate that this sector showed a process of great product differentiation and modernization in their plants over the past 10 years. It is not just a 'Sugarcane Complex' given the enormous diversity of production units, mix of products and forms of commercialization which are related to this sector. Since the de-regulation, specific and heterogeneous segments appeared. We propose that the difficulties faced for a possible implementation of a whole intervention policy has occurred in the former period. Finally, an agenda of public policies is proposed addressing the needs for competitiveness, environmental preservation and creation of jobs.sugar and alcoohol market structure, self-regulation, industrial policy

Analysis of the Relationship between Ethanol Spot and Futures Prices in Brazil

In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil. We adopted the Engle and Granger co-integration approach. Also, we consider the information share method proposed by Hasbrouck in order to examine the market efficiency in price discovery and information transmission. Results show that although the futures market is efficient in price discovery and information transmission, the cash market leads the long-run price discovery process. This suggests that the underlying cause of the dominance of the available market over the futures market can be attributed to the market’s relative concentration in wholesale ethanol distribution due to the formation of marketing pools by the ethanol mills, as well as the small number of distributors that control a significant portion of the market share

Avaliação Ex-post de Ato de Concentração na Indústria de Máquinas Agrícolas com o Uso de Séries Temporais1

This study analyses the structure of the market of agricultural tractors in Brazil and measures the impacts of concentration from the acquisition of Valtra by AGCO, the two larger companies in the local market, on the market power index (Lerner index). In order to do this, a demand function for agricultural tractors including intervention variables (dummies of intercept and slope) was conducted so that its parameters were used in the index. For this purpose, the methodology of Cointegration Analyses with a Vector Error Correction Model (VECM) was used. The results indicate that the concentration was not reflected in significant changes in price elasticities. On the other hand, the Lerner index, which is high in level, increased considerably after the merger due to the market share gains of AGCO