HEDGING STRATEGIES INVOLVING AGRICULTURAL COMMODITIES: A SYSTEMATIC REVIEW OF LITERATURE
DOI:
https://doi.org/10.66104/444v3066Palabras clave:
Agricultural commodities, futures markets, systematic reviewResumen
Purpose – To synthesize recent evidence on hedge effectiveness in agricultural commodity futures and clarify how futures-based strategies and models are used to manage price and basis risk. Design/methodology/approach – Systematic literature review using PRISMA in Web of Science and Scopus (2015–2024); 66 articles classified in a six-dimension framework (context, data source, commodity, hedge type, and modeling approach). Findings: futures contracts, especially for grains, predominate; GARCH-type models are most commonly used for volatility and hedge ratios; VAR/VEC models capture spot–futures dynamics; whereas machine learning, frontier/emerging markets, logistics, fuel costs, cross-hedging, and alternative assets are rarely examined. Research limitations/implications – Restricted to two databases and to articles in English and Portuguese; supports a focused agenda on neglected markets, risks, and methods. Originality/value – Provides a transparent, code-based map of recent studies on agricultural hedge effectiveness, highlighting overlooked markets, risk drivers, and methodological gaps.
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