Establishment of the commodity derivatives market in the function of agribusiness sector improvement in Serbia

Abstract

Pronounced fluctuations in prices of agricultural products have caused the need for creation of instruments that allow price risk management. During the 1970s there were created the commodity and financial derivatives that allow price risk management of agricultural products, foreign exchange rates, interest rates, etc. With regard to the prices of agricultural products fluctuation in Serbia, the assumption is that the establishment of commodity derivatives markets would allow farmers to ensure their products price prior to harvest. The commodity derivatives market has a positive effect on the increase of the total production volume and lower interest rate loans for agricultural sector. For the functioning of commodity derivatives, it is necessary to establish institutional preconditions. Serbia is in the process of setting up a regulatory framework for commodity-related exchange transactions, which gives particular importance to the analysis and studies related to the establishment of institutional preconditions for the functioning of organized commodity markets.

Izražena fluktacija cena poljoprivrednih proizvoda uslovila je potrebu za kreiranjem instrumenata koji omogućavaju upravljanje rizikom promene cena. Sedamdesetih godina dvadesetog veka kreirani su robni i finansijski derivati koji omogućavaju upravljanje rizikom promene cena poljoprivrednih proizvoda, deviznih kurseva, kamatnih stopa i sl. S obzirom na izraženu fluktaciju cena poljoprivrednih proizvoda u Srbiji, osnovana je pretpostavka da bi uspostavljanje tržišta robnih derivata omogućilo poljoprivrednim proizvođačima da cenu svog proizvoda osiguraju pre žetve/berbe. Tržište robnih derivata pozitivno utiče i na povećanja ukupnog obima proizvodnje i snižavanje kamatnih stopa kredita plasiranih u poljoprivredni sektor. Za funkcionisanje robnih derivata neophodno je uspostavljanje institucionalnih preduslova. Srbija se nalazi u fazi postavljanja regulatornog okvira vezanog za robno-berzansko poslovanje, čime analize i studije vezane za uspostavljanje institucionalnih pretpostavki za funkcionisanje organizovanog robnog tržišta dobijaju na značaju.