Gestão financeira e econômica da propriedade rural com multiproduto

Abstract

Farmers have always neglected management procedures in their enterprises in detriment to initiatives regarding production technology. Overall, producers and technicians know the answer to what, how and when to produce, but they don t know the cost or profitability of this technology. The present study shows the importance of the sustainability of agricultural enterprises with reduced governmental intervention and the risk involved in a double crop production system. Therefore, the aim is to propose a model to support the decision-making process, focused on production planning in a representative multi-product farm under conditions of risk. Using quantitative applied research, a theoretical model of agricultural planning was combined with operational research to explain and understand different allocations of resources within the decision-making process. For that purpose, two production regions of Mato Grosso state in Brazil were selected: Sorriso (SRS) and Campo Novo do Parecis (CNP). In SRS, a production system with 76.9% early soybean (SP) and 23.1% soybean (SN) for the first harvest and 76.9% corn (MS) for the second harvest generated a high gross margin and risk. On the other hand, a production system with 90% SN and 10% SP implied less risk. Diversifying the cultivated area with SP and SN in the first crop and MS in the second crop is interesting for farmers; however, land allocation decisions depend on how much risk the producer is willing to take. Since this farm planning strategy reduces SP and MS areas in the production system, gross margin and risk are also decreased. The following distribution of arable land produced the maximum gross margin value in CNP: 62.5% SP, 18.8% SN and 18.7% cotton (ALG) in the first harvest and 62.5% MS for the second harvest. The resulting maximum gross margin of the farm was R$754,260.77, which was R$122,525.78 under high risk conditions. As the area of cotton production is reduced, the representative exposure to risk is protected. In this case, a production system with multiple products does not exactly mean reduced risk for the farm, since the addition one particular product in the production portfolio generates a specific cost, called the sunk cost. Thus, a production system becomes feasible when the use of specific machinery and equipment is maximized, but in the end this procedure penalizes the performance of other products. The decision to allocate land for these products should remunerate the opportunity cost of soybean and corn. The efficient frontier curves correspond to the most efficient investment strategies for the two farms.. The frontier curve for SRS was the allocation of average land used in the last six seasons (2004/05 to 2009/10), showing that the production system adopted (32.5% SP and 67.5% SN for the first crop and 32.5% MS for the second crop) has productive efficiency to minimize risks for a certain income level. This decision corresponds to an aversion rate to risk of 1.05. In the case of CNP, the average combination of crop area used was very close to the efficient frontier curve, indicating that the farm planning production system with 28% SP, 54% SN, 18% ALG for the first harvest, and 28% MS for the second harvest also minimizes risk for a certain income level. On the other hand, the aversion rate to risk corresponds to 3.71.