| Derivative financial instruments |
| 7. | Derivative financial instruments |
| | |
2025 | |
| | |
Consolidated | |
| | |
Book
Value | | |
Volume
/ Position | | |
| |
| Derivative
instruments | |
Long | | |
Short | | |
Net | | |
Long | | |
Short | | |
Net | | |
Unit | |
| Options | |
| 652 | | |
| (720 | ) | |
| (68 | ) | |
| 3,800 | | |
| (7,600 | ) | |
| (3,800 | ) | |
| US$ | |
| NDF | |
| 17,692 | | |
| (1,565 | ) | |
| 16,127 | | |
| — | | |
| (74,615 | ) | |
| (74,615 | ) | |
| US$ | |
| Soybean - Futures | |
| 1,224 | | |
| (1,906 | ) | |
| (682 | ) | |
| 1,463,970 | | |
| (2,829,650 | ) | |
| (1,365,680 | ) | |
| bags | |
| Soybean - Structured products | |
| — | | |
| (810 | ) | |
| (810 | ) | |
| — | | |
| (560,161 | ) | |
| (560,161 | ) | |
| bags | |
| Basis - Futures | |
| — | | |
| (876 | ) | |
| (876 | ) | |
| — | | |
| (233,589 | ) | |
| (233,589 | ) | |
| bags | |
| Corn - Put Options | |
| 3,623 | | |
| — | | |
| 3,623 | | |
| 216,354 | | |
| — | | |
| 216,354 | | |
| bags | |
| Corn - Futures | |
| 3,978 | | |
| — | | |
| 3,978 | | |
| — | | |
| (607,050 | ) | |
| (607,050 | ) | |
| bags | |
| Corn - Structured products | |
| 591 | | |
| — | | |
| 591 | | |
| — | | |
| (88,446 | ) | |
| (88,446 | ) | |
| bags | |
| Cotton - Structured products | |
| 1,050 | | |
| — | | |
| 1,050 | | |
| — | | |
| (10,330,050 | ) | |
| (10,330,050 | ) | |
| lbs. | |
| Cotton - Call Options | |
| — | | |
| (11 | ) | |
| (11 | ) | |
| — | | |
| (6,350,000 | ) | |
| (6,350,000 | ) | |
| lbs. | |
| Cotton - Futures | |
| 2,293 | | |
| (141 | ) | |
| 2,152 | | |
| — | | |
| (10,922,350 | ) | |
| (10,922,350 | ) | |
| lbs. | |
| Fattened cattle - Futures | |
| 23 | | |
| — | | |
| 23 | | |
| — | | |
| (1,650 | ) | |
| (1,650 | ) | |
| @ | |
| Ethanol - Futures | |
| 4 | | |
| (7,181 | ) | |
| (7,177 | ) | |
| — | | |
| (58,800 | ) | |
| (58,800 | ) | |
| M^3 | |
| TRS - Future | |
| 526 | | |
| (512 | ) | |
| 14 | | |
| — | | |
| (30,336,000 | ) | |
| (30,336,000 | ) | |
| kg | |
| Swap | |
| 8,496 | | |
| (19,402 | ) | |
| (10,906 | ) | |
| 531,741,790 | | |
| (531,741,790 | ) | |
| — | | |
| R$ | |
| Margin deposited | |
| 430 | | |
| — | | |
| 430 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Risks - Derivatives | |
| 40,582 | | |
| (33,124 | ) | |
| 7,458 | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total - Current | |
| 29,609 | | |
| (15,492 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total - non-current | |
| 10,973 | | |
| (17,632 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Results on June 30, 2025
(Note 26) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Realized | |
| 69,737 | | |
| (112,456 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Unrealized | |
| 110,798 | | |
| (47,080 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
2024 |
| | |
Book Value | |
Volume / Position | | |
| |
| Derivative instruments | |
Assets | |
Liabilities | | |
Net | | |
Assets | | |
Liabilities | | |
Net | | |
Unit | |
| Options | |
1,192 | |
| (17,654 | ) | |
| (16,462 | ) | |
| 23,800 | | |
| (44,100 | ) | |
| (20,300 | ) | |
| US$ | |
| NDF | |
1,100 | |
| (21,478 | ) | |
| (20,378 | ) | |
| 17,000 | | |
| (66,160 | ) | |
| (49,160 | ) | |
| US$ | |
| Dóllar - Acumulator | |
1,433 | |
| (27,737 | ) | |
| (26,304 | ) | |
| 2,000 | | |
| (40,000 | ) | |
| (38,000 | ) | |
| U$$ | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Swap | |
6,020 | |
| (9,543 | ) | |
| (3,523 | ) | |
| 300,000,000 | | |
| (300,000,000 | ) | |
| — | | |
| R$ | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Soybean – Options Put | |
10,561 | |
| — | | |
| 10,561 | | |
| 891,268 | | |
| — | | |
| 891,268 | | |
| scs. | |
| Soybean - Options Call | |
— | |
| (2,794 | ) | |
| (2,794 | ) | |
| — | | |
| (1,782,536 | ) | |
| (1,782,536 | ) | |
| scs. | |
| Soybean - Future | |
526 | |
| — | | |
| 526 | | |
| 167,821 | | |
| (2,118,178 | ) | |
| (1,950,357 | ) | |
| scs. | |
| Soybean - Accumulator | |
2,295 | |
| — | | |
| 2,295 | | |
| — | | |
| (458,107 | ) | |
| (458,107 | ) | |
| scs. | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Corn - Options Call | |
— | |
| (93 | ) | |
| (93 | ) | |
| — | | |
| (145,937 | ) | |
| (145,937 | ) | |
| scs. | |
| Corn - Options Put | |
866 | |
| — | | |
| 866 | | |
| 145,937 | | |
| — | | |
| 145,937 | | |
| scs. | |
| Corn - Future | |
996 | |
| (221 | ) | |
| 775 | | |
| 583,650 | | |
| (733,050 | ) | |
| (149,400 | ) | |
| scs. | |
| Corn - Acumulator | |
651 | |
| — | | |
| 651 | | |
| — | | |
| (181,429 | ) | |
| (181,429 | ) | |
| scs. | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cotton - Accumulator | |
3,244 | |
| — | | |
| 3,244 | | |
| — | | |
| (8,813,700 | ) | |
| (8,813,700 | ) | |
| lbs. | |
| Cotton – Options Call | |
— | |
| (980 | ) | |
| (980 | ) | |
| — | | |
| (7,450,000 | ) | |
| (7,450,000 | ) | |
| lbs. | |
| Cotton – Options Put | |
590 | |
| (254 | ) | |
| 336 | | |
| 1,100,000 | | |
| (1,100,000 | ) | |
| — | | |
| lbs. | |
| Cotton - Future | |
903 | |
| (1,204 | ) | |
| (301 | ) | |
| 1,000,000 | | |
| (8,350,000 | ) | |
| (7,350,000 | ) | |
| lbs. | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Beef cattle - Future | |
— | |
| — | | |
| — | | |
| — | | |
| (6,600 | ) | |
| (6,600 | ) | |
| @ | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Ethanol - Options Call | |
— | |
| (3,008 | ) | |
| (3,008 | ) | |
| — | | |
| (9,000 | ) | |
| (9,000 | ) | |
| m^3 | |
| Ethanol - Future | |
— | |
| (1,911 | ) | |
| (1,911 | ) | |
| — | | |
| (16,920 | ) | |
| (16,920 | ) | |
| m^3 | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| ATR - Future | |
— | |
| (191 | ) | |
| (191 | ) | |
| — | | |
| (1,500,000 | ) | |
| (1,500,000 | ) | |
| kg | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposited margin | |
8,098 | |
| — | | |
| 8,098 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Derivative Risks | |
38,475 | |
| (87,068 | ) | |
| (48,593 | ) | |
| | | |
| | | |
| | | |
| | |
| Total Current | |
31,718 | |
| (69,190 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Noncurrent | |
6,757 | |
| (17,878 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Result in June 30, 2024 (Note 26) | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Realized | |
99,909 | |
| (41,950 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Nonrealized | |
48,288 | |
| (130,888 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
Derivatives
by maturity:
| Maturity | |
| 6/30/2025 | | |
| 6/30/2024 | |
| 2024 | |
| — | | |
| 9,002 | |
| 2025 | |
| 8,836 | | |
| 35,541 | |
| 2026 | |
| 7,485 | | |
| 528 | |
| 2027 | |
| (1,559 | ) | |
| — | |
| 2028 | |
| 8,450 | | |
| (6,020 | ) |
| 2030 | |
| (15,754 | ) | |
| 9,542 | |
| | |
| 7,458 | | |
| 48,593 | |
The Company uses derivative financial
instruments such as forward currency contracts and forward commodities contracts to hedge against currency risk and commodities prices,
respectively.
The margin deposits in operations with
derivatives refer to the so-called margins by counterparties in operations with derivative instruments.
The total fair value of a derivative
is classified as non-current assets or liabilities if the remaining maturity of the derivative is over 12 months, and as current assets
or liabilities if the remaining maturity of the derivative is less than 12 months.
|