Cost management has received limited attention in the aquaculture industry due to historically high profit margins. This trend, however, is not likely to continue. This creates a need for knowledge on optimally managing financial risks. In this study, we address the joint input-output price hedging problem of salmon farmers. Along with salmon, we consider three essential commodities used in fish feed mixtures. We use state-of-the-art copula models to examine multi-commodity hedging strategies. Our results show significant potential in reducing the joint price risk. Our key finding is that multi-commodity hedging improves hedging effectiveness for short horizons and risk-return trade-off for longer horizons. Salmon farmers face a trade-off where longer hedging horizons yield increased effectiveness and lower costs, yet require increased pre-planning of slaughtering volumes.

由于历史上的高利润率，成本管理在水产养殖业受到的关注有限。然而，这种趋势不太可能持续下去。这产生了对最佳管理金融风险的知识的需求。在这项研究中，我们解决了鲑鱼养殖者的联合投入产出价格对冲问题。除了鲑鱼，我们还考虑了鱼饲料混合物中使用的三种基本商品。我们使用最先进的 copula 模型来检查多商品对冲策略。我们的结果显示出降低联合价格风险的巨大潜力。我们的主要发现是，多商品套期保值提高了短期的套期保值效率和长期的风险回报权衡。三文鱼养殖者面临着一种权衡，即更长的套期保值期会提高效率并降低成本，