From an historic point of view, French co-operatives have paid grains to their members (farmers) according to the average price of the campaign from harvest to harvest. The method has been the most frequent even though the market price of the day, a fixed price and other pricing formulas have expanded. The research shows how co-ops may take advantage of the increasing volatility of grains market prices with hedging strategies that are compatible with the average price method.
DECLERCK, F. and MAUGET, R. (2008). Prix moyen de campagne en coopérative et couverture de risques de prix sur marchés à terme. In: Les entreprises coopératives agricoles, mutations et perspectives. SFER, pp. 1-14.