This paper examines the issue of optimal hedging demands for futures from a CARA investor who cannot freely trade his portfolio of primitive assets. The non-negativity constraint on wealth is binding and the optimal hedging demands are different from those encountered in the literature.
PONCET, P. (1996). Optimal Hedging in a Dynamic Futures Market with a Non Negativity Constraint on Wealth. Journal of Economic Dynamics and Control, pp. 1101-1113.