The researh aims at explaining stock performance of processing companies in function of commodity performance on commodity markets. The results show that stock prices of food companies do not significantly depend on agricultural market prices. So, risks of agricultural market price volatility cannot be hedged using food firm stocks, whose markets are more liquid. Objective The objective is to explain stock performance of processing companies in function of commodity performance on commodity markets. If results are robust, onet could be able to hedge commodity price fluctuations in using stocks whose markets are a lot more liquid. The paper is organized as flows. First, it roots the the research in theoretical foundations. Second, the methodology is presented. Third, results are shown and analyzed. Fourth, conclusion is drawn.