  We study the situation of an agent who can trade on a financial market and
can also transform some assets into others by means of a production system, in
order to price and hedge derivatives on produced goods. This framework is
motivated by the case of an electricity producer who wants to hedge a position
on the electricity spot price and can trade commodities which are inputs for
his system. This extends the essential results of Bouchard & Nguyen Huu (2011)
to continuous time markets. We introduce the generic concept of conditional
sure profit along the idea of the no sure profit condition of R\`asonyi (2009).
The condition allows one to provide a closedness property for the set of
super-hedgeable claims in a very general financial setting. Using standard
separation arguments, we then deduce a dual characterization of the latter and
provide an application to power futures pricing.
