NCCC-134
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The Impact of Foot-and-Mouth Disease (FMD) on Hog, Pork, and Beef Prices: The Experience in Korea
Jae Sun Roh, Sang Soo Lim, and Brian D. Adam
Year: 2006
 

Abstract

Korea experienced two outbreaks of foot-and-mouth disease (FMD), one in the year 2000 and one in 2002. After the first outbreak, prices for hogs, pork, and beef dropped 15-20% before the government began an intervention program. The effects of these two o

 
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Soybean Acreage Response in Brazil
Mauricio Moraes
Year: 2006
 

Abstract

This paper advances Williams and Thompson (1984) by updating their work and by explicitly accounting for price and yield risk in the analysis of acreage response in Brazil for soybeans and by assessing model specification. Empirical equations were estimat

 
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U. S. and Canadian Livestock Prices: Market Integration and Trade Dependence
Dragan Miljkovic
Year: 2006
 

Abstract

Cointegration of Canadian and U.S. livestock prices points to the existence of market integration in the period 1996:1 to 2004:12 even though the trade flows of livestock and beef products were non-existent for many months in 2003 and 2004 (suggesting mar

 
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An Assessment of the Livestock Mandatory Reporting Act
Clement E. Ward
Year: 2006
 

Abstract

Federal government funding for public price reporting began in 1914. Since then, most public market reporting for livestock and meat has relied on voluntary participation by market participants. Populist support in 1999 led to passage of the Livestock Man

 
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Multiple Horizons and Information in USDA Production Forecasts
Dwight R. Sanders and Mark R. Manfredo
Year: 2006
 

Abstract

USDA livestock production forecasts are evaluated for information across multiple horizons using the direct test developed by Vuchelen and Gutierrez. Forecasts are explicitly tested for rationality (unbiased and efficient) as well as for incremental infor

 
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Is Storage at a Loss Merely an Illusion of Aggregation?
Jason R.V. Franken, Philip Garcia, and Scott H. Irwin
Year: 2006
 

Abstract

The storage at a loss paradox of positive inventories despite inadequate spot-futures price spread coverage of storage costs is an unresolved issue of long-standing interest to economists. Alternative explanations include risk premiums for futures market

 
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The Effects of Hurricane Katrina on Corn, Wheat and Soybean Futures Prices and Basis
Angel Lara-Chavez and Corinne Alexander
Year: 2006
 

Abstract

Hurricane Katrina caused considerable damage to transportation infrastructure, grain export facilities, and to some crop areas in 2005. Assuming that financial market participants considered the disruption of the grain transportation system by Katrina as

 
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A Term Structure Model for Commodity Prices: Does Storability Matter?
Chuanyi Lin and Matthew C. Roberts
Year: 2006
 

Abstract

Econometric models of commodity prices have been estimated for more than 80 years, but both structural and time series models require ad hoc assumptions to capture all the features of commodity price series. Commodities can be broadly divided into two cat

 
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Empirical Confidence Intervals for WASDE Forecasts of Corn, Soybean and Wheat Prices
Olga Isengildina, Scott H. Irwin, and Darrel L. Good
Year: 2006
 

Abstract

This study suggests that confidence intervals for WASDE forecasts of corn, soybean, and wheat prices may be improved if they are estimated using an empirical approach. Empirical confidence intervals are calculated following Williams and Goodman’s (1971) m

 
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Is the Local Basis Really Local?
Mark R. Manfredo and Dwight R. Sanders
Year: 2006
 

Abstract

Conventional wisdom suggests the local cash – futures basis is determined from local supply and demand conditions. However, it may be the case that local elevators look to other locations, such as terminal locations, and adjust for transportation differen

 
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Value of Single Source and Backgrounded Cattle as Measured by Health and Feedlot Profitability
Babatunde Abidoye and John D. Lawrence
Year: 2006
 

Abstract

Commingling cattle in the feedlot increases the odds of cattle getting sick. However, backgrounded cattle are less susceptible to diseases which allow the generalizing statements like “backgrounding is just like single source”. Using data from over 15,000

 
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Price and Profit: Investigating a Conundrum
Carl R. Zulauf, Gary Schnitkey, and Carl T. Norden
Year: 2006
 

Abstract

Although few in number, studies consistently find that price explains little, if any, of the variation in profit across farms. This contrasts with farmers’ opinions regarding the importance of price, as well as the use of price supports as a primary polic

 
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The Value of Information Provision at Iowa Feeder Cattle Auctions
Harun Bulut and John D. Lawrence
Year: 2006
 

Abstract

Controlling a variety of feeder cattle characteristics, and market and sale conditions, we estimate that certified vaccinations claims along with at least 30 days weaning claims bring in a premium of $6.13/cwt, which is nearly two times of that for simila

 
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Farmers’ Subjective Perceptions of Yield and Yield Risk
Thorsten M. Egelkraut, Bruce J. Sherrick, Philip Garcia, and Joost M. E. Pennings
Year: 2006
 

Abstract

Using survey responses of Illinois corn farmers to differently framed yield questions, we examine their subjective information by relating stated yields and risk to the corresponding objective county measures. The results show that farm-level yields can b

 
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A Comparative Evaluation of Cash Flow and Batch Profit Hedging Effectiveness in Commodity Processing
Roger A. Dahlgran
Year: 2006
 

Abstract

Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profit

 
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Probability Distortion and Loss Aversion in Futures Hedging
Fabio Mattos, Philip Garcia, and Joost M.E. Pennings
Year: 2006
 

Abstract

We analyze how the introduction of probability distortion and loss aversion in the standard hedging problem changes the optimal hedge ratio. Based on simulated cash and futures prices for soybeans, our results indicate that the optimal hedge changes consi

 
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