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The Changing Role of USDA Inventory Reports in Livestock Markets

Author

Listed:
  • Karali, Berna
  • Isengildina-Massa, Olga
  • Irwin, Scott H.

Abstract

Using traditional price volatility tests, we find that the market impact of USDA Cattle on Feed and Hogs and Pigs reports largely disappeared after 2000. In contrast, using market surprise tests, we find no evidence that the impact of Cattle on Feed information changed significantly after 2000. The evidence is mixed for Hogs and Pigs reports using market surprise tests, with market inventory information increasing in value and breeding inventory decreasing. The contrasting results can be explained by increasing market concentration in cattle and hogs leading to smaller market surprises and smaller futures price reactions.

Suggested Citation

  • Karali, Berna & Isengildina-Massa, Olga & Irwin, Scott H., 2019. "The Changing Role of USDA Inventory Reports in Livestock Markets," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 44(3), September.
    • Handle: RePEc:ags:jlaare:292333
    DOI: 10.22004/ag.econ.292333
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    Cited by:

    1. Koliadenko, Svitlana & Andreichenko, Andrii & Galperina, Liubov & Minenko, Sofiia & Kovylina, Maria, 2020. "Analysis and forecasting of Ukrainian agrarian exports to the EU countries," Agricultural and Resource Economics: International Scientific E-Journal, Agricultural and Resource Economics: International Scientific E-Journal, vol. 6(3), September.
    2. Isengildina-Massa, Olga & Cao, Xiang & Karali, Berna & Irwin, Scott H. & Adjemian, Michael & Johansson, Robert C., 2021. "When does USDA information have the most impact on crop and livestock markets?," Journal of Commodity Markets, Elsevier, vol. 22(C).
    3. Matthew Houser & Berna Karali, 2020. "How Scary Are Food Scares? Evidence from Animal Disease Outbreaks," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 42(2), pages 283-306, June.
    4. Berna Karali & Scott H. Irwin & Olga Isengildina‐Massa, 2020. "Supply Fundamentals and Grain Futures Price Movements," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(2), pages 548-568, March.

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