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U.S. Feeder Cattle Prices: Effects Of Finance And Risk, Cow-Calf And Feedlot Technologies, And Mexican Feeder Imports

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  • Marsh, John M.
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    Abstract

    Analysis of U.S. feeder steer prices normally includes fed cattle prices and feed grain costs. An expanded econometric model which investigates finance cost, profit risk, hay cost, technology, and Mexican feeder cattle import shares is estimated. Results indicate statistical significance of nearly all variables. The increase in feeder import shares contributed to $0.60/cwt of the $24.48/cwt decline in real feeder price from 1980-1999. Improved technology in producing feeder calves had reduced feeder prices more substantially, by $4. 86/cwt from 1980-1999. Increased feedlot technology through cost savings has increased feeder price. Feedlot risk management and macro-economic policies affecting the U.S. prime interest rate could continue to affect feeder prices.

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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

    Volume (Year): 26 (2001)
    Issue (Month): 02 (December)
    Pages:

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    Handle: RePEc:ags:jlaare:31054

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    Keywords: Demand and Price Analysis;

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    1. DeJong, David N, et al, 1992. "Integration versus Trend Stationarity in Time Series," Econometrica, Econometric Society, vol. 60(2), pages 423-33, March.
    2. Randal R. Rucker & Oscar R. Burt & Jeffrey T. LaFrance, 1984. "An Econometric Model of Cattle Inventories," Development Research Unit Working Paper Series archive-25, Monash University, Department of Economics.
    3. Rosen, S. & Murphy, K.M. & Scheinkman, J.A., 1993. "Cattle Cycles," University of Chicago - Economics Research Center 93-2, Chicago - Economics Research Center.
    4. John D. Schmitz, 1997. "Dynamics of Beef Cow Herd Size: An Inventory Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 532-542.
    5. Moschini, GianCarlo & Meilke, Karl D., 1989. "Modeling the Pattern of Structural Change in U.S. Meat Demand," Staff General Research Papers 11266, Iowa State University, Department of Economics.
    6. Brester, Gary W. & Musick, Douglas C., 1995. "The Effect Of Market Concentration On Lamb Marketing Margins," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), July.
    7. Foster, Kenneth A & Burt, Oscar R, 1992. "A Dynamic Model of Investment in the U.S. Beef-Cattle Industry," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(4), pages 419-26, October.
    8. Koontz, Stephen R. & Garcia, Philip, 1997. "Meat-Packer Conduct In Fed Cattle Pricing: Multiple-Market Oligopsony Power," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 22(01), July.
    9. John M. Marsh, 1999. "The Effects of Breeding Stock Productivity on the U.S. Beef Cattle Cycle," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(2), pages 335-346.
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