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Lead-Lag Relationships Between Pork Prices at the Retail, Wholesale, and Farm Levels

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  • Miller, Steven E.

Abstract

Knowledge of the lead-lag relationships among the retail, wholesale, and farm level prices of a livestock commodity is of obvious importance both in econometric model building and in evaluation of packers' and retailers' margins for that commodity. Though the lead-lag relationships for beef prices have been investigated in several previous studies (Barksdale et al.; Franzmann and Walker; King; Miller; National Commission on Food Marketing), the only known previous study of the lead-lag relationships for pork is that made by the National Commission on Food Marketing (hereafter abbreviated NCFM). As that study used data for 1962-1965, changes in the pork marketing system in subsequent years may have in turn occassioned changes in the lead-lag relationships. The changes in the pork marketing system include changes in market structure at the farm, packer, and retail levels, increased use of formula pricing, and the demise of terminal markets, among others. Also, as discussed hereafter, the statistical method used in the NCFM analysis of lead-lag relationships involved certain problems which may invalidate the conclusions drawn in that study.

Suggested Citation

  • Miller, Steven E., 1980. "Lead-Lag Relationships Between Pork Prices at the Retail, Wholesale, and Farm Levels," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 12(1), pages 73-76, July.
    • Handle: RePEc:cup:jagaec:v:12:y:1980:i:01:p:73-76_01
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    Cited by:

    1. Beaton, Norman J. & Pearson, Charles L., 1982. "Lead-Lag Structure Of Slaughter Hog Prices Between United States Midwest And Four Major Canadian Markets Utilizing Univariate Residual Cross-Correlation Technique," 1982 Annual Meeting, August 1-4, Logan, Utah 279206, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Adams, Charles M. & Prochaska, Fred J. & Spreen, Thomas H., 1987. "Price Determination in the U.S. Shrimp Market," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 19(2), pages 103-111, December.
    3. Riechers, Robin & Hinson, Roger A., 1988. "Price Relationships Between Regionally Important Fresh Vegetable Markets," Journal of Food Distribution Research, Food Distribution Research Society, vol. 19(2), pages 1-9, September.
    4. Ted C. Schroeder, 1988. "Price linkages between wholesale and retail pork cuts," Agribusiness, John Wiley & Sons, Ltd., vol. 4(4), pages 359-369.
    5. Grundmeier, Eric (Eric L.), 1989. "Formulation of a carcass cutout value: an alternative wholesale beef pricing method," ISU General Staff Papers 1989010108000017580, Iowa State University, Department of Economics.
    6. Unknown, 1990. "Structural Change in Livestock: Causes, Implications, Alternatives," Research Institute on Livestock Pricing 232728, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.

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