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Price Relationships between Calves and Yearlings: An Updated Structural Change Assessment

Author

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  • Tonsor, Glynn T.
  • Mollohan, Emily

Abstract

This article updates and extends the understanding of U.S. feeder cattle price determi-nants. Structural change in the summer of 2008 was identified, with both calf and year-ling markets adjusting to become substantially more sensitive to changes in corn and expected live cattle prices. The impact of live cattle price expectations on feeder cattle prices is three or more times larger than the same proportional impact of corn price, and this relative impact has increased since 2008. Price spreads between calves and yearlings are also found to be more sensitive to input and output price changes than individual cat-tle price series. Combined, this enhances the understanding of increased price volatility in U.S. feeder cattle markets.

Suggested Citation

  • Tonsor, Glynn T. & Mollohan, Emily, 2017. "Price Relationships between Calves and Yearlings: An Updated Structural Change Assessment," Journal of Applied Farm Economics, Purdue University, vol. 1(1).
    • Handle: RePEc:ags:pujafe:302990
    DOI: 10.22004/ag.econ.302990
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    Cited by:

    1. Pudenz, Christopher C. & Schulz, Lee L., 2021. "Packer Procurement, Structural Change, and Moving Average Basis Forecasts: Lessons from the Fed Dairy Cattle Industry," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 46(3), September.
    2. McKendree, Melissa G. S. & Saitone, Tina L. & Schaefer, K Aleks, 2020. "Cattle Cycle Dynamics in a Modern Agricultural Market: Competition in Holstein Cattle Procurement," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304380, Agricultural and Applied Economics Association.
    3. Pudenz, Christopher C. & Schulz, Lee L, 2020. "Quantifying the U.S. Market Response to the African Swine Fever Outbreak in China," ISU General Staff Papers 202001010800001055, Iowa State University, Department of Economics.

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