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Registros recuperados: 21
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Production Contracts and the Spot Market Price of Hogs AgEcon
Key, Nigel D..
The increasing use of production contracts in the hog sector has reduced the number of spot market transactions, raised concerns about price manipulation and helped to spur legislation requiring price reporting by packers. Using data from the 2002 and 2007 Censuses of Agriculture, this study looks for evidence of market manipulation by examining whether the local prevalence of contracting affects the average price received by independent producers. The empirical approach uses a fixed-effects model to examine whether the change in the prevalence of contracting is correlated with the change in the spot market price received by individual farmers. This approach controls for unobservable time-invariant individual and county characteristics, such as product...
Tipo: Conference Paper or Presentation Palavras-chave: Production contracts; Alternative marketing arrangements; Market power; Spot market price; Hogs; Agribusiness; Agricultural and Food Policy; Farm Management; Industrial Organization; Livestock Production/Industries; Marketing; Production Economics.
Ano: 2010 URL: http://purl.umn.edu/61020
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Do Transaction Costs and Risk Preferences Influence Marketing Arrangements in the Illinois Hog Industry? AgEcon
Franken, Jason R.V.; Pennings, Joost M.E.; Garcia, Philip.
Studies of hog industry structure often invoke risk reduction and transaction costs explanations for empirical observations but fail to directly examine the core concepts of risk behavior and transaction costs theories. Using a more unified conceptual framework and unique survey and accounting data, this study demonstrates that that risk preferences and asset specificity impact Illinois producers’ use of contracts and spot markets as suggested by theory. Factor analytic methods limit measurement error for indirectly observable risk and transaction costs variables employed in logit regressions. In particular, related investments in specific hog genetics and specific human capital regarding the production process increase the probability of selecting...
Tipo: Conference Paper or Presentation Palavras-chave: Risk behavior; Transaction costs economics; Risk attitude and risk perception; Asset specificity; Contracts; Hogs; Agricultural Finance.
Ano: 2008 URL: http://purl.umn.edu/37599
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Sub-therapeutic Antibiotics and Impacts on U.S. Hog Farms AgEcon
McBride, William D.; Key, Nigel D.; Mathews, Kenneth H., Jr..
Antimicrobial drugs are fed to hogs at sub-therapeutic levels to prevent disease and promote growth. However, there is concern that the presence of antimicrobial drugs in hog feed is a factor promoting the development of antimicrobial drug-resistant bacteria. This study describes the extent to which antibiotics are used in hog production and how this changed between 2004 and 2009. This study also uses a sample-selection model to examine the impact that use has on the productivity of U.S. hog operations. Using hog producer data from 2004, the analysis did not find a relationship between productivity and sub-therapeutic antibiotics fed during finishing, but productivity was significantly improved when fed to nursery pigs. These results are being evaluated...
Tipo: Conference Paper or Presentation Palavras-chave: Antibiotics; Hogs; Sample selection; Farm Management; Production Economics.
Ano: 2011 URL: http://purl.umn.edu/103232
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CANADIAN EXPORTS OF LIVESTOCK AND MEAT TO THE UNITED STATES AgEcon
Mattson, Jeremy W.; Wachenheim, Cheryl J.; Koo, Won W.; Petry, Timothy A..
Canadian exports of beef and live cattle to the United States have increased significantly since the late 1980s. Hog exports have increased since the mid-1990s. Major factors affecting exports of beef, pork, cattle, and hogs from Canada to the United States include the exchange rate, increased Canadian production, U.S.-Canada price differentials, and trade liberalization under the Canada - United States Free Trade Agreement (CUSTA) of 1989. Increased Canadian exports have resulted in small but significant reductions in U.S. domestic prices of beef, pork, and hogs.
Tipo: Working or Discussion Paper Palavras-chave: Beef; Bilateral trade; Canada - United States Free Trade Agreement; Cattle; Free trade agreement; Pork; Hogs; Prices; Livestock Production/Industries.
Ano: 2001 URL: http://purl.umn.edu/23610
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Preferential Cattle and Hog Pricing by Packers: Evidence from Mandatory Price Reports AgEcon
Ward, Clement E..
Preferential pricing was one of several concerns leading to mandatory price reporting. Seven years of “new” data from mandatory reports are examined to determine if evidence exists of preferential pricing by packers for fed cattle and slaughter hogs. Weekly data show some alternative marketing methods track closer to cash market prices than others. Some differences can be explained, while others are not as clear. Evidence was found that cash prices lead prices for alternative marketing methods on rising markets but trail them on declining markets.
Tipo: Conference Paper or Presentation Palavras-chave: Alternative marketing arrangements; Cattle; Hogs; Marketing; Meatpacking procurement; Price discovery; Pricing; Livestock Production/Industries; Marketing.
Ano: 2008 URL: http://purl.umn.edu/37989
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ANALYSIS OF CHANGING METHODS OF VERTICAL COORDINATION IN THE PORK INDUSTRY AgEcon
Martinez, Stephen W.; Smith, Kevin E.; Zering, Kelly D..
This study examines the motivation behind contracts and vertical integration in the pork industry, and simulates the effects of potential improvements in coordination. Incentives related to lowering costs of measuring and sorting hogs, and protecting against opportunistic behavior associated with specific assets, can result in hog quality improvements. A framework for simulating the effects of increased coordination through contracts and vertical integration was developed and used to evaluate potential improvements in leanness. Although simulations suggest only modest changes in pork prices and supplies, gains in consumers' surplus could be substantial for larger demand shifts due to quality improvements.
Tipo: Journal Article Palavras-chave: Contracts; Hogs; Lean pork; Simulation model; Vertical coordination; Vertical integration; Industrial Organization; Livestock Production/Industries.
Ano: 1998 URL: http://purl.umn.edu/15561
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Price Effects from an Anticipated Meatpacking Plant Opening and Unexpected Plant Closing AgEcon
Ward, Clement E.; Hornung, Jonathan T..
Livestock producers primarily, but policy makers also, have an interest in market effects from meatpacking plant closings and openings. This article presents results from a study to determine price impacts from an anticipated hog slaughtering plant opening and an unexpected fed cattle slaughtering plant closing. The estimated price effects for each plant event were modeled with price difference and partial adjustment models. The plant opening resulted in higher absolute and relative hog prices in the Provincial market where the plant was located. However, adverse price impacts from the fed cattle plant closing were less evident.
Tipo: Journal Article Palavras-chave: Buyer competition; Fed cattle; Hogs; Livestock prices; Market dynamics; Meatpacking; Demand and Price Analysis.
Ano: 2005 URL: http://purl.umn.edu/30983
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Outlook vs. Futures: Three Decades of Evidence in Hog and Cattle Markets AgEcon
Colino, Evelyn V.; Irwin, Scott H..
The purpose of this paper is to provide a comprehensive evaluation of the accuracy of outlook forecasts relative to futures prices in hog and cattle markets. Published forecasts from four prominent livestock outlook programs are available for analysis. Most of the series begin in the mid- to late-1970s and end in 2006. Root mean squared error (RMSE) comparisons indicate, with one exception, no meaningful differences in forecast accuracy between outlook forecasts and futures prices. The null hypothesis that futures prices encompass outlook forecasts is rejected in 9 of 11 cases for hogs and 7 of 8 cases for cattle, clearly indicating that outlook forecasts provide incremental information not contained in futures prices. The magnitude of decline in RMSE from...
Tipo: Conference Paper or Presentation Palavras-chave: Cattle; Encompassing; Forecast; Futures price; Hogs; Outlook; RMSE.
Ano: 2007 URL: http://purl.umn.edu/37577
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Relationships among Prices across Alternative Marketing Arrangements for Fed Cattle and Hogs AgEcon
Lee, Yoonsuk; Ward, Clement E.; Brorsen, B. Wade.
Reduced reliance on cash market prices for fed cattle and hogs raise questions about the role of cash prices in price discovery. We use seven years of weekly data from mandatory price reports to determine whether or not cash market prices are cointegrated with other procurement prices and then test for causality among the price series. Cash prices were cointegrated with all but one procurement price series. Cash market prices Granger cause all other procurement prices. Bidirectional causality was found in some but not all cases. Thus, cash market prices remain of central importance in price discovery for fed cattle and hogs.
Tipo: Conference Paper or Presentation Palavras-chave: Cattle; Cointegration; Causality; Hogs; Johansen; Marketing; Prices; Stock-Watson; Vector error correction; Livestock Production/Industries; Marketing; Q13(of Q18).
Ano: 2010 URL: http://purl.umn.edu/56282
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Production Contracts and Farm Business Growth and Survival AgEcon
Key, Nigel D..
In recent decades there has been a substantial increase in the scale of production and the use of production contracts in the hog sector. This paper explores empirically whether these two phenomena are related by examining whether the use of production contracts has allowed finish hog operations to expand in scale. The study takes advantage of recently collected information from the Census of Agriculture that permits a comparisons of individual independent and contract hog producers over time. The study first examines whether operations that used a contract grew at a faster rate or had lower exit rates over the subsequent five-year period than did operations that produced independently, controlling for observable factors. The study then examines how the...
Tipo: Conference Paper or Presentation Palavras-chave: Production contracts; Farm structure; Farm business exit rate; Instrumental variables; Hogs; Agribusiness; Agricultural and Food Policy; Community/Rural/Urban Development; Farm Management; Industrial Organization; Livestock Production/Industries; Marketing; Production Economics.
Ano: 2010 URL: http://purl.umn.edu/61022
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Local Effects of Hog Production on Farm and Non-Farm Economic Outcomes AgEcon
Sneeringer, Stacy E.; Hertz, Thomas.
In the past 20 years the average scale of hog operations has expanded more than fourfold, and some of the new large-scale hog feeding operations have been opposed by residents in some communities. While the environmental effects of such production have been relatively well studied, less examined are its potential positive effects on local labor markets and economies. Existing estimates based on production-function and input-output analysis imply that each additional 1000 hogs in inventory in a county generates between 3 and 7 local jobs. In this paper we adopt an econometric approach instead, to estimate the effects of changes in hog production on changes in both farm and non-farm outcomes. We find that total county employment increases by less than...
Tipo: Conference Paper or Presentation Palavras-chave: Employment; Income; Hogs; Labor and Human Capital; Livestock Production/Industries; Q5.
Ano: 2010 URL: http://purl.umn.edu/61463
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The Changing Economics of U.S. Hog Production AgEcon
Key, Nigel D.; McBride, William D..
The increasing size and specialization of hog operations reflect structural change in U.S. swine production during the past 15 years. The number of farms with hogs has declined by over 70 percent, as hog enterprises have grown larger. Large operations that specialize in a single phase of production have replaced farrow-to-finish operations that performed all phases of production. The use of production contracts has increased. Operations producing under contract are larger than independent operations and are more likely to specialize in a single phase of production. These structural changes have coincided with substantial gains in efficiency for hog farms and lower production costs. Most of these productivity gains are attributable to increases in the scale...
Tipo: Report Palavras-chave: Hogs; Farm productivity; Production contracts; Pork prices; Scale of production; Farm structure; Total factor productivity; Farm Management; Institutional and Behavioral Economics; Livestock Production/Industries; Productivity Analysis.
Ano: 2007 URL: http://purl.umn.edu/6389
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The Simple Economics of Hog Marketing Reforms in Quebec AgEcon
Gervais, Jean-Philippe; Lambert, Remy.
Tipo: Working or Discussion Paper Palavras-chave: Hogs; Marketing; Vertical coordination; Auctions; Industrial Organization; Livestock Production/Industries; Marketing.
Ano: 2010 URL: http://purl.umn.edu/102014
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Do Transaction Costs and Risk Preferences Influence Marketing Arrangements in the Illinois Hog Industry? AgEcon
Franken, Jason R.V.; Pennings, Joost M.E.; Garcia, Philip.
Risk reduction and transaction costs are often used to explain contracting in the U.S. hog industry with little empirical support. Using a unified conceptual framework that draws from risk behavior and transaction cost theories, in combination with unique survey and accounting data, we demonstrate that risk preferences and asset specificity impact Illinois producers’ use of contracts and spot markets. In particular, producers’ investments in specific hog genetics and human capital are related to selection of long-term marketing contracts over spot markets. Producers who perceive greater levels of price risk and/or are more averse are more (less) likely to use contracts (spot markets).
Tipo: Report Palavras-chave: Asset specificity; Contracts; Hogs; Risk attitude; Risk behavior; Risk perception; Transaction costs economics; Livestock Production/Industries; Risk and Uncertainty.
Ano: 2009 URL: http://purl.umn.edu/54548
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The Transformation of U.S. Livestock Agriculture: Scale, Efficiency, and Risks AgEcon
MacDonald, James M.; McBride, William D..
U.S. livestock production has shifted to much larger and more specialized farms, and the various stages of input provision, farm production, and processing are now much more tightly coordinated through formal contracts and shared ownership of assets. Important financial advantages have driven these structural changes, which in turn have boosted productivity growth in the livestock sector. But structural changes can also generate environmental and health risks for society, as industrialization concentrates animals and animal wastes in localized areas. This report relies on farm-level data to detail the nature, causes, and effects of structural changes in livestock production.
Tipo: Report Palavras-chave: Livestock; Dairy; Broilers; Hogs; Fed cattle; Farm structure; Scale economies; Contract agriculture; CAFOs; Growth-promoting antibiotics; Farm Management; Livestock Production/Industries.
Ano: 2009 URL: http://purl.umn.edu/58311
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HOG RISK MANAGEMENT SURVEY: SUMMARY AND PRELIMINARY ANALYSIS AgEcon
Patrick, George F.; Baquet, Alan E.; Coble, Keith H.; Knight, Thomas O..
This paper summarizes the results of a survey of a stratified, random sample of 630 hog operations in Indiana and Nebraska. The survey was conducted in March and April, 2000 with support of a research grant to contribute to the development of a knowledge base to guide the design and implementation of effective risk management programs, policies and tools. This staff paper provides selected summary statistics with limited analysis of size of operation and state effects. Information is presented on sources and responses to risk as well as producers' views on selected agricultural policy, risk management and marketing issues. Use and perceptions of effectiveness of risk-reducing production practices are analyzed. Producers' use of production and marketing...
Tipo: Working or Discussion Paper Palavras-chave: Risk Management; Hogs; Agricultural Policy; Marketing Contracts; Hog Marketing; Livestock Production/Industries; Risk and Uncertainty.
Ano: 2000 URL: http://purl.umn.edu/28638
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Characteristics and Production Costs of U.S. Hog Farms, 2004 AgEcon
McBride, William D.; Key, Nigel D..
Hog production in 2004 was characterized by wide variation in the types, sizes, and economic performance of operations. Operations specializing in a single production phase generated more than three times the product value, on average, of those using the traditional farrow-to-finish approach. Low-cost operations tended to be larger, located in the Heartland, and operated by farmers whose primary occupation was farming. Small and medium operations far outnumbered large and very large operations, but large and very large operations accounted for most of the production. Average production costs declined as the size of the hog operation increased, a result of reduced capital costs and more efficient input use. Hog production was highly concentrated in the...
Tipo: Report Palavras-chave: Agriculture; Swine; Hogs; Hog production; Hog operations; Agricultural Resource Management Survey; Production costs; Economies of size; Industrial Organization; Livestock Production/Industries; Production Economics; Productivity Analysis.
Ano: 2007 URL: http://purl.umn.edu/6385
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Risk Attitude & the Structure of Decision Making: Evidence from the Hog Industry AgEcon
Franken, Jason R.V.; Pennings, Joost M.E.; Garcia, Philip.
We investigate the importance of an appropriate representation of behavior, risk attitude, and related characteristics for owner-managers making marketing decisions. We assess whether managerial/firm characteristics directly affect the decisions or if their influence occurs indirectly through impacts on risk aversion. The findings, which support an indirect effect, indicate that failure to represent the relationship between risk aversion, other characteristics, and behavior appropriately can mask the effect of risk aversion. A more complete understanding of the structure of decision making may assist economists and policymakers in designing and targeting mechanisms to transfer risk.
Tipo: Conference Paper or Presentation Palavras-chave: Behavior; Contract; Hogs; Marketing; Risk attitude; Agribusiness; Institutional and Behavioral Economics; Marketing; Q13.
Ano: 2011 URL: http://purl.umn.edu/103610
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LIVESTOCK SECTORS IN THE ECONOMIES OF EASTERN EUROPE AND THE FORMER SOVIET UNION; TRANSITION FROM PLAN TO MARKET AND THE ROAD AHEAD AgEcon
Bjornlund, Britta; Cochrane, Nancy J.; Haley, Mildred M.; Hoskin, Roger; Liefert, Olga; Paarlberg, Philip L..
This report examines the restructuring of the livestock sectors in five countries: Russia, Ukraine, Poland, Hungary, and Romania. All five countries experienced a decline in both animal inventories and meat output during the early years of transition away from a centrally planned economy. ERS, in cooperation with Purdue University, developed five general equilibrium models depicting the economies of each nation. The models were used to evaluate capital investment at different stages of production; the rise in land prices that would result from a better functioning land market; reduced marketing costs; increased availability of credit; and, the creation of off-farm employment to draw labor out of agriculture. The study identifies potential trade and...
Tipo: Report Palavras-chave: Livestock sector; Eastern Europe; Centrally planned economy; Cattle; Dairy; Beef; Pork; Poultry; Hogs; Property rights; Trade; Investment; Reform; Livestock Production/Industries.
Ano: 2002 URL: http://purl.umn.edu/33977
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The Value of USDA Situation and Outlook Information in Hog and Cattle Markets AgEcon
Good, Darrel L.; Irwin, Scott H.; Isengildina, Olga.
This study investigates the impact of six major USDA reports in hog and cattle markets: Cattle; Cattle on Feed; Cold Storage; Hogs and Pigs; Livestock, Dairy, and Poultry Outlook (LDPO); and World Agricultural Supply and Demand Estimates (WASDE). A TARCH-in-mean model, with dummy variables to measure the impact of USDA reports and other external factors, is used to model close-to-open live-lean hog and live cattle futures returns from January 1985 through December 2004. The analysis revealed a statistically significant impact of all but Cattle and Cold Storage reports in live/lean hog futures, and all but Cold Storage reports in live cattle futures. Hogs and Pigs reports had the highest impact on live/lean hog returns by increasing conditional standard...
Tipo: Journal Article Palavras-chave: Cattle; Event study; Hogs; Livestock; Public information; TARCH model; USDA reports; Livestock Production/Industries; Marketing.
Ano: 2006 URL: http://purl.umn.edu/8614
Registros recuperados: 21
Primeira ... 12 ... Última
 

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