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Live Cattle Futures Response to "Cattle on Feed" Reports

Orlen Grunewald, Mark S. McNulty and Arlo W. Biere
American Journal of Agricultural Economics
Vol. 75, No. 1 (Feb., 1993), pp. 131-137
Stable URL: http://www.jstor.org/stable/1242961
Page Count: 7
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Live Cattle Futures Response to "Cattle on Feed" Reports
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Abstract

Knight-Ridder surveys provide prerelease expectations of the information in the "Cattle on Feed" reports. The Knight-Ridder information is employed here, in accordance with the efficient markets hypothesis, to identify the unanticipated information provided in "Cattle on Feed" reports. Rational expectations theory is used to test Knight-Ridder forecasts for unbiasedness, efficiency, and forecast performance. The forecasts mostly satisfy rationality conditions. Live cattle futures prices respond to unanticipated information about placements and marketings contained in "Cattle on Feed" releases. However, report information is absorbed quickly.

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