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U.S. Feeder Cattle Prices: Effects of Finance and Risk, Cow-Calf and Feedlot Technologies, and Mexican Feeder Imports
John M. Marsh
Journal of Agricultural and Resource Economics
Vol. 26, No. 2 (December 2001), pp. 463-477
Published by: Western Agricultural Economics Association
Stable URL: http://www.jstor.org/stable/40987121
Page Count: 15
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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 has 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 macroeconomic policies affecting the U.S. prime interest rate could continue to affect feeder prices.
Journal of Agricultural and Resource Economics © 2001 Western Agricultural Economics Association