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An Evaluation Of Strategies For Hedging Feeder Cattle In The Pacific Northwest
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Book Synopsis An Evaluation of Strategies for Hedging Feeder Cattle in the Pacific Northwest by : Andrew Leo Gatti
Download or read book An Evaluation of Strategies for Hedging Feeder Cattle in the Pacific Northwest written by Andrew Leo Gatti and published by . This book was released on 1984 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, feeder cattle backgrounders in the Pacific Northwest have been subject to sharp price fluctuations for their output. The result has been variable profits and losses. This situation creates a need for management and marketing techniques which can provide Pacific Northwest cattle ranchers with protection against price risks while enhancing the profitability of their operations. Recent economic literature has shown hedging with futures contracts to be an effective tool for mitigating risk and/or increasing the net revenues of cattle producers in a number of regions of the United States. The objective of this research was to determine whether hedging with futures contracts could have increased the profitability of Pacific Northwest feeder cattle production while decreasing the effects of price volatiliy. To realize this objective, the economic performance of alternative hedging strategies were evaluated for several methods of feeder cattle backgrounding indigenous to the Pacific Northwest region. Four hedging strategies - routine, moving average, profit objective, and triangular probability distribution - were evaluated for hedging the output of four simulated production systems. The mean and standard deviation of annual net returns were computed for each hedging strategy to serve as measures of profitability and risk, respectively. The results of not hedging were also obtained to provide a basis for comparing alternative hedging programs. Sample t and F tests were conducted to determine whether there were statistically significant differences between the means and standard deviations of the unhedged and hedged positions. Dominant hedging strategies were then identified for each production system. Based on the results of the mean-variance analysis, it appears that the use of selective futures market hedging strategies would have provided greater and more stable levels of profit compared to the net incomes obtained without hedging. Sample t and F tests, using 80 and 90 percent levels of significance respectively, showed that hedging could have significantly decreased the variability of the producer's flow of income without significantly changing the operation's average profitability. Moving average, profit objective, and triangular probability distribution strategies were dominant, increased average profitability, and significantly lowered risk for at least one production system each. Overall, moving average strategies generated the highest mean profits with the greatest risk. Profit objective strategies generally resulted in lower mean profit than moving average strategies but with less risk. The risks and returns from hedging with triangular probability distribution strategies were usually between the moving average and profit objective procedures. Strategies which performed well in this study should also perform well in the future if conditions in the feeder cattle markets do not vary substantially from those of the previous decade. Thus, hedging with futures market contracts may provide the Pacific Northwest feeder cattle producers with protection against price risk and enhanced profitability.
Book Synopsis An Econometric Model of Pacific Northwest Feeder Cattle Basis by : Cynthia Ann Vanderpool
Download or read book An Econometric Model of Pacific Northwest Feeder Cattle Basis written by Cynthia Ann Vanderpool and published by . This book was released on 1981 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuating feeder cattle prices have a direct affect on the revenue variability of feeder cattle producers. Hedging in the commodity futures market is a marketing strategy which can, if properly used, reduce the financial risk of feeder cattle producers. If the closing basis value is known when a hedge is placed, a price can be established for the feeder cattle in advance. This fact prompted research in determining the factors which affect nearby feeder cattle basis in the Pacific Northwest. This research is an attempt to identify factors which influence the feeder cattle basis through their influence on the prices which compose the basis -i.e., the cash and futures prices. The feeder cattle cash price has been established as a function of the factors affecting the profit of feedlot operations. Controversy exists on the factors which influence the futures price of livestock products; however, the use of technical indicators is well established in the literature. For the purposes of this research feeder cattle basis is developed as a function of the profit factors and a lag-trend indicator along with dummy variables which influence feeder cattle futures contracts over time. The profit factors include expected slaughter price, corn price, and interest rate values. These profit factors are expected to influence the cash price of feeder cattle. The lag-trend indicator is a calculated trend of the basis over the past two time periods and is expected to represent the analysis made by traders in both the futures and cash markets of past events or prices. This analysis by traders in the futures market will be similar to their use of technical indicators. In specifying the model, two methods of analyzing the expected affects of the profit factors on the basis are acknowledged. In this research, the profit factors are assumed to influence only the cash price. Therefore, the effect of the factors on basis is hypothesized by making assumptions about the price movement of the feeder cattle futures price. The analyses produce various hypotheses about the expected effects of the profit factors on basis. The empirical results produce evidence that the estimated equations explain a good proportion of the Pacific Northwest basis of feeder cattle for light and heavy weight categories. After a close analysis of the profit factors, corn price is concluded to have a positive influence on 500-600 pound feeder cattle basis and a negative influence on 700-800 pound feeder cattle basis. However, due to the inability of the methods to hypothesize the effect of slaughter price on basis and/or to hypothesize, with consistency, the correct signs of the estimated interest rate coefficient, conclusions are not made about their influences on the basis. Feeder cattle producers can apply the information produced in this research in making hedging decisions. However, a thorough knowledge and analysis of hedging theory and market conditions should be undertaken first. Since a predicted closing basis is needed by feeder cattle producers to establish a "locked-in" cash price, further research in developing a forecasting model of feeder cattle basis is warranted.
Book Synopsis An Evaluation of Hedging Strategies for Backgrounding Feeder Cattle in Tennessee by : Cregg Dale Miyat
Download or read book An Evaluation of Hedging Strategies for Backgrounding Feeder Cattle in Tennessee written by Cregg Dale Miyat and published by . This book was released on 1982 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Economic Evaluation of Hedging Strategies for Nevada Feeder Cattle Producers by : Theodore Keith Wood
Download or read book An Economic Evaluation of Hedging Strategies for Nevada Feeder Cattle Producers written by Theodore Keith Wood and published by . This book was released on 1989 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evaluation of Selected Hedging Strategies For Cattle Feeders by : William D. Gorman
Download or read book Evaluation of Selected Hedging Strategies For Cattle Feeders written by William D. Gorman and published by . This book was released on 1979 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Evaluation of Alternative Hedging Strategies For the Cattle Feeder by : Terry Milton Hague
Download or read book Economic Evaluation of Alternative Hedging Strategies For the Cattle Feeder written by Terry Milton Hague and published by . This book was released on 1972 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Using Futures and Options as Price Risk Management Tools in the Pacific Northwest Feeder Cattle Industry by : Raymond J. Folwell
Download or read book Using Futures and Options as Price Risk Management Tools in the Pacific Northwest Feeder Cattle Industry written by Raymond J. Folwell and published by . This book was released on 2003 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Simulation of Short and Long Feeder Cattle Hedging Strategies and Technical Price Analysis of the Feeder Cattle Futures Market by : Jerry Dwayne Lehenbauer
Download or read book Simulation of Short and Long Feeder Cattle Hedging Strategies and Technical Price Analysis of the Feeder Cattle Futures Market written by Jerry Dwayne Lehenbauer and published by . This book was released on 1978 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Evaluation of Multiple and Complete Hedging Strategies for Feeder and Fat Cattle in Utah, 1975-1979 by : Robert A. Dix
Download or read book An Evaluation of Multiple and Complete Hedging Strategies for Feeder and Fat Cattle in Utah, 1975-1979 written by Robert A. Dix and published by . This book was released on 1986 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Evaluation of Alternative Hedging Strategies for Iowa Cattle Feeders by : William Walter Ziehm
Download or read book An Evaluation of Alternative Hedging Strategies for Iowa Cattle Feeders written by William Walter Ziehm and published by . This book was released on 1986 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Feasibility of Establishing a Futures Delivery Point for Pacific Northwest Feeder Cattle by : John Teller Carpenter
Download or read book The Feasibility of Establishing a Futures Delivery Point for Pacific Northwest Feeder Cattle written by John Teller Carpenter and published by . This book was released on 1980 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Basis Determination for Feeder Cattle in North Dakota and Related Hedging Strategies by : Dwight G. Aakre
Download or read book Basis Determination for Feeder Cattle in North Dakota and Related Hedging Strategies written by Dwight G. Aakre and published by . This book was released on 1983 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Hedging Strategies for the U.S. Cattle Feeder by : Mikhail Anatolyevich Noussinov
Download or read book Optimal Hedging Strategies for the U.S. Cattle Feeder written by Mikhail Anatolyevich Noussinov and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Analysis of Integrated Cattle Feeding Hedging Strategies Using Estimated Options on Commodity Futures Contracts by : John Mac LaBore
Download or read book An Empirical Analysis of Integrated Cattle Feeding Hedging Strategies Using Estimated Options on Commodity Futures Contracts written by John Mac LaBore and published by . This book was released on 1987 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Hedging Strategies for the U.S. Cattle Feeder by : Mikhail Anatolyevich Noussinov
Download or read book Optimal Hedging Strategies for the U.S. Cattle Feeder written by Mikhail Anatolyevich Noussinov and published by . This book was released on 1998 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Masters Theses in the Pure and Applied Sciences by : Wade H. Shafer
Download or read book Masters Theses in the Pure and Applied Sciences written by Wade H. Shafer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Masters Theses in the Pure and Applied Sciences was first conceived, published, SIld disseminated by the Center for Information and Numerical Data Analysis and Synthesis (CINDAS) * at Purdue University in 1957, starting its coverage of theses with the academic year 1955. Beginning with Volume 13, the printing and dissemination phases of the activity were transferred to University Microfilms/Xerox of Ann Arbor, Michigan, with the thought that such an arrangement would be more beneficial to the academic and general scientific and technical community. After five years of this joint undertaking we had concluded that it was in the interest of all con cerned if the printing and distribution of the volumes were handled by an interna and broader dissemination. tional publishing house to assure improved service Hence, starting with Volume 18, Masters Theses in the Pure and Applied Sciences has been disseminated on a worldwide basis by Plenum Publishing Cor poration of New York, and in the same year the coverage was broadened to include Canadian universities. All back issues can also be ordered from Plenum. We have reported in Volume 30 (thesis year 1985) a total of 12,400 theses titles from 26 Canadian and 186 United States universities. We are sure that this broader base for these titles reported will greatly enhance the value of this important annual reference work.
Download or read book Agrindex written by and published by . This book was released on 1990 with total page 1552 pages. Available in PDF, EPUB and Kindle. Book excerpt:
