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Short-Period Pricing Models for Fed Cattle and Impacts of Wholesale Carcass Beef and Live Cattle Futures Market Prices

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  • Ward, Clement E.

Abstract

Cattlemen have expressed concern about wholesale beef and fed cattle pricing and have antitrust lawsuits pending against supermarkets, meatpackers, trade associations, and a meat price reporting firm. Lawsuits allege manipulation of wholesale carcass beef prices to artificially depress spot prices for fed cattle (General Accounting Office, 1977). Congressional and administrative investigations have focused on wholesale carcass beef pricing and price reporting and their effects on fed cattle pricing (Committee on Small Business, General Accounting Office, 1978; National Commission on Food Marketing; Packers and Stockyards Program, 1978). Cattlemen also have expressed dissatisfaction with live cattle futures markets before congressional and administrative committees, alleging that futures market prices adversely affect spot prices for fed cattle (Leuthold and Tomek; Meat Pricing Task Force). However, economists have not empirically studied the impacts of wholesale carcass beef and live cattle futures market prices in short-period pricing models for fed cattle, that is, impacts on individual transaction prices.

Suggested Citation

  • Ward, Clement E., 1981. "Short-Period Pricing Models for Fed Cattle and Impacts of Wholesale Carcass Beef and Live Cattle Futures Market Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 13(1), pages 125-132, July.
    • Handle: RePEc:cup:jagaec:v:13:y:1981:i:01:p:125-132_02
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    1. Ward, Clement E., 2005. "Supply Effects on Price Discovery and Pricing Choice for Fed Cattle," 2005 Conference, April 18-19, 2005, St. Louis, Missouri 19034, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    2. Jones, Rodney & Schroeder, Ted & Mintert, James & Brazle, Frank, 1992. "The Impacts of Quality on Cash Fed Cattle Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 24(2), pages 149-162, December.
    3. Esipov Victor & Menkhaus Dale J. & Yakunina Alla, 1999. "Experimental Study of Forward and Spot Markets: Contract Failure as a Contributing Factor of Vertical Integration," EERC Working Paper Series 99-02e, EERC Research Network, Russia and CIS.
    4. Azzam, Azzeddine M., 1998. "Competition in the US meatpacking industry: is it history?," Agricultural Economics, Blackwell, vol. 18(2), pages 107-126, March.
    5. Tian Xia & John M. Crespi & Kevin C. Dhuyvetter, 2019. "Could packers manipulate spot markets by tying contracts to futures prices? And do they?," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 67(1), pages 85-102, March.
    6. Ward, Clement E., 2007. "Feedlot and Packer Pricing Behavior: Implications for Competition Research," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon 7365, Western Agricultural Economics Association.
    7. Ward, Clement E., 1987. "Productivity-Concentration Relationship In The U.S. Meatpacking Industry," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 19(2), pages 1-6, December.
    8. Anderson, John D. & Ward, Clement E. & Koontz, Stephen R. & Peel, Derrell S. & Trapp, James N., 1997. "Estimating the Value of Public Information and Public Information Impacts on the Fed Cattle Market," Staff Papers 232521, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.
    9. Capps, Oral & Alan Love, H. & Williams, Gary W. & Adams, Wendi L., 1999. "Examining Packer Choice of Slaughter Cattle Procurement and Pricing Methods," Agricultural and Resource Economics Review, Cambridge University Press, vol. 28(1), pages 11-25, April.
    10. Unknown, 1990. "Structural Change in Livestock: Causes, Implications, Alternatives," Research Institute on Livestock Pricing 232728, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.
    11. Schulz, Lee L. & Schroeder, Ted C. & Ward, Clement E., 2011. "Trade-Related Policy and Canadian-U.S. Fed Cattle Transactions Basis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), pages 1-13, August.
    12. Marsh, John M. & Brester, Gary W., 1989. "Intertemporal Price Adjustments In The Beef Market: A Reduced Form Analysis Of Weekly Data," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(2), pages 1-11, December.
    13. Joseph, Kishore & Garcia, Philip & Peterson, Paul E., 2016. "Does the Boxed Beef Price Inform the Live Cattle Futures Price?," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 236166, Agricultural and Applied Economics Association.
    14. Ward, Clement E., 1984. "An Empirical Study Of Competition In The Price Discovery Process For Slaughter Lambs," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-10, July.
    15. Ted C. Schroeder & Clement E. Ward & James R. Mintert & Derrell S. Peel, 1998. "Value-Based Pricing of Fed Cattle: Challenges and Research Agenda," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 20(1), pages 125-134.
    16. Schroeder, Ted & Jones, Rodney & Mintert, James & Barkley, Andrew, 1991. "The Impacts of Captive Supplies on the Fed Cattle Industry," Staff Papers 232404, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.
    17. Schroeder, Ted C. & Ward, Clement E. & Mintert, James & Peel, Derrell S., 1998. "Beef Industry Price Discovery: A Look Ahead," Staff Papers 232524, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.

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