10 research outputs found
FED CATTLE SPATIAL TRANSACTIONS PRICE RELATIONSHIPS
No full textDelineation of geographic markets for fed cattle is essential in monitoring price behavior and determining geographic markets. This study uses transactions data from 28 U.S. fed cattle slaughter plants to determine the extent of the geographic market for fed cattle. Results indicate a national market for fed cattle with prices across most plants cointegrated. In addition, price discovery originates predominantly at plants located in Nebraska, and typically one-third of the total price adjustment to spatial integration occurs in one day.Cointegration, Relevant market, Spatial prices, Demand and Price Analysis, Livestock Production/Industries,
Direct Generation of Structured Light in Metallic Nanolaser Arrays
No full textThe interplay between array geometry and the whispering galley-like modes of individual nanolasers can lead to the direct generation of structured light in nanoscale. Such nanolaser lattices emitting OAM beams are experimentally demonstrated
Tunable orbital angular momentum microring lasers using chiral exceptional points
No full text© 2019 The Author(s). A microring laser generating tunable orbital angular momentum states via chiral exceptional points is demonstrated. An incorporated inner S-bend waveguide construct provides an avenue to enforce unidirectional lasing in a predetermined manner
A MODEL OF IMPERFECT COMPETITION USING MARGINAL INPUT AND OUTPUT PRICES: APPLICATION TO THE BEEF PACKING INDUSTRY
No full textBased on Diewert's idea that models under competition can be generalized to imperfect competition using marginal prices, we develop a test for imperfect competition in the beef packing industry. Our model is more general and flexible than those depending on empricial estimates of the input supply and output demand elasticities.Agribusiness, Demand and Price Analysis,
HISTORY, ORGANIZATION AND STRATEGIES FOR GRAIN PRODUCERS AND THE GRAIN INDUSTRY IN MICHIGAN
No full textThe grain system (grain producers and the grain industry) in Michigan finds itself in a transition period. Production (yield) and price limitations along with escalating cost factors have left producers in a situation where, without government assistance, many more would have to exit the farm. The grain industry (in this study, the industry refers to the grain handlers and processors), while in a stronger financial situation than producers, would suffer negatively if volume of grains bought and sold through their facilities decreased, and more in the industry would have to exit. A transition is needed to increase profitability of grain producers and the grain handlers and processors in Michigan. Without a transition, the trend of decreasing farms and acres will continue, to the detriment of the Michigan grain system. But how does the system make a transition, and what kind of transition is needed? This study strives to find the strategies, through understanding the history and organization of the system, that will provide direction. This study uses two analytical approaches to understand the grain system from the producer level and the industry level. By comparing the Industrial Organization approach and the Strategic Management approach, a clearer understanding of the problems should be ascertained. That understanding, with a background of the history of the grain system development in Michigan allows a thorough discussion of the possible solutions that can help both producers and grain handlers and processors be more profitable and continue to be an important economic factor in the state. The findings of the study indicate that there are several partial solutions to the problems, depending on the region of the state, the attitude of producers and companies within the industry, and the markets themselves. The situation can be improved by differentiating, coordinating, cooperating and adjusting processes in those areas that can successfully be addressed and changed by individual producers and each firm. Further research could overcome constraints of this study to find alternative and successful adaptations for the system.Crop Production/Industries,
CONCENTRATION, MARKET POWER, AND COST EFFICIENCY IN THE CORN SEED INDUSTRY
No full textThe paper presents a model developed to examine the effects of industry concentration on market power and cost efficiency in the seed industry. In addition, the paper presents preliminary measures of the relative strengths of these effects for the case of the U.S. corn seed industry over the past 3 decades. The model uses conjectural elasticities and is estimated using data collected from USDA sources. The empirical results allow us to distinguish between the market power and cost effects of concentration, and to ascertain the tradeoff between the cost efficiency and market power resulting from higher concentration in the corn seed industry.Marketing,
THE PRICING PERFORMANCE OF MARKET ADVISORY SERVICES IN CORN AND SOYBEANS OVER 1995-2000
No full textThe purpose of this research report is to evaluate the pricing performance of market advisory services for the 1995-2000 corn and soybean crops. Certain explicit assumptions are made to produce a consistent and comparable set of results across the different advisory programs. These assumptions are intended to accurately depict "real-world" marketing conditions. Several key assumptions are: i) with a few exceptions, the marketing window for a crop year runs from September before harvest through August after harvest, ii) cash prices and yields refer to a central Illinois farm, iii) storage is assumed to occur at on-farm or commercial sites, and iv) marketing loan recommendations made by advisory programs are followed wherever feasible. Based on these assumptions, the net price received by a subscriber to market advisory programs is calculated for the 1995-2000 corn and soybean crops. Market and farmer benchmarks are developed for the performance evaluations. Two market benchmarks are specified in order to test the fragility of performance results to changing benchmark assumptions. The 24-month market benchmark averages market prices for the entire 24-month marketing window. The 20-month market benchmark is computed in a similar fashion, except the first four months of the marketing window are omitted. The farmer benchmark is based upon the USDA average price received series for corn and soybeans in Illinois. The same assumptions applied to advisory program track records are used when computing the market and farmer benchmarks. Four basic indicators of performance are applied to advisory program prices and revenues over 1995-2000. The results provide limited evidence that advisory programs as a group outperform market benchmarks, particularly after considering risk. In contrast, substantial evidence exists that advisory programs as a group outperform the farmer benchmarks, even after taking risk into account. Whether the superior performance of advisory programs versus the farmer benchmark is attributed to luck or skill depends on one's theoretical perspective. Efficient market theory favors a luck interpretation, while behavioral market theory favors a skill interpretation. Regardless of the theoretical perspective, there is little evidence that advisory programs with superior performance can be usefully selected based on past performance.Marketing,
Institutional change and plant variety provision in Australia
No full textCrop Production/Industries,
ECONOMIC RESEARCH OF INTEREST TO AGRICULTURE, 1988-1990
No full textThis bibliography of Giannini Foundation members' publications, Economic Research of Interest to Agriculture was first issued on May 6, 1951, the eighty-first birthday of A.P. Giannini, and included the Giannini Foundation of Agricultural Economics members' works from 1929 through 1950. The first three issues were compiled and edited by the Giannini Foundation's first librarian, Orpha E. Cummings, 1930-1958. The issues that followed were edited by librarians, Mary Lida Eakin, 1958-1967; Virginia A. Fox, 1967-1980; and Grace Dote, 1970-2001.Teaching/Communication/Extension/Profession,
The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004
No full textThe purpose of this research report is to evaluate the pricing performance of market advisory services for the 1995-2004 corn and soybean crops. Marketing assumptions applied to advisory program track records are intended to accurately depict “real-world” marketing conditions facing a representative central Illinois corn and soybean farmer. Several key assumptions are: i) with a few exceptions, the marketing window for a crop year runs from September before harvest through August after harvest, ii) on-farm or commercial physical storage costs, as well as interest opportunity costs, are charged to post-harvest sales, iii) brokerage costs are subtracted for all futures and options transactions and iv) Commodity Credit Corporation (CCC) marketing loan recommendations made by advisory programs are followed wherever feasible. Based on these and other assumptions, the net price received by a subscriber to market advisory programs is calculated for the 1995-2004 corn and soybean crops. Market and farmer benchmarks are developed for the performance evaluations. Two market benchmarks are specified in order to test the sensitivity of performance results to changing benchmark assumptions. The 24-month market benchmark averages market prices for the entire 24-month marketing window. The 20-month market benchmark is computed in a similar fashion, except the first four months of the marketing window are omitted. Given the uncertainties involved in measuring the average price received by farmers, two alternative farmer benchmarks for central Illinois are specified. The market and farmer benchmarks are computed using the same assumptions applied to advisory program track records. Five basic indicators of performance are applied to advisory program prices and revenues over 1995-2004. Results show that advisory program prices fall in the top-third of the price range relatively infrequently. There is limited evidence that advisory programs as a group outperform market benchmarks, particularly after considering risk. The evidence is somewhat more positive with respect to farmer benchmarks, even after taking risk into account. For example, the average advisory return relative to the farmer benchmarks is 8 to $12 per acre with only a marginal increase in risk. Even though this return is small and mainly from corn, it nonetheless represents a non-trivial increase in net farm income per acre for grain farms in central Illinois. Test results also suggest that it is difficult to predict the year-to-year pricing performance of advisory programs based on past pricing performance. However, there is some evidence that performance is more predictable over longer time horizons, particularly at the extremes of performance rankings. The results raise the interesting possibility that even though advisory services do not appear to “beat the market,” they nonetheless provide the opportunity for some farmers to improve performance relative to the market. Mirroring debates about stock investing, the relevant issue is whether farmers can most effectively improve marketing performance by pursuing “active” strategies, like those recommended by advisory services, or “passive” strategies, which involve routinely spreading sales across the marketing window.Agricultural Finance, Financial Economics,
