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Succession Planning And Perceived Obstacles And Attractions For Future Generations Entering Beef Cattle Production, Lee L. Schulz, Georgeanne M. Artz, Patrick J. Gunn Apr 2017

Succession Planning And Perceived Obstacles And Attractions For Future Generations Entering Beef Cattle Production, Lee L. Schulz, Georgeanne M. Artz, Patrick J. Gunn

Economics Publications

This study provides valuable insights into cow-calf producer and feedlot operator succession plans for transferring cattle operations upon exiting the industry. Across both cow-calf producers and feedlot operators, about 50% expect to be raising cattle for 10 more years or less; however, about 39% of these producers do not have a succession plan in place. Cow-calf producers view a rural lifestyle, self-employment, working with livestock, and working with family as the biggest attractions to future generations entering beef cattle production. Cow-calf producers view environmental regulations, land tax policy, and expansion of corn and soybean acres as the biggest obstacles. Feedlot ...


Assessment Of The Economic Impacts Of Porcine Epidemic Diarrhea Virus In The United States, Lee L. Schulz, Glynn T. Tonsor Nov 2015

Assessment Of The Economic Impacts Of Porcine Epidemic Diarrhea Virus In The United States, Lee L. Schulz, Glynn T. Tonsor

Economics Publications

Porcine epidemic diarrhea virus (PEDV), which first emerged in the United States in 2013, spread throughout the U.S. hog population. Limited preemptive knowledge impeded the understanding of PEDV introduction, spread, and prospective economic impacts in the United States. To assess these impacts, this article reviews the timeline of PEDV in the United States and the corresponding impacts. PEDV is a supply-impacting disease and is not demand inhibiting, as pork demand remained strong since PEDV first appeared. Pig losses reached significant levels during September 2013 through August 2014, with the majority of pork production impacts occurring in 2014. PEDV had ...


Beef Species Symposium: Economic Considerations Related To U.S. Beef Herd Expansion, Glynn T. Tonsor, Lee L. Schulz Sep 2015

Beef Species Symposium: Economic Considerations Related To U.S. Beef Herd Expansion, Glynn T. Tonsor, Lee L. Schulz

Economics Publications

Significant attention perpetually surrounds possible changes in breeding herd inventories in the U.S. beef cattle industry. This article outlines economic considerations of U.S. herd expansion. Factors restricting expansion include land availability, increasing production efficiency, operator demographics, capital requirements, and commodity price volatility. Several offsetting factors support herd expansion including unprecedented cow–calf returns, ongoing global beef demand growth, and timing within the current cattle cycle. In addition to these industry-wide factors, several important variations in individual ranch considerations are outlined. The authors’ expectations on future herd dynamics are provided, highlighting broader implications for individual operations, industry leaders, and ...


Watch Cattle Weight Variability, Lee L. Schulz Sep 2015

Watch Cattle Weight Variability, Lee L. Schulz

Economics Publications

Analysts routinely use USDA estimates of feedlot placements by weight groups to project timing of fed cattle marketings. Expected slaughter numbers can help improve fed cattle price forecasts and marketing strategies. However, recent variability in placement weights amplifi es the uncertainty about the current and coming fed cattle market


Benchmarking Cattle Herd, Lee L. Schulz Aug 2015

Benchmarking Cattle Herd, Lee L. Schulz

Economics Publications

USDA has released two reports estimating July 1 cattle inventories: the July Cattle report (also referred to as the midyear Cattle Inventory report) and the July Cattle on Feed report. The reports help benchmark where the U.S. cattle industry is in regard to current supplies and where it may be heading.


Perspective Makes A Difference, Lee L. Schulz Jul 2015

Perspective Makes A Difference, Lee L. Schulz

Economics Publications

USDA’S June Hogs and Pigs Report told us where the industry is and where it may be headed. The report showed a big surge in inventories compared to the PEDV-depressed levels a year ago. But inventories aren’t that far out of line with June 2013 levels prior to PEDV.


Factors Affecting Preconditioned Calf Price Premiums: Does Potential Buyer Competition And Seller Reputation Matter?, Lee L. Schulz, Kevin C. Dhuyvetter, Beth E. Doran May 2015

Factors Affecting Preconditioned Calf Price Premiums: Does Potential Buyer Competition And Seller Reputation Matter?, Lee L. Schulz, Kevin C. Dhuyvetter, Beth E. Doran

Economics Publications

Feeder-calf prices are determined by the interaction of many factors. This study uses transaction data from Iowa preconditioned and regular feeder-calf auction sales to quantify the impact of a wide variety of factors, several of which have not been used in previous studies on feeder-calf prices. Notably, market premiums for preconditioned sales versus regular sales, feedlot capacity utilization, and seller reputation are found to be significant factors affecting feeder-calf prices. Estimated coefficients are then used to predict prices to demonstrate how this information can be used in making management and marketing decisions.


The U.S. Gestation Stall Debate, Lee L. Schulz, Glynn Tonsor Jan 2015

The U.S. Gestation Stall Debate, Lee L. Schulz, Glynn Tonsor

Economics Publications

One of the most contentious and emotional issues in livestock production is that of animal welfare. The welfare of livestock in commercial production systems has been, and continues to be, intensely debated by many groups, including, but not limited to, consumers, animal activists, scientists, legislators, and farmers. Perceptions or misconceptions of welfare issues can have a dramatic effect on livestock production if industries respond by changing certain production practices, if governments react by enacting laws dictating how livestock are produced, or if consumers respond by changing purchasing patterns. A major economic issue in this area spawns from the fact that ...


The Environmental And Economic Impact Of Removing Growth-Enhancing Technologies From U.S. Beef Production, Judith L. Capper, Dermot J. Hayes Oct 2012

The Environmental And Economic Impact Of Removing Growth-Enhancing Technologies From U.S. Beef Production, Judith L. Capper, Dermot J. Hayes

Economics Publications

The objective of this study was to quantify the environmental and economic impact of withdrawing growth-enhancing technologies (GET) from the U.S. beef production system. A deterministic model based on the metabolism and nutrient requirements of the beef population was used to quantify resource inputs and waste outputs per 454 × 106 kg of beef. Two production systems were compared: one using GET (steroid implants, in-feed ionophores, in-feed hormones, and beta-adrenergic agonists) where approved by FDA at current adoption rates and the other without GET use. Both systems were modeled using characteristic management practices, population dynamics, and production data from ...


Fundamental Forces Affecting Livestock Producers, John Lawrence, James Mintert Jan 2011

Fundamental Forces Affecting Livestock Producers, John Lawrence, James Mintert

Economics Publications

In a seminal Harvard Business Review article published in 1979, Michael Porter identified five competitive forces that shape industry competition, all of which feed into rivalry among existing competitors. Porter’s framework has most often been applied to industries producing and marketing differentiated products. Conversely, U.S. livestock and milk production still mostly resembles a commodity market with largely undifferentiated products marketed to a processing sector that, based on the Herfindahl-Herschman Index (HHI)-an industry concentration measure based on market shares that is easily computed and compared across industries- and Department of Justice and Federal Trade Commission definitions, is unconcentrated ...


U.S. Consumers’ Valuation Of Quality Attributes In Beef Products, Babatunde O. Abidoye, Harun Bulut, John Lawrence, Brian Mennecke, Anthony M. Townsend Jan 2011

U.S. Consumers’ Valuation Of Quality Attributes In Beef Products, Babatunde O. Abidoye, Harun Bulut, John Lawrence, Brian Mennecke, Anthony M. Townsend

Economics Publications

A sample of U.S. consumers were surveyed in a choice based experiment in the Fall of 2005 and Spring 2006 to elicit consumers’ preferences for quality attributes in beef products. Based on the resulting data, a random coefficients logit model is estimated, and consumers’ willingness to pay for these quality attributes in beef products is obtained. The results indicate that consumers have strong valuation for traceability, grass-fed, and U.S. origin attributes in a standard rib-eye steak and are willing to pay a premium for these attributes.


Hog Marketing Practices And Competition Questions, John Lawrence Jan 2010

Hog Marketing Practices And Competition Questions, John Lawrence

Economics Publications

Hog production and marketing practices in the U.S. pork industry have changed dramatically over the past two decades. In the early 1990s, nearly 90% of hogs were purchased in the spot market through auctions, dealers or directly by packers. By early 2010, the percent of spot market hogs had fallen to 5-7%. Approximately 25% of hogs are owned and processed by packers in their own plants and 70% of hogs are traded between seller and buyer through marketing contracts. The contracts vary in duration and specification but are similar in that the transaction price is derived by a formula ...


Feed Grains And Livestock: Impacts On Meat Supplies And Prices, John Lawrence, James Mintert, John D. Anderson, David P. Anderson Jan 2008

Feed Grains And Livestock: Impacts On Meat Supplies And Prices, John Lawrence, James Mintert, John D. Anderson, David P. Anderson

Economics Publications

Agriculture in the United States is undergoing a significant change. Grain, oilseed, and land prices have increased significantly, creating a subsequent increase in the income and wealth of many rural Americans—unless you are in animal agriculture. Feed is the largest single cost item for livestock and poultry production, accounting for 60%– 70% of the total cost in most years. Although energy, labor, and other inputs have increased, feed costs have increased anywhere from 40%–60% (depending on the species) in the last two years. As price takers in competitive markets, animal producers cannot simply pass their higher costs on ...


Differences In Prices And Price Risk Across Alternative Marketing Arrangements Used In The Fed Cattle Industry, Mary K. Muth, Yanyan Liu, Stephen R. Koontz, John Lawrence Jan 2008

Differences In Prices And Price Risk Across Alternative Marketing Arrangements Used In The Fed Cattle Industry, Mary K. Muth, Yanyan Liu, Stephen R. Koontz, John Lawrence

Economics Publications

Information on prices and price risk differences across marketing arrangements aids fed cattle producers in making choices about marketing methods. As part of the congressionally mandated Livestock and Meat Marketing Study, we investigated fed cattle price and price risk differences across marketing arrangements. The analysis uses data representing cattle purchased by 29 large beef packing plants from October 2002 through March 2005. Results indicate that marketing agreements offered the best tradeoff between price level and price risk. Forward contracts had the lowest average yet highly volatile prices. Auction barn prices were higher than other methods but also the most volatile.


Creating A Geographically Linked Collective Brand For High-Quality Beef: A Case Study, Bruce Babcock, Dermot J. Hayes, John Lawrence, Roxanne L. Clemens Jan 2008

Creating A Geographically Linked Collective Brand For High-Quality Beef: A Case Study, Bruce Babcock, Dermot J. Hayes, John Lawrence, Roxanne L. Clemens

Economics Publications

Many farmers who produce high-quality products do not use market mechanisms that would allow them to differentiate their products and take the fullest advantage of price premiums. This paper describes a pilot program to develop and commercialize an origin-based collective brand for very high quality US beef. We hypothesized that, by using specific market mechanisms to differentiate the beef, cattle producers might be able to capture a greater share of price premiums often captured elsewhere in the marketing channel. Specifically, the pilot program analyzed the feasibility of two mechanisms for differentiating and marketing beef: a certification mark and a USDA ...


A Study Of The Factors That Influence Consumer Attitudes Toward Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan Oct 2007

A Study Of The Factors That Influence Consumer Attitudes Toward Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan

Economics Publications

This study utilizes an analysis technique commonly used in marketing, the conjoint analysis method, to examine the relative utilities of a set of beef steak characteristics considered by a national sample of 1,432 US consumers, as well as additional localized samples representing undergraduate students at a business college and in an animal science department. The analyses indicate that among all respondents, region of origin is by far the most important characteristic; this is followed by animal breed, traceability, animal feed, and beef quality. Alternatively, the cost of cut, farm ownership, the use (or nonuse) of growth promoters, and whether ...


Effects Of Stocking Rate And Corn Gluten Feed Supplementation On Performance Of Young Beef Cows Grazing Winter-Stockpiled Tall Fescue-Red Clover Pasture, R. Driskell, J.R. Russell, Daryl R. Strohbehn, Daniel G. Morrical, Stephen K. Barnhart, John Lawrence Jan 2007

Effects Of Stocking Rate And Corn Gluten Feed Supplementation On Performance Of Young Beef Cows Grazing Winter-Stockpiled Tall Fescue-Red Clover Pasture, R. Driskell, J.R. Russell, Daryl R. Strohbehn, Daniel G. Morrical, Stephen K. Barnhart, John Lawrence

Economics Publications

A winter grazing experiment was conducted to evaluate the effects of stocking rate and corn gluten feed supplementation on forage mass and composition and the BW and BCS of bred 2-yr-old cows grazing stockpiled forage during winter. Two 12.2-ha blocks containing Fawn, endophyte-free, tall fescue and red clover were each divided into 4 pastures of 2.53 or 3.54 ha. Hay was harvested from the pastures in June and August of 2003 and 2004, and N was applied at 50.5 kg/ha at the initiation of stockpiling in August. On October 22, 2003, and October 20, 2004 ...


The Value Of Third-Party Certification Of Preconditioning Claims At Iowa Feeder Cattle Auctions, Harun Bulut, John Lawrence Jan 2007

The Value Of Third-Party Certification Of Preconditioning Claims At Iowa Feeder Cattle Auctions, Harun Bulut, John Lawrence

Economics Publications

After controlling a variety of feeder cattle characteristics and market and sale conditions in Iowa feeder auctions, the price premiums for preconditioning claims (vaccinations and minimum 30 days of weaning) with and without third-party certification (TPC) are estimated as $6.12/cwt and $3.35/cwt, respectively. These premiums differ statistically (p < 0.0001), and their difference exceeds the average participation cost of TPC ($l/cwt). This indicates that TPC is valued in the market to credibly signal preconditioning investment under asymmetric information.


Potential Benefits Of Rights-Based Management In The Reef Fish Fishery, Quinn Weninger, James R. Waters Jan 2005

Potential Benefits Of Rights-Based Management In The Reef Fish Fishery, Quinn Weninger, James R. Waters

Economics Publications

The sad truth is that direct regulations have not eliminated overfishing but instead increased fishing costs for fishermen risking their lives on the high seas. The good news is that there is a better way to manage our ocean fisheries. Property rights approaches, such as individual transferable quotas (ITQs) and private harvest agreements are proving highly effective in restoring health and sanity to a host of fisheries around the globe. This book traces such developments and addresses the remaining obstacles to the continued development of property rights in ocean fisheries.


Elements Of Cattle Feeding Profitability In Midwest Feedlots, John Lawrence, Zhi Wang, Dan Loy Jan 1999

Elements Of Cattle Feeding Profitability In Midwest Feedlots, John Lawrence, Zhi Wang, Dan Loy

Economics Publications

Conventional wisdom and earlier research have concluded that cattle feeding profitability is more determined by feeder and fed cattle prices than by animal performance. This study examined cross-sectional and time-series data from over 1600 pens of cattle in more than 220 feedlots in the upper Midwest where weather and lot conditions are thought to influence feedlot profitability. In addition to input and output prices and animal performance, other factors found to significantly impact cattle feeding profitability were sex, placement weight, facility design, and to a lesser extent placement season.


Factors Impacting Production And Economic Variability In Traditional Midwest Swine Enterprises, John D. Lawrence, John Shaffer, Arne Hallam, Thomas J. Baas Jan 1998

Factors Impacting Production And Economic Variability In Traditional Midwest Swine Enterprises, John D. Lawrence, John Shaffer, Arne Hallam, Thomas J. Baas

Economics Publications

Traditional swine enterprises report competitive cost of production for the “top one-third”herds.Further analysis shows that individual herds are seldom in the most profitable group every year, and nearly all farms have an occasional good year.While long-run differences exist in cost of production across farms, the wide variability from year to year in efficiency, costs, and returns provides a greater challenge to existing swine enterprises.


Economic Evaluation Of New Technologies For Pork Producers: Examples Of All-In All-Out And Segregated Early Weaning, John Lawrence Jan 1996

Economic Evaluation Of New Technologies For Pork Producers: Examples Of All-In All-Out And Segregated Early Weaning, John Lawrence

Economics Publications

Objective: To describe a method to evaluate both the profitability and feasibility of potential investments in a pork-raising enterprise.

Design and procedure: Formulas are given to allow an economic analysis addressing both the feasibility and profitability of a project. Data from a hypothetical farm considering whether to adopt an all-in–all-out and a segregated early weaning scheme are used as examples to illustrate the formulas.

Implications: When considering whether to adopt a new technology, it is important to first calculate both the profitability and feasibility of the investment


A Comparison Of Preferences For Pork Sandwiches Produced From Animals With And Without Somatotropin Administration, John A. Fox, Brian L. Buhr, Jason F. Shogren, James B. Kliebenstein, Dermot J. Hayes Apr 1995

A Comparison Of Preferences For Pork Sandwiches Produced From Animals With And Without Somatotropin Administration, John A. Fox, Brian L. Buhr, Jason F. Shogren, James B. Kliebenstein, Dermot J. Hayes

Economics Publications

Experimental auction markets were designed and used to investigate consumer preferences for sandwiches produced with meat from pigs treated with porcine somatotropin. A second-price, sealed-bid auction procedure was used to determine willingness to pay to exchange a pork loin sandwich with leaner meat from pigs treated with somatotropin for a similar sandwich with meat from untreated pigs. The research was conducted using a sample of 114 undergraduate students in Iowa, Arkansas, Massachusetts, and California. At the end of the experiment 33 of 58 subjects would not bid to change their leaner pork for typical pork, whereas 15 of 56 subjects ...


Economies Of Size, Tax Reform And Profitability Of Alternative Midwestern Feedlot Systems, Mark R. Weimar, Arne Hallam, Larry D. Trede Jan 1988

Economies Of Size, Tax Reform And Profitability Of Alternative Midwestern Feedlot Systems, Mark R. Weimar, Arne Hallam, Larry D. Trede

Economics Publications

The Tax Reform Act of 1986 may have substantial impacts on cattle feeding operations in the Midwest. Changes in the tax laws may encourage different investment patterns in feedlots as to size, type of facility, feeding programs, and age of animal fed. Cost and returns are computed for a variety of feeding systems under the new and old tax laws.Substantial economies of size were found under both tax laws, bu they were more extreme under the new tax system.


Do Dairy Producers Know What Co-Ops Are Doing For Them?, Ronald E. Deiter, Roger A. Dahlgran Feb 1982

Do Dairy Producers Know What Co-Ops Are Doing For Them?, Ronald E. Deiter, Roger A. Dahlgran

Economics Publications

Because of some members' concerns about price and service costs, it is important for dairy cooperative leaders to keep members informed about service benefits and the degree to which services account for any differences in prices paid for milk.