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The dairy industries in California, Idaho, and New Mexico expanded rapidly during the early 2000s. This study focuses on the expansion effects on milk-to-hay price responsiveness. Dairy industry expansion makes hay markets tighter, with less available marketable supply in most periods. The empirical models account for the expansion effect as well as those from hay exports and low stocks-to-use ratios that also cause changes in hay market demand characteristics. The results show that hay-to-milk price responsiveness increased after dairy expansion in all analyzed states. Low stocks-to-use and high exports dampened the responsiveness, but were not statistically significant for all analyzed states.
The dominant market where information is discovered plays the role of price leader providing substantial market information to other markets. This study investigates the dynamic relationships of 30 cattle markets across regions, cattle types, and cash/futures markets. The comparison of many markets, using an error correction model, is accomplished with the introduction of a tournament with a hierarchical cluster analysis, which allows us to conclude that the leading price for the U.S. cattle markets is discovered in the futures markets for both feeder and fed cattle.
This study reports the findings for an analysis using the computer program NAADSM (North American Animal Disease Spread Model) and a supply-driven social accounting matrix to examine the impact of a hypothetical foot-and-mouth disease (FMD) outbreak in a relatively isolated part of the United States, Utah, under various levels of livestock traceability. The analysis demonstrates that a significant regional economic impact in Utah would result from an FMD outbreak but that improved levels of traceability would be very important in helping to reduce the negative economic consequences of the outbreak.
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