The Changing Role of USDA Inventory Reports in Livestock Markets

Autor:	Berna Karali, Olga Isengildina-Massa, Scott H. Irwin
Jazyk:	angličtina
Rok vydání:	2019
Předmět:	announcement effects cattle concentration futures markets hogs informational value price reaction Agriculture
Zdroj:	Journal of Agricultural and Resource Economics, Vol 44, Iss 3, Pp 591-604 (2019)
Druh dokumentu:	article
ISSN:	1068-5502 2327-8285
DOI:	10.22004/ag.econ.292333
Popis:	Using traditional price volatility tests, we find that the market impact of USDA Cattle on Feed and Hogs and Pigs reports largely disappeared after 2000. In contrast, using market surprise tests, we find no evidence that the impact of Cattle on Feed information changed significantly after 2000. The evidence is mixed for Hogs and Pigs reports using market surprise tests, with market inventory information increasing in value and breeding inventory decreasing. The contrasting results can be explained by increasing market concentration in cattle and hogs leading to smaller market surprises and smaller futures price reactions.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/d72d98104e5645d4a00e0979f5af9bcf Zobrazit plný text záznamu View record in DOAJ