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Factors Influencing the Price of Value-Added Calves at Superior Livestock Auctions (PowerPoint)

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Microsoft PowerPoint - 2010_07_26_LZ_AAEA handout.pptx 7/26/2010 1 Factors Influencing the Price of Value-Added Calves at Superior Livestock Auctions Lance Zimmerman Department of Agricultural Economics Kansas State University Superior Livestock Auction • Started in 1987 with satellite auction markets • Largest livestock auction market in the U.S. • Bi-weekly satellite, weekly Internet, and daily private treaty auctions • Immediate to future delivery options Vertical Coordination in the Evolving High Quality Beef Market AAEA Organized Symposium, Denver, CO, July 28, 2010 7/26/2010 2 Why video auction markets? Bailey et al. 1991 • Large numbers of cattle from many locations • Various weight and lot characteristics • More information about cattle, feed and vaccination history • More buyers at auction Video Auction Studies • Blank et al. 2009 – Regional price differences – 1997 to 2007 WVM sales – 4,116 lots, 571,000 steers 500-625 lbs. – 5,147 lots, 874,000 steers 750-925 lbs. • Blank et al. 2006 – 1997 to 2003 WVM sales – 1,979 lots, 280,000 steers 500-625 lbs. Vertical Coordination in the Evolving High Quality Beef Market AAEA Organized Symposium, Denver, CO, July 28, 2010 7/26/2010 3 Video Auction Studies (con’t) • Bailey et al. 1991 – Video vs. regional market prices – 1987 SLA sales – 75,855 lots, 600-800 lbs. steers • Coatney et al. 1996 – Feeder cattle price differentials – 1992 SLA sales – 2,441 lots • Bailey et al. 1995 – Buyer concentration – 1987 to 1992 SLA sales – 3 million cattle • Bailey et al. 1993 – 1987-1989 SLA sales – 1988-1989 OKC Regional – Steers and heifers Superior Livestock Auction Database – Price – Sale date – Delivery date – Base weight – Lot size – Sex – Weaning – Vaccination program – Breed – Frame – Flesh – Origin – Horned – Implant In 1994, Pfizer Animal Health started coll

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