Live Cattle Futures and Boxed Beef Futures Sample Clauses

Live Cattle Futures and Boxed Beef Futures. ‌ According to XxXxxxxx and Xxxxxxxxx (2003), 50 percent of variability in profits of fed cattle are explained by price variability. Thus, rigorous management of price variability can be a significant opportunity for reducing variability of profits over time. The previous section has made apparent the issues with the negotiated live cash price. However, producers seeking to market by using different prices, for example the boxed beef cutout value, might be discouraged as there is no futures contract for boxed beef. Therefore, producers face a price risk trade-off in marketing cattle on a grid with a downstream market price as a base price (Harri et al. 2009). To solve this dilemma faced by producers, previous research has investigated the possibility of a boxed beef futures contract. A futures contract on boxed beef could allow producers to both avoid negotiated cash pricing issues and effectively mitigate price risk. There is little literature on the issues such as basis risk and volatility with live cattle futures as of recent. However, there have been articles in the popular press noting problems with the contract. Most notably, Gee (2016) outlined some of the problems with the contract including recent extreme volatility which has left many producers concerned about the reliability of the contract. The article attributes the recent volatility to thinning cash markets. Xxxxx (2016) addressed volatility in the live cattle market, also citing the lack of information relayed by the cash markets as the root of the problem. In 2016 the Chicago Mercantile Exchange (CME) addressed concerns over extreme volatility. In an attempt to ameliorate volatility of the contract, the CME eliminated almost three hours of trading time in the afternoon when only 13 percent of trades occurred. The CME also acknowledged that volatility is driven at least in part by the lack of negotiated cash transactions which are obstructing the price discovery process (CME Group 2016). Previous research on hedging the price risk in grid pricing systems (Xxxxx 2004; Harri et al. 2009) questioned the efficacy of the live cattle futures contract when using grid pricing, especially when the base price is linked to downstream markets such as the boxed beef cutout value. A solution to this problem could be a futures contract that follows the structure of pricing methods more closely than the existing live cattle futures contract. Many economists have suggested a boxed beef cutout value (BBCV) fu...
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