THE REACTION OF LIVE HOG FUTURES PRICES TO USDA HOGS AND PIGS REPORTS

Phil L. Colling and Scott H. Irwin

No 270490, 1989 Annual Meeting, July 30-August 2, Baton Rouge, Louisiana from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Strong concerns about how efficiently live hog futures prices react to USDA Hogs and Pigs ~eports have been raised by livestock producer groups. Using market survey data, direct tests of the'efficient markets hypothesis are . . performed for the live hog futures market. Two-limit tobit·models account for institutional price limits. Results support the effisien~ market hypothesis in that live hog futures prices: {I) do not react to anticipated changes in .. . ., rep~rted infcirmation, {2) do react significantly and in the expected direction to unanticipated changes in reported information and {3) general1y adjust to unanticipated information on the day following release of the Reports.

Keywords: Demand and Price Analysis; Livestock Production/Industries (search for similar items in EconPapers)
Pages: 34
Date: 1989-07-30
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea89:270490

DOI: 10.22004/ag.econ.270490

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