Determination of Focal Pricing Regions for U.S. Fed Cattle

Allan M. Walburger and Kenneth Foster

American Journal of Agricultural Economics, 1998, vol. 80, issue 1, 84-95

Abstract: Concerns over the imperfect market structure of the beef sector arise due to potential price discovery impacts. This study presents an effective way of providing information on price discovery that can be used to indicate regions within which prices follow similar dynamics. A state space model was fit to fourteen years of weekly data on nineteen price series from U.S. fed cattle markets. Tight regional market price interrelationships were discovered indicating that, in general, prices cannot move independently in the long run. The dynamics of the system of prices revealed the existence of between five and seven focal price discovery regions. Copyright 1998, Oxford University Press.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:80:y:1998:i:1:p:84-95

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