Value-Based Pricing of Fed Cattle: Challenges and Research Agenda
Clement E. Ward,
James Mintert () and
Derrell S. Peel
Review of Agricultural Economics, 1998, vol. 20, issue 1, 125-134
Beef has lost considerable market share because it does not offer adequate value to consumers. Important components of value are problems related to inadequate beef quality determination and pricing fed cattle on averages. This study summarizes results of industry surveys solicited to investigate problems with value-based fed cattle pricing. A research agenda to address the problems is proposed. Research needs include more information on the expected costs and benefits of a less subjective and improved beef quality identification system. More information is needed regarding economic trade-offs between beef carcass quality and cattle production management. All segments of the beef industry, from cow-calf producers through retailers, are realizing more opportunities to develop longer term contractual relationships. Many of these agreements substantially alter production and market risk and expected returns and therefore need in-depth investigation. In general, more research is needed on ways to improve both price and non price coordination of the complex beef market.
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