Estimating the value of "Source Verification" in Iowa feeder cattle markets

Godfred Yeboah

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: Source Verification (SV) as defined by the Chariton Valley Beef project is the collection and documentation of background information that should help potential buyers determine the value of the calves. This study used data from two sources; Bloomfield auction market, Bloomfield Iowa and from Rusell, Appanoose, Winterset and Centerville, Iowa auction markets. On average the SV cattle from the Bloomfield auction market yielded higher prices compared to the non-source verified cattle. Regression estimates for the same data set showed price premiums being offered for SV cattle in 1997 for both steers and heifers. However in 1998, only the heifers showed a premium with the steers being discounted. The premiums ranged from {dollar}0.96 to {dollar}2.13 per cwt. However, cattle were grouped to form larger lot sizes in this auction, and the study could not determine if the premiums were for the SV or the larger lot sizes that has been shown to produce price premiums on its own. The Rusell, Winterset, Appanoose and Centerville auctions did not group feeder cattle into larger lot sizes. However due to insufficient data from these auctions, the question of premiums being offered for SV feeder cattle could not be answered.

Date: 1999-01-01
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