000124956 001__ 124956
000124956 005__ 20180122221408.0
000124956 037__ $$a323-2016-11796
000124956 041__ $$aen_US
000124956 245__ $$aTime-Varying Price Interactions and Risk Management in Livestock Feed Markets – Determining the Ethanol Surge Effect.
000124956 260__ $$c2012
000124956 269__ $$a2012
000124956 300__ $$a18
000124956 336__ $$aConference Paper/ Presentation
000124956 520__ $$aThis paper studies the dynamic effects that the recent growth in supply of Distiller Dried Grains (DDGs), due to the ethanol production surge from corn consumption, has had in relation to other market feeds, specifically corn, grain sorghum and soybean meal. Prior to the U.S. ethanol surge, more than a half of corn’s production was consumed as feed for livestock. This amount has dropped to around 40%, as corn is increasingly being used – about 1/3 of U.S. supply - for ethanol production. Ethanol’s by-product for feed, DDGs, contains more proteins than corn and serves as substitute in feed rations for livestock, and may likewise affect soybean meal, a protein feed component. In addition, increased corn demand may impact grain sorghum (milo), a similar carbohydrate substitute. A multivariate regime-switching model is applied to two different periods, pre and post- ethanol mandates (Energy Acts of 2005 and 2007), to gauge the dynamic correlations among these markets. Results are consistent with previous literature regarding increasing relationship (correlation) between DDGs and corn, among others. More importantly, an improved characterization of the dynamic inter-relationships between these feed markets not only empirically identifies ethanol surge effects, but serves to assess cross-hedging potential with current corn and soybean meal futures markets. Implications for agricultural price levels, risk management and policy analysis are discussed.
000124956 542__ $$fLicense granted by Elizabeth Hilber (hilb0033@umn.edu) on 2012-06-06T19:36:06Z (GMT):

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000124956 650__ $$aLivestock Production/Industries
000124956 650__ $$aResource /Energy Economics and Policy
000124956 650__ $$aRisk and Uncertainty
000124956 700__ $$aTejeda, Hernan A.
000124956 8564_ $$s830717$$uhttps://ageconsearch.umn.edu/record/124956/files/Tejeda2.pdf
000124956 887__ $$ahttp://purl.umn.edu/124956
000124956 909CO $$ooai:ageconsearch.umn.edu:124956$$pGLOBAL_SET
000124956 912__ $$nSubmitted by Elizabeth Hilber (hilb0033@umn.edu) on 2012-06-06T19:40:26Z
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000124956 912__ $$nMade available in DSpace on 2012-06-06T19:40:28Z (GMT). No. of bitstreams: 1
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  Previous issue date: 2012
000124956 982__ $$gAgricultural and Applied Economics Association>2012 Annual Meeting, August 12-14, 2012, Seattle, Washington
000124956 980__ $$a323