@article{Butell:329983,
      recid = {329983},
      author = {Butell, Robert and Womack, Abner},
      title = {Quarterly Feed Demand for Corn},
      address = {1977-02},
      number = {1485-2023-043},
      series = {ERS-649},
      pages = {26},
      year = {1977},
      note = {This is a reprint of four articles that originally  appeared in Feed Situation (FdS) reports in 1975 and 1976.   These articles discuss feed demand for corn by quarters.   The first article, for October-December 1975 appeared in  FdS-259; January-March 1976, in FdS-260; April-June 1976,  in FdS-261; and July-September 1976, in FdS-262.},
      abstract = {Corn feeding is normally heaviest in October-December, the  first quarter of the marketing year.  Multiple regression  analysis is used to measure the impacts of the factors  affecting corn feed use during the first quarter.  The  analysis shows best results using price of corn, price of  soybean meal, livestock output, and livestock prices as  feed use determinants.  As expected, higher corn prices  reduce demand while higher livestock output and prices  increase demand. The analysis also suggests that there is  some substitution between soybean meal and corn.  A  projection for the October-December 1975 quarter is  provided and areas for further quarterly analysis are  outlined.  =======  The second quarter of the corn  marketing year (January -March) is normally a period of  heavy feeding.  Several multiple regression equations are  used in determining those variables influencing corn feed  use.  Production decisions earlier in the marketing year by  livestock and poultry producers apparently have a stronger  influence on feed demand in the second quarter than in the  first.  Lagged livestock-corn prices show this influence.   Livestock output and livestock prices in the current  quarter are also important determinants of feed use.  A  projection for the January-March 1976 quarter is provided  and special mention is made of the slow expansion in hog  product.  =======  The third quarter of the corn marketing  year (April-June) normally accounts for over one-fifth of  the year's corn feed use.  Multiple regression analysis is  used in determining important variables influencing corn  feed use.  Lagged prices of livestock, corn, and soybean  meal apparently are strong determinants of corn feed demand  that reflect earlier decisions by livestock and poultry  producers.  Livestock output and corn prices in the current  quarter also help to explain feed use.  A projection for  the April-June 1976 quarter indicates feed use will expand  sharply from year-earlier levels.  =======  Corn feeding is  normally lightest in the fourth quarter of the marketing  year (July-September). Multiple regression analysis is used  in determining important variables affecting com feed use.   In July-September, as in April-June, current feed demand is  directly linked to lagged prices of livestock, corn, and  soybean meal, which reflect earlier conditions in markets  for livestock and poultry.  Livestock output and corn  prices in the current quarter also influence feed demand.   The July-September quarter is somewhat unique in that wheat  can directly compete with corn in many areas as a livestock  feed due to wheat's usual seasonal low price at harvest  when corn is typically at its seasonal high.  Projected  corn feeding in July-September 1976 is substantially above  the 1975 level, which indicates a continuation of the  expansion in feed use that began early in 1976.},
      url = {http://ageconsearch.umn.edu/record/329983},
      doi = {https://doi.org/10.22004/ag.econ.329983},
}