Economic Impacts of the Zero Tolerance Directive on the Cost Structure of Beef Packing Companies

Agribusiness, Livestock Production/Industries,

A Nonparametric Analysis of Efficiency for a Beefpacking Firm: Implications of Federal Food Safety Regulations

Agribusiness, Food Consumption/Nutrition/Food Safety,

PRICE DISCOVERY FOR STOCKER CATTLE FUTURES AND OPTIONS

Low trading volume in the CME stocker cattle contracts has made hedgers and speculators reluctant to use the contracts. Traders need decision tools to discover prices or to evaluate quoted prices that may not contain all the information in the market. The number of head of stocker weight cattle sold on the spot market has increased in recent years while the practice of cross-hedging stocker weight cattle against the feeder cattle contract remains risky. A model explains the spread between feeder cattle and stocker cattle futures prices as a function of feed prices, live cattle prices, and seasonal factors. The volatility of spot stocker cattle prices is comparable to spot feeder cattle prices, supporting the idea of using feeder cattle implied volatility measures as estimates of stocker cattle futures implied volatility in option pricing models. The model and relations proposed should be useful for traders evaluating observed prices or placing limit orders for stocker futures and options.stocker cattle, cross-hedging, volatility, limit order, thin markets, Marketing,

The Impact of Increased Ethanol Production on Corn Basis in South Dakota

A basis model is used to empirically estimate the impact of ethanol production on the South Dakota corn basis on the district and State levels. Monthly data is used to estimate basis as a function of futures price, supply, demand, storage, and transportation costs. The independent variables used are corn futures prices, corn production, corn usage for ethanol production, corn usage by cattle, Midwest No. 2 Diesel retail sales prices, storage availability, and unit train transportation The regression results show the impact on corn basis varies by district from $0.04 to$0.27 per bushel, with a State impact of $0.24 in 2005. The impact from an additional 40 million gallon per year (MGY) ethanol plant ranges from$0.06 to $0.16 per bushel, with a State impact of$0.03. The impact from an additional 100 MGY ethanol plant ranges from $0.16 to$0.40 per bushel, with a State impact of $0.08.Crop Production/Industries,

THE WIDENING CORN BASIS IN SOUTH DAKOTA: FACTORS AFFECTING AND THE IMPACT OF THE LOAN DEFICIENCY PAYMENT

Crop Production/Industries,

Fed Cattle Forward Contract Volume and Basis Relationship

The poster covers analysis and models of forward contracting during the contracting period. A conceptual model is presented to explain how contracting patterns relate to industry factors and negotiation power of buyers and sellers. Time series techniques are used to model basis, weekly volume, and total volume. Forecasting models are also presented.cattle, forward contract, basis, negotiation, placements, Agribusiness, Demand and Price Analysis, Livestock Production/Industries,

High phenotypic plasticity at the dawn of the eosauropterygian radiation

The initial radiation of Eosauropterygia during the Triassic biotic recovery represents a key event in the dominance of reptiles secondarily adapted to marine environments. Recent studies on Mesozoic marine reptile disparity highlighted that eosauropterygians had their greatest morphological diversity during the Middle Triassic, with the co-occurrence of Pachypleurosauroidea, Nothosauroidea and Pistosauroidea, mostly along the margins of the Tethys Ocean. However, these previous studies quantitatively analysed the disparity of Eosauropterygia as a whole without focussing on Triassic taxa, thus limiting our understanding of their diversification and morphospace occupation during the Middle Triassic. Our multivariate morphometric analyses highlight a clearly distinct colonization of the ecomorphospace by the three clades, with no evidence of whole-body convergent evolution with the exception of the peculiar pistosauroid Wangosaurus brevirostris, which appears phenotypically much more similar to nothosauroids. This global pattern is mostly driven by craniodental differences and inferred feeding specializations. We also reveal noticeable regional differences among nothosauroids and pachypleurosauroids of which the latter likely experienced a remarkable diversification in the eastern Tethys during the Pelsonian. Our results demonstrate that the high phenotypic plasticity characterizing the evolution of the pelagic plesiosaurians was already present in their Triassic ancestors, casting eosauropterygians as particularly adaptable animals

Modified laminar bone in Ampelosaurus atacis and other titanosaurs (Sauropoda): Implications for life history and physiology

Background: Long bone histology of the most derived Sauropoda, the Titanosauria suggests that titanosaurian long bone histology differs from the uniform bone histology of basal Sauropoda. Here we describe the long bone histology of the titanosaur Ampelosaurus atacis and compare it to that of basal neosauropods and other titanosaurs to clarify if a special titanosaur bone histology exists. Methodology/Principal Findings: Ampelosaurus retains the laminar vascular organization of basal Sauropoda, but throughout most of cortical growth, the scaffolding of the fibrolamellar bone, which usually is laid down as matrix of woven bone, is laid down as parallel-fibered or lamellar bone matrix instead. The remodeling process by secondary osteons is very extensive and overruns the periosteal bone deposition before skeletal maturity is reached. Thus, no EFS is identifiable. Compared to the atypical bone histology of Ampelosaurus, the large titanosaur Alamosaurus shows typical laminar fibrolamellar bone. The titanosaurs Phuwiangosaurus, Lirainosaurus, and Magyarosaurus, although differing in certain features, all show this same low amount or absence of woven bone from the scaffolding of the fibrolamellar bone, indicating a clear reduction in growth rate resulting in a higher bone tissue organization. To describe the peculiar primary cortical bone tissue of Phuwiangosaurus, Ampelosaurus, Lirainosaurus, and Magyarosaurus, we here introduce a new term, "modified laminar bone" (MLB). Conclusions/Significance: Importantly, MLB is as yet not known from extant animals. At least in Lirainosaurus and Magyarosaurus the reduction of growth rate indicated by MLB is coupled with a drastic body size reduction and maybe also a reduction in metabolic rate, interpreted as a result of dwarfing on the European islands during the Late Cretaceous. Phuwiangosaurus and Ampelosaurus both show a similar reduction in growth rate but not in body size, possibly indicating also a reduced metabolic rate. The large titanosaur Alamosaurus, on the other hand, retained the plesiomorphic bone histology of basal neosauropods.Fil: Klein, Nicole. Universitat Bonn; AlemaniaFil: Sander, P. Martin. Universitat Bonn; AlemaniaFil: Stein, koen. Universitat Bonn; AlemaniaFil: Loeuff, L. Jean.. Musée Des Dinosaures; FranciaFil: Carballido, José Luis. Provincia del Chubut. Fundación Egidio Feruglio. Museo Paleontológico ; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Buffetaut, Éric. Centre National de la Recherche Scientifique; Franci

The signalling channel of Central Bank interventions:modelling the Yen/US dollar exchange rate

This paper presents a theoretical framework analysing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions convey signals that communicate information about the exchange rate objectives of the central bank. The model is used to analyse the impact of Japanese FX interventions during the period 1999--2011 on the yen/US dollar dynamics

Sectoral Impacts of Invasive Species in the United States and Approaches to Management

Invasive species have a major effect on many sectors of the U.S. economy and on the well-being of its citizens. Their presence impacts animal and human health, military readiness, urban vegetation and infrastructure, water, energy and transportations systems, and indigenous peoples in the United States (Table 9.1). They alter bio-physical systems and cultural practices and require significant public and private expenditure for control. This chapter provides examples of the impacts to human systems and explains mechanisms of invasive species’ establishment and spread within sectors of the U.S. economy. The chapter is not intended to be comprehensive but rather to provide insight into the range and severity of impacts. Examples provide context for ongoing Federal programs and initiatives and support State and private efforts to prevent the introduction and spread of invasive species and eradicate and control established invasive species