RISK MANAGEMENT THROUGH ALTERNATIVE PRODUCTION PRACTICES AND MANAGEMENT STRATEGIES: DISCUSSION

Farm Management, Risk and Uncertainty,

Cotton Futures Dynamics: Structural Change, Index Traders and the Returns to Storage

The commodity bull cycle of 2006-2008 and subsequent dramatic price decline have been a source of hardship for traditional commodity market participants such as producers and merchant/shippers. The usefulness of futures markets has been called into question, especially given that some market movements did not appear to be justified by economic fundamentals. An emerging research literature examines the possible influence of futures traders, and particularly the non-traditional Index Traders, on the well-functioning of futures markets and underlying commodity markets. Cotton is a relatively under-studied commodity that is of particular importance for producers in the South and Southwest. To this end, this paper asks the following questions: (1) What role have (primarily long-only) Index Traders played, if we simultaneously account for important ongoing changes in cotton economic fundamentals? (2) Have seasonal and long-run patterns of convenience yield and price volatility changed during or since the commodity bull cycle? (3) How well do the data support a theory of storage model using the concept of convenience yield, and has the relationship changed with the commodity bull cycle? The results presented in this paper suggest that traditional, well-established economic relationships for cotton futures markets clearly have been disrupted during the period 2006- 2009. However, we find no direct evidence to support the claim that Index Traders are responsible for changes in prices or volatility.Cotton, futures markets, theory of storage, convenience yield, Index Traders, Agribusiness, Agricultural Finance, Crop Production/Industries, Demand and Price Analysis, Farm Management, Financial Economics, Marketing, Research Methods/ Statistical Methods, Risk and Uncertainty,

IMPACT OF NEW FARM BILL PROVISIONS ON OPTIMAL RESOURCE ALLOCATION ON HIGHLY ERODIBLE SOILS

The study focuses on incentives to produce crops under reduced tillage systems on highly erodible soils. A mixed integer, mathematical programming model was developed to identify optimal resource use under alternative farm program provisions. A positive counter cyclical payment only reinforces the incentive to comply with NRCS soil erosion constrains.Crop Production/Industries,

Simulation of Alternative Marketing Strategies for U.S. Cotton

Three marketing strategies (selling a put option, cash sale at harvest, and cash sale in June) are simulated based on historical values and ranked based on certainty equivalents for a representative irrigated and dryland cotton farm Scenario analysis is also used to compare varying yield values.Simulation, Marketing, Cotton, Risk, Marketing, Research Methods/ Statistical Methods,

EDDY CURRENT DETECTION OF Al-Si PENETRATIONS IN CANNED SLUGS

An instrument for detecting Al-Si alloy penetrations in the Al jacket of fuel slugs is described. The instrument is of the eddy current type, and the sensing element is a small probe that does not touch the specimen under inspection. Al-Si inclusions 0.020 in. in diameter that penetrate to within 0.005 in. of the can surface can be detected. The response of the circuits is such that a slug 8 in. long can be scanned in 45 sec. (auth

The WTO Cotton Case and US Domestic Policy

Crop Production/Industries, International Relations/Trade,

Mitigating Cotton Revenue Risk Through Irrigation, Insurance, and Hedging

This study focuses on managing cotton production and marketing risks using combinations of irrigation levels, put options (as price insurance), and crop insurance. Stochastic cotton yields and prices are used to simulate a whole-farm financial statement for a 1,000 acre furrow irrigated cotton farm in the Texas Lower Rio Grande Valley under 16 combinations of risk management strategies. Analyses for risk-averse decision makers indicate that multiple irrigations are preferred. The benefits to purchasing put options increase with yields, as they are more beneficial when higher yields are expected from applying more irrigation applications. Crop insurance is strongly preferred at lower irrigation levels.cotton, crop insurance, irrigation, options, puts, risk, simulation, stochastic efficiency with respect to a function, Farm Management, Risk and Uncertainty, D81, Q12, Q15,

Neutron depolarization studies of Pd-Ni-Fe-P alloy

Bulk metallic glasses based on the quaternary alloy Pd-Ni-Fe-P exhibit interesting phase behavior depending on temperature and applied magnetic field. Previous work has suggested that a range of magnetic phases including paramagnetic, superparamagnetic, ferromagnetic and spin glass can be observed in this system. We have applied one dimensional neutron depolarization to explore the correlation of magnetic moments in Pd40Ni22.5Fe17.5P20 alloy as a function of temperature and applied magnetic field. The results provided evidence for correlation lengths of ~ 200 Å. The nature of the correlations and the formation mechanism of the induced ferromagnetic phase are discusse

X-ray measurement of residual stresses in laser surface melted Ti-6Al-4V alloy

In this paper, we report on the residual stresses in laser surface melted Ti-6Al-4V, determined using X-ray diffraction methods. The principal result is that there is an increase in the transverse residual stress with each successive, overlapping laser track. The result can be used to explain the observation of crack formation in overlapping tracks but not necessarily in single tracks produced under identical processing conditions.

Design, synthesis and characterization of linear unnatural amino acids for skin moisturization

Objectives This work aimed to design, synthesize and characterize replacement natural moisturizing factor (NMF) composed of modified hygroscopic linear amino acids to pre-empt or repair skin barrier dysfunction. Methods Following synthesis and characterization, thermo-gravimetric analysis and quantum mechanics molecular modelling quantified and depicted water binding to the new compounds. Deliquescence relative humidity demonstrated the water-scavenging ability of the compounds, whereas snake skin moisturizing studies showed they increased water uptake into snake skin. Results From thermal analysis, N-hydroxyglycine showed greatest water-holding capacity followed by N-hydroxyserine, l-homoserine and α-hydroxyglycine; coupled with quantum mechanics molecular modelling, between 8 and 12 molecules of water could associate with each molecule of either N-hydroxyglycine, N-hydroxyserine or l-homoserine. All of our modified amino acids were efficacious and induced similar or greater water uptake compared with the established moisturizing compounds hyaluronic acid, glycerine and urea in snake skin. Incorporated at 10% in Oilatum, N-hydroxyserine induced >200% greater moisture uptake into dry snake skin compared to treatment with water alone, with efficacy related to the molecule structure and ability to bind to 12 water molecules. Oilatum cream spiked with all our unnatural amino acid hydrotropes increased water uptake into snake skin compared with Oilatum alone. The compound series was designed to elucidate some structure – efficacy relationships. Amino acid chirality did not affect the water-holding capacity but did affect uptake into skin. Compounds with high melting points and bond energies tended to decrease water-holding capacity. With isosteric replacement, the more electronegative atoms gave greater water-holding capacities. Conclusions This work demonstrates the potential of unnatural amino acid hydrotropes as skin moisturizers and has developed some predictive ‘rules’ for further design and refinement of chemical structures