A BAYESIAN APPROACH TO OPTIMAL CROSS-HEDGING OF COTTONSEED PRODUCTS USING SOYBEAN COMPLEX FUTURES

Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of viable futures markets for cottonseed or cottonseed products. This study examines the feasibility of cross-hedging cottonseed products using soybean complex futures. Bayesian tests for market efficiency are performed on the cash and futures prices. The test results reject the presence of nonstationary roots, leading to the conclusion that the markets are not efficient. Different cross-hedging strategies are designed and analyzed for eight different hedging horizons in order to maximize the expected profit and utility of the crusher. A Bayesian approach is employed to estimate the parameters, which is consistent with expected utility maximization in the presence of estimation risk. The investigation reveals that both whole cottonseed and cottonseed products can be successfully cross-hedged using soybean complex futures. The profitability of cross-hedging cottonseed products depends not only on the appropriate size of the contract but also on the optimal choice of strategy consistent with the time of placing and lifting hedge and the appropriate hedging horizon.Marketing,

CROSS-HEDGING COTTONSEED MEAL

This study examines the feasibility of cross-hedging cottonseed meal with soybean meal futures. The simple linear regression of cottonseed meal cash prices on soybean meal futures provides a direct price movement relationship. Using the estimated hedge-ratios, the net realized prices are calculated for seven different cash markets. The net realized prices exhibit risk efficiency superior to cash pricing. The empirical analyses suggest that soybean meal futures can be used as a potential cross-hedging vehicle for cottonseed meal.Marketing,

CROSS-HEDGING COTTONSEED MEAL

This study examines the feasibility of cross-hedging cottonseed meal with soybean meal futures. The Bayesian tests for market efficiency on the cash and futures price data soundly rejects the presence of nonstationary root. The simple linear regression of cottonseed meal cash prices on soybean meal futures provides a direct price movement relationship. Using the estimated hedge-ratios, the net realized prices are calculated for seven different cash markets. The net realized prices exhibit risk efficiency superior to cash pricing. The empirical analyses suggest that soybean meal futures can be used as a potential cross-hedging vehicle for cottonseed meal.Marketing,

Determination of Gossypol Content in Cottonseed Oil and Cake by HPLC and GC/ms

     This study investigated gossypol content in cottonseed oil and cottonseed cake of Bt cottonseed (Seeni1) and non-Bt cottonseed (Barakat 90, Abdeen, Mixed) in oil and cake by difference methods. Among the all non-Bt cottonseed varieties Barakat (90) had shown higher amount of gossypol content in oil and cake (470 and 467) ppm (890 and 897) ppm by using HPLC and GC/MS respectively. Moreover, Bt cottonseed variety (Seeni1) had shown lower amount of gossypol content using both methods (320 and 326) ppm and (640 and 635) ppm by using HPLC and GC/MS respectively. From the present study, we observed that was no significant difference in gossypol content between Bt cottonseed and non-Bt cottonseed varieties. Bt cottonseed variety has lower amount of gossypol being of more economical importance to farmers having cotton as their cash crop

Effect of autoclave processing and gamma irradiation on apparent ileal amino acids digestibility of cottonseed meal in male broiler breeders

The objective of this study was to investigate the effect of autoclaving and different doses of gamma irradiation on the apparent ileal digestibility of amino acids of cottonseed meal in male broiler breeders. Samples were irradiated in a gamma cell at total doses of 15, 30 and 45 kGy. One package (control) was left at room temperature: Similar to the other treatments, evaporation decreased the moisture content of the samples. Autoclaving of cottonseed meal for 15 min at 121°C was studied. The treatments were: (1) control, untreated cottonseed meal diet; (2) autoclaved cottonseed meal diet; (3) cottonseed meal diet gamma irradiated at a dose of 15 kGy; (4) cottonseed meal diet gamma irradiated at a dose of 30 kGy; (5) cottonseed meal diet gamma irradiated at a dose of 45 kGy. The results show that autoclaving for 15 min at 121°C did not have a statistically significant effect on the apparent ileal digestibility of the amino acids in cottonseed meal when compared with the control treatment. The results also show that gamma irradiation of cottonseed meal were not effective in increasing the apparent digestibility of amino acids. In addition, irradiation of cottonseed meal did not improve the apparent digestibility of amino acids in comparison with the other processing methods only, but also significantly decreased it (p<0.05).Key words: Gamma irradiation, digestibility, amino acid, cottonseed meal, broiler

Child Bondage Continues in Indian Cotton Supply Chain: More than 400,000 Children in India Involved in Hybrid Cottonseed Cultivation

The study was commissioned by OECD Watch, Deutsche Welthungerhilfe (DWHH), India Committee of the Netherlands (ICN), Eine Welt Netz NRW (EWN NRW), and International Labor Rights Forum (ILRF)This document is part of a digital collection provided by the Martin P. Catherwood Library, ILR School, Cornell University, pertaining to the effects of globalization on the workplace worldwide. Special emphasis is placed on labor rights, working conditions, labor market changes, and union organizing.ILRF_ChildBondage_India_2007.pdf: 226 downloads, before Oct. 1, 2020

Mode of Operation and Performance of Contract Farming of Cottonseed in Haryana

The quality of cottonseed matters most for the successful product development. The quality cottonseed production is monitored by the Haryana State Seed Certification Agency in the state. The study has reviewed the prevailing contract cotton farming models; has studied mode of operation of cotton contractual arrangements; has analyzed the production matrix, growth and contributions; and has discerned and quantified variations in intensive structure of public and private seed firms. It has used both primary and secondary data. Appropriate statistical tools, viz. exponential growth model, index, etc., have been used to study the data. All categories of farmers have been brought together under the management of private seed agency for production of cottonseed of a single variety on a large homogeneous block. Contract cotton farming has fully vetted the legal agreements with their growers. The public and private agencies pay incentive price to farmers which is higher than the prevailing market price. Farmers of private agency are free from the intricacies of input and output markets, receive all technology and technical know-how and have facilities for production and consumption loans, whereas farmers of public agency are trailed far behind in terms of these benefits. Private agency has flourished at the expanse of public agency since contract cotton is incentivised by private contractors under flexible and farmerfriendly production regime. The latest production technology, strong capital and management base of private seed agency have left the public agency behind in the competitive race. The study has concluded that favourable changes in socio-economic and legal framework of government policies have to be encouraged for the active participation of private sector in cottonseed business and contract cottonseed farming has emerged as a viable alternative farming in the post-WTO regime.Crop Production/Industries, Farm Management,

Improvement value of forest resources by use of cottonseed protein meal as a bio-based wood adhesive for hardwood plywood products

Literature shows that production of cottonseed adhesives is feasible to develop an environmentally friendly and competitive bio-based wood adhesive. Defatted cottonseed and water-washed cottonseed meals were prepared from glandless cottonseed and were used in adhesive formulations to produce three-ply yellow poplar (Liriodendron tulipifera) plywood panels as the first objective. These two cottonseed meals were compared with the properties of plywood panels made with an adhesive formulated from a commercial soybean meal, as a control. Adhesive resins were prepared from each protein meal with sodium metabisulfite (Na2S2O5) and one of two polyamido-amine-epichlorohydrin (PAE) wet strength agents, and the plywood panels were produced by hot pressing for 7, 8.5 and 10 minutes at 135°C with a constant pressure of 1.241 MPa. Panels prepared from three protein meals had comparable shear strengths. The combinations of the two cottonseed preparations and the two wet strength agents produced panels with acceptable wet resistant properties, whereas the soybean meal only produced acceptable panels with one of the wet strength agents. Because the panels prepared from the two cottonseed meals had comparable properties, there appears to be no benefit to including a water-washing step to increase the meal’s protein level. The second objective of this research was to reduce the hot press time and develop cottonseed meals into adhesives to become comparable to commercial soybean-based adhesives. New cottonseed, water-washed cottonseed, and commercial in-house soybean meals were separately prepared with deionized water, sodium metabisulfite, and PAE to produce three-ply yellow poplar plywood panels. The panels were hot pressed for 4, 5, and 6 minutes at 135°C with a constant pressure of 1.241 MPa. Panels prepared from the three meals and commercial soybean plywood panels had comparable mechanical shear strengths and water resistance properties. Results indicated that press time, meal types, and interactions were statistically significant. Shear strength results indicate that cottonseed could be used alternatively to soybean. The new cottonseed panels were more resistant to delamination than soybean. The cottonseed meals showed great promise for applicability as a formaldehyde-free, bio-based, and environmentally friendly hardwood plywood wood-based adhesives product for use in interior type applications