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Breakout Sessions
market risk,
government commodity programs, crop insurance … crop insurance and public policy. Art was 1 of 30 people … measuring basis risk for commodity grains, understanding the …
September 22, 2011
1997 2000 2003 2006 2009 2012
Percent
I-N-07
09/13/11Livestock … of 800 lb steer
March 1, 2012 is $137.37/cwt
• … 26,154 -0.6
2012
I 7,934 -4.6 …
June 28, 2018
Hedging & Options
INTRODUCTION
The CME Live Cattle Futures Contract has been an important risk management tool available to
the cattle and beef industry for more than 50 years. The magnitude of capital at risk in the
industry together with elevated market volatility present today makes having a viable live cattle
futures market of immense importance in price risk management. The viability of this market
hinges on how effectively its use mitigates fed cattle price risk for hedgers.
The performance of the live cattle futures market rests heavily on contract specifications. One
debated contract specification in live cattle futures is physical delivery as a way to settle the
obligation of a short position in the market. The delivery option is the main way cash and
futures prices for delivery settled contracts can be aligned in the delivery period near contract
expiration. Convergence of cash and futures in the current contract is conditioned on delivery
potential. However, a variety of concerns surround live cattle futures contract delivery. The
magnitude of concerns prompted industry and CME Group discussions to consider eliminating
delivery in live cattle futures and switch to a cash settled contract.2 Though certainly not new,
as switching the contract to cash settlement was considered in the mid‐1990s,3,4 the debate has
elevated again in recent years.
NCBA has an established policy position supporting physical delivery settlement of the live
cattle futures contract.5 However, concerns surrounding delivery need to be carefully assessed
and evaluated to potentially improve this component of the live cattle futures contract. This
project was designed to identify and document concerns with current delivery and to provide
practical guidance to NCBA as they consider alternative physical delivery mechanisms in the live
cattle futures market.
The range of sentiments of cattle market participants we interviewed for this study ranged
from those who thought the contract worked very well to those who see the contract and
physical delivery as outdated and inconsistent with the modern live cattle industry.
…
June 28, 2017
KFMA Research
Income
8
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Exp
ens
e … Ratio
8
$0
$100,000
$200,000
$300,000
$400,000
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$600,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 …
August 19, 2011
of 800 lb steer
March 1, 2012 is $134.11/cwt
• What … 1.4 774.7 0.9 26,155 -0.6
2012
I 7,894 -5.1 780.5 1.2 6,161 … 110-113 16.8 131-134 142-147
2012
I 114-119 5.8 126-132 139-146
II …
August 18, 2011
of 800 lb steer
March 1, 2012 is $134.11/cwt
• What … 1.4 774.7 0.9 26,155 -0.6
2012
I 7,894 -5.1 780.5 1.2 6,161 … 110-113 16.8 131-134 142-147
2012
I 114-119 5.8 126-132 139-146
II …
March 15, 2011
for 700 lb steer
in March 2012: $133
Kevin Dhuyvetter’s … 25,923 -1.5
2012
I 7,928 … 104-108 11.0 123-129 136-144
2012
I 107-113 3.8 121-130 135-146
II …
March 5, 2018
Grain Marketing Presentations
impact of China
Grain Stocks policies on
World grain markets!!
“Total” … Flinchbaugh told the Kansas Commodity Classic thqt we are in times … Me
tric
To
ns
2010/11 2011/12 2012/13 2013/142014/15 2015/16 …
September 30, 2016
Wind Energy Leases
as a veteran in any of its policies, practices or procedures …
February 27, 2023
macroeconomic situation and commodity demand
Agricultural Economics
Longer-Term … macroeconomic situation and commodity demand
3. U.S. is blessed … 36/head, +27%
2011 = $83
2012 = $88
2013 = $90
2014 …