Lean Hog Futures

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Click here to download “Islands in the Sea” for free: www.facebook.com The official video for the debut single from Futures — ‘Start A Fire’. Available now on iTunes itunes.apple.com Exclusive iTunes digital bundle includes: 1. Start A Fire 2. Speed of Light 3. Start a Fire (Quiet) www.facebook.com www.wearefutures.co.uk

Michelle Lamirande of Farms.com Risk Management looks at the latest pork prices and market news. For more information visit www.riskmanagement.farms.com January 31, 2012 Weekly Hog Report

ARE 435 – Marketing Livestock Products
Assignment 1 – Due Tuesday November 02, 2011

Each question is worth 20 points.

1.Determine the difference in gross returns between two pens of fed steers sold either by
a.A grid pricing system, or
b.Live weight basis

Animal / Carcass characteristics
Pen APen B
Live weight12501325
Carcass weight815845
Prime105
Choice7555
Select1535
No roll05
YG12510
YG23525
YG34035
YG4025
YG5010

The following Premium/discounts and prices exist in the market place:
-Live weight price for Pen A is / cwt, while for Pen B it was /cwt
-The base price for a carcass on the Grid pricing system is 0/cwt

CharacteristicPremium/Discount ($/cwt)
Prime+5
Choice+1
Select-5
No roll-15
YG1+ 5
YG2+2
YG30
YG4-15
YG5-20

2.Use the following information to answer the questions below:
On March 10th 2011, a feedlot operator took the long position on the cash market for 80,000 lbs of feeder cattle at .40/lb. The feedlot operator also took the short position of an equivalent amount of July 2011 feeder cattle futures at a price of .00/lb. On June 20th, the feedlot operator took the short position in the cash market for 80,000 lbs of feeder cattle at .60/lb. On June 20th, the feedlot operator also took the long position of an equivalent amount of feeder cattle futures at .20.
a.What is the difference between cash and futures prices? (2 marks)
b.What is the difference between a short and long position? (2 marks)
c.What is a futures contract and what specific information must a futures contract contain? (2 marks)
d.Is the farmer hedging or speculating; explain the difference? Explain what risk he is hedging or speculating against in this question. (4 marks)
e.Work out the details of the speculation transaction/hedge for the farmer. (8marks)
f.Is this a perfect speculation transaction/hedge? Give specific reasons for your answer. (2 marks)

3.Describe three of the major categories of risk that livestock producers face. Outline and explain three specific strategies a producer might use to reduce the occurrence or impact of each of these categories of risks.

4.Track the price for the following commodities on the Floor of the Chicago Mercantile Exchange from 10/18/11 through 10/28/11. Prepare a report of the changes you observe in the ‘basis’ and give suggestions for the price changes you observe.
a.Live Cattle (Dec 11)
b.Lean Hogs (Dec 11)
c.Feeder Cattle (Nov 11)

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I’m 13 and I’m 5’10. I usually play as a shooting guard or a small forward. I cooperate with my team mates and I don’t ball hog. Do I have a future?

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Fabien Riggall, Creative Director and Founder of Future Shorts and Secret Cinema, meets with BBC World Service to respond to David Cameron’s remarks made last week regarding the Film Policy Review (released on Monday, 16 January) and funding for cinema and film production and distribution.

Read the title!

This music and the game it is from belong completely to Sega and Sonic Team, I just extended it, i did not create it.