• TABLE OF CONTENTS
HIDE
 Front Cover
 Abstract
 Table of Contents
 List of Tables
 List of Figures
 Definition of terms
 Introduction
 Feeder cattle basis
 Contract specifications
 Methodology
 Interpretation of results
 Summary and conclusions
 Appendix
 Reference














Group Title: Economics report - University of Florida Food and Resource Economics Dept. ; 9
Title: Structure of the Okeechobee, Florida feeder cattle basis, January 1972- July 1979
CITATION THUMBNAILS PAGE IMAGE ZOOMABLE
Full Citation
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Permanent Link: http://ufdc.ufl.edu/UF00027551/00001
 Material Information
Title: Structure of the Okeechobee, Florida feeder cattle basis, January 1972- July 1979
Series Title: Economics report - University of Florida Food and Resource Economics Dept. ; 98
Physical Description: Book
Language: English
Creator: Simpson, James R.
Ward, Ronald W.
Bired, Tesfaye
Publisher: University of Florida Agricultural Experiment Station
Publication Date: 1980
 Record Information
Bibliographic ID: UF00027551
Volume ID: VID00001
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 7341082

Table of Contents
    Front Cover
        Front Cover
    Abstract
        Page i
    Table of Contents
        Page ii
    List of Tables
        Page iii
    List of Figures
        Page iv
    Definition of terms
        Page v
    Introduction
        Page 1
    Feeder cattle basis
        Page 2
    Contract specifications
        Page 3
    Methodology
        Page 3
        Page 4
        Page 5
    Interpretation of results
        Page 6
    Summary and conclusions
        Page 7
        Page 8
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
        Page 16
        Page 17
        Page 18
        Page 19
        Page 20
        Page 21
        Page 22
        Page 23
        Page 24
        Page 25
        Page 26
        Page 27
        Page 28
        Page 29
    Appendix
        Appendix
        Page 30
        Page 31
    Reference
        Page 32
Full Text
June 1980
s


Economics Report 9


Structure of the Okeechobee,


Florida Feeder Cattle


January 1


972


Basis,


- July 1979


N\


Food and Resource Economics Department
Agricultural Experiment Stations
Institute of Food and Agricultural Sciences
University of Florida, Gainesville 32811


James R. Simpso
Ronald W. War


Tesfaye Bired


C












ABSTRACT


This report contains an examination of the Okeechobee, Florida feed-
der cattle basis for the period 1972-1979. Basis tables and graphs are
presented for three weight groups of Florida Choice and Good grade feed-
er steers; 200-300 lbs, 300-400 Ibs and 400-500 Ibs. In addition the
basis for Good 400-500 lb feeder heifers is presented.

Examination of the data indicates that the widest basis variations
have taken place in the lightest weight animals. In addition, there is a
very definite seasonal variation with the widest basis in May and the
least in December.

The report concentrates on basis patterns, but also contains an
explanation of basis as it relates to cattle producers and definitions
of terms.

Key words: cattle basis, feeder basis, basis, hedging, Florida,
futures market, cattle futures.












TABLE OF CONTENTS



Page


ABSTRACT . . . . . . . .

TABLE OF CONTENTS. . . . . . ii

LIST OF TABLES . . . . .... iii

LIST OF FIGURES. . . . ..... . .. iv

DEFINITION OF TERMS . . . . . v

FEEDER CATTLE BASIS . . . . . 2

CONTRACT SPECIFICATIONS. . . . . . 3

METHODOLOGY. . . . . . . . 3

Basis tables and charts . . . . . 4

INTERPRETATION OF RESULTS . . . . . 6

SUMMARY AND CONCLUSIONS . . . . .. . 7

APPENDIX A-1 A-9--REVISED FEEDER CATTLE CONTRACT SPECIFICATIONS. 30
REFERENCES . . . . . . .. 32


















ii





LIST OF TABLES


Table Page

1 Average basis, Choice feeder steers, 200-300 Ibs.,
Okeechobee, Florida 1972-1979 .. . . . 9

2 Average basis, Choice feeder steers, 300-400 Ibs.,
Okeechobee, Florida 1972-1979. . . . .. 10

3 Average basis, Choice feeder steers, 400-500 Ibs.,
Okeechobee, Florida 1972-1979 .. . . . 11

4 Average basis, Good feeder steers, 200-300 lbs.,
Okeechobee, Florida 1972-1979 .. . . ... 12

5 Average basis, Good feeder steers, 300-400 Ibs.,
Okeechobee, Florida 1972-1979. . . . . 13

6 Average basis, Good feeder steers, 400-500 lbs.,
Okeechobee, Florida 1972-1979. . . . .. 14

7 Average basis, Good feeder heifers, 400-500 Ibs.,
Okeechobee, Florida 1972-1979. . . .... 15

8 Approximate relationship between week number and month
and week within the month. .. . ... . .. 16

9 Weekly basis, seven classes of cattle, Okeechobee, Florida,
January 7, 1972 to July 20, 1979. . .. .. .17




LIST OF FIGURES



Figure Page
1 Basis, Choice feeder steers, 200-300 lbs.,
Okeechobee, Florida 1972-1979. ....... . 23

2 Basis, Choice feeder steers, 300-400 Ibs., 24
Okeechobee, Florida 1972-1979. . .. .. . .

3 Basis, Choice feeder steers, 400-500 Ibs.,
Okeechobee, Florida 1972-1979. . ... . 25

4 Basis, good feeder steers, 200-300 Ibs.,
Okeechobee, Florida 1972-1979. . ... .. 26

5 Basis, Good feeder steers, 300-400 Ibs.,
Okeechobee, Florida 1972-1979. . . . ... 27

6 Basis, Good feeder steers, 400-500 lbs.,
Okeechobee, Florida 1972-1979. . ... . 28

7 Basis, Choice feeder heifers, 400-500 Ibs.,
Okeechobee, Florida 1972-1979 . . . 29






DEFINITION OF TERMS


Closing Basis--The difference between futures prices and local cash

prices on the day of sale.

Buying a contract--Cattle producers buy contracts back to offset or
liquidate their hedged position (short hedge position)

in the futures market. They then sell their cattle

in the local cash market.

Cash market--Also called the spot market, it is for sale of goods for

cash and immediate delivery.

Cash prices--Prices quoted on the cash or spot market.

Feeder cattle futures--Refers to a contract or price for feeder cattle
weighing between 575 and 700 pounds.

Basis--The spread or difference between the spot or "cash price and the

price of the near future. Basis may also be used to designate

price differentials between "cash and more distant futures, as

well as different locations as specified.

Futures market--An organized exchange market in which contracts whose

fulfillment by delivery of goods is not required until

a specified time in the future.

Futures prices--Prices quoted on the futures market.

Hedging--Briefly stated, hedging is the sale of futures against the

physical commodity or its equivalent, as protection against a

price decline; or the purchase of futures against forward sales

or anticipated requirements of the physical commodity, as

protection against a price advance.










STRUCTURE OF THE OKEECHOBEE, FLORIDA FEEDER

CATTLE BASIS, JANUARY 1972-July 1979


James R. Simpson, Ronald W. Ward and Tesfaye Bireda




Price movements are a major factor leading to success or failure in

feeder cattle operations. Producers not protected against adverse price

movements must be in a financial position to withstand considerable losses

and, as a consequence, a number of marketing schemes, of which futures
trading is one such marketing tool, have been devised to reduce the price

risk inherent in the cattle market. Recent studies by Ward show that

Florida feeder cattle producers can make use of the feeder cattle futures

contract if adequate planning and hedging programs are followed [6,7].
Price movements in the cash market are crucial to producers not hedg-

ing their cattle, whereas it is the relative movements in both the futures

and cash prices (i.e.the futures "basis") which become the focal point for

cattlemen who are actively using futures markets for "hedging. The basis

reflects changes in the difference between futures and local cash prices

and, as such, it is extremely important over the cattle production period

as a determining factor influencing hedging returns [1].



JAMES R. SIMPSON is associate professor and Extension Livestock Market-
ing Economist in the Food and Resource Economics Department, RONALD W. WARD
is professor in the Food and Resource Economics Department and TESFAYE BIREDA
is a former graduate student of the Department.




2


If the basis narrows from what the hedger expected when the hed-

ge (selling contracts or "short hedging") was placed until the contract is

closed or liquidated, the cattle producer would have benefited from such

favorable basis narrowing. But, a widening of the basis works to the disad-

vantage of short hedgers. Consequently, understanding the feeder cattle

basis :is central to any successful hedging program [4].

The subsequent analysis is not intended to provide a detailed discus-

sion of hedging. Rather, an analysis of basis patterns are presented which

Florida cattlemen can use to develop successful hedging oroqrams. As such,

the following analysis presents: (1) further explanation of "basis" as it

relates to cattle producers; (2) basis analysis giving tables and charts

using Okeechobee feeder cattle prices from January 1972 through August 1979;

and (3) references and analysis to assist with hedging planning.

FEEDER CATTLE BASIS

The basis for cattle is defined as the difference between futures and

local cash prices on the day of sale. The relevant basis is not the dif-

ference between cash and futures when the hedge or contract is initiated,

but on the day the hedge or contract is expected to be liquidated. Although

there are several different concepts to basis, the term, when applied to

live cattle and feeder cattle futures, refers to the difference between fu-

tures price and the local cash price received for the livestock.

The basis usually differs among producers because of differences in

quality, weight and sex of their cattle [6]. These factors would, of course,
lead to differences in cash prices and thus variations in the basis. Further-

more, the basis depends on location and seasonality, and may be influenced by

rising or falling cattle prices.







CONTRACT SPECIFICATIONS


Feeder cattle contract specifications in effect during the period ana-

lyzed by this report called for delivery of 42,000 pounds of mostly Choice

feeder steers weighing 550-650 pounds (54 to 76 head). An allowance was

made for heavier feeder cattle, with a discount of 1-1/2 cents per pound for

every pound over 650 pounds, up to 800 pounds. In other words, the feeder

cattle futures contract called for mostly Choice, 600 pound feeder steers;

animals which are considerably heavier than the type of animal sold by most

Florida ranchers. In fact, the contract is written for yearlings rather than

weaned calves. The specifications for feeder cattle grades were changed in

September 1979, and, consequently, a new set of contract specifications ef-

fective March, 1980 has been adopted to conform with the new grades. The

new standards are included as Appendix I.

METHODOLOGY

Futures price data were obtained from The Yearbook of the Chicago

Mercantile Exchange (CME) for the years 1972-1978 and daily reports for 1979

[2]. The daily closing quote is from Monday with the date shown in the ac-

companying tables being the following Saturday, i.e.,the end of that week.

The Okeechobee cash prices for the corresponding period were obtained from

the Florida Livestock Market Report published weekly in Winter Park by the

Florida Department of Agriculture and Consumer Services in conjunction with

the Federal-State Market News Service. The data shown are from the Tuesday

market but are recorded as a Friday date to conform with the Report's release

time. The cash prices are subject to limitations of Market News Service da-

ta. For example, the prices are simple averages of the market rather than

being weighted by market volumes.







CONTRACT SPECIFICATIONS


Feeder cattle contract specifications in effect during the period ana-

lyzed by this report called for delivery of 42,000 pounds of mostly Choice

feeder steers weighing 550-650 pounds (54 to 76 head). An allowance was

made for heavier feeder cattle, with a discount of 1-1/2 cents per pound for

every pound over 650 pounds, up to 800 pounds. In other words, the feeder

cattle futures contract called for mostly Choice, 600 pound feeder steers;

animals which are considerably heavier than the type of animal sold by most

Florida ranchers. In fact, the contract is written for yearlings rather than

weaned calves. The specifications for feeder cattle grades were changed in

September 1979, and, consequently, a new set of contract specifications ef-

fective March, 1980 has been adopted to conform with the new grades. The

new standards are included as Appendix I.

METHODOLOGY

Futures price data were obtained from The Yearbook of the Chicago

Mercantile Exchange (CME) for the years 1972-1978 and daily reports for 1979

[2]. The daily closing quote is from Monday with the date shown in the ac-

companying tables being the following Saturday, i.e.,the end of that week.

The Okeechobee cash prices for the corresponding period were obtained from

the Florida Livestock Market Report published weekly in Winter Park by the

Florida Department of Agriculture and Consumer Services in conjunction with

the Federal-State Market News Service. The data shown are from the Tuesday

market but are recorded as a Friday date to conform with the Report's release

time. The cash prices are subject to limitations of Market News Service da-

ta. For example, the prices are simple averages of the market rather than

being weighted by market volumes.







Cash prices are subtracted from futures prices to calculate the basis,

i.e. B= F-C. Thus, a positive basis means that the futures price is above

the particular cash price. Also, the basis reported is tied to the nearby

contract, i.e., the closest contract just ahead of the date being analyzed.

[3].
Judgment is required in determining the time to change from one con-

tract to the next one. Our approach is switching beginning the first day

when the contract month changes even though the contracts are traded through

the 20th or the last business day preceding the 20th. For example, the

March contract is traded until the 20th of March at the CME, but our basis

is shifted to the April contract as of March 1st. Contract months are Janu-

ary, March, April, May, August, September, October and November.

Basis Tables and Charts

Basis tables are presented (Tables 1-7 pages 9-22) for the following

classes and weights of cattle:

200-300 lb. Choice feeder steers

300-400 lb. Choice feeder steers

400-500 lb. Choice feeder steers

200-300 lb. Good feeder steers

300-400 lb. Good feeder steers

400-500 lb. Good feeder steers

400-500 lb. Good feeder heifers

The basis is presented for three different periods due to the substan-

tial price increase which took place during 1973. There are no auction

market sales the last week of December, so basis figures are only given for

51 weeks (column one). The second column in the tables is the average over

the period January 7, 1972 through July 20, 1979. Examination of Table 1,







for example, shows the basis was -1.0767 for the first week of January.

This means the average cash price for 200-300 lb. Choice feeder steers at

Okeechobee over the eight years included in the analysis was $1.08 above

the futures quote for that week. It is important to note again that the

basis formula is B = F-C and that the futures price reflects heavier ani-

mals than those reported with the cash price. Table 1, for example,is for

200-300 lb. animals.

The standard deviation for the overall average basis is presented in

the third column. The number 4.4544 for the first week (Table 1) means

that approximately 68 percent of the measurements lie $4.45 above or below

the average basis of $-1.08. In other words, 68 percent of the time the

basis would fall between $+3.37 and $-5.53.

The average basis from January 7, 1972 to January 6, 1978 is given in the

fourth column while the average for May 26, 1978 through July 20, 1979 is

given in the last column. The approximate relationship between week number

and month, and weeks within the month, is given in Table 8.
Charts for the various tables are presented in Figures 1 through 7

(pages 23-29). The solid line shows the entire period January 7, 1972 through

July 20, 1979. Some care must be observed in interpretation as the scale

on the vertical axis changes by the different weight classes. For example,

in the 200-300 lb. Choice steers it runs from $20.00 to minus $100.00 while

in the 400-500 weight class the range is only from $10 to minus $30.00. The

graphs do reveal a fluctuation of about $25 in the 200-300 lb. weight class

while the 400-500 lb. steers only fluctuate about $7.50. Once again, the

positive numbers mean the futures price was greater than the Florida price.

Conversely, negative figures mean the Florida cash price was higher than
the futures price.

The actual weekly basis information for the seven groups of cattle by







week is presented in Table 9. The key to the column headings is given at

the end of the table. For example, BCHFS2 means that column includes the

basis for Choice feeder steers, 200-300 lbs. The number"-6.03" at the top

of the column means that the cash price in Okeechobee was $6.03 higher than

the futures quote for the week of January 7, 1972.

INTERPRETATION OF RESULTS

A seasonality effect is apparent in all the figures with the low

points on the graphs, in other words the periods when there is the widest

spread between futures and Florida prices, taking place in weeks 17-22,

which corresponds to the period from the middle of April through May. The

narrowest basis is in November and December. One probable reason for the

greater spread between cash prices and futures (cash prices became higher

relative to futures) in the April-May period is that there is a strong de-

mand for Florida calves at that time. This hypothesis is borne out by the

evaluation of livestock marketing statistics which show this as one of the

highest periods in terms of cattle shipped out of the State. This is large-

ly due to cattle coming off winter pastures at this time.

As can be observed from the graphs, there is considerable difference

in the basis for the three different time periods. This is because cattle

prices began rising rather rapidly after mid-1977 with'spectacular rises

made from January through April, 1978. The basis during this period is er-

ratic and unreliable, and consequently has not been included in the two

separate analyses apart from the whole period which were made; January 7,

1972 to January 6, 1978, and May 6, 1978 to July 20, 1979. The basis for

the earlier period almost completely follows the long term average, but is

closer to the "overall" average since the unusual later period is not in-

cluded.







The basis for the last period analyzed, May 6, 1978 to July 20, 1979,

reflects the market instability from the rapid price increases. These price

rises were over by mid-year and, as shown in the graphs, the basis also set-

tled down, although there was still considerable variation from the long

term averages. The difference ranges from about $10-$20 higher for the 200-

300 lb. Choice steers to $2-$5 on the 400-500 lb. steers. Part of this dif-

ferential is made up by increased transportation and other marketing costs.


SUMMARY AND CONCLUSIONS


Basis tables and graphs have been presented for three weight groups of

Florida Choice and Good grade feeder steers; 200-300 lbs, 300-400 Ibs and

400-500 lbs i.e., the weight ranges usually sold by Florida cow/calf opera-

tors. In addition, the basis for 400-500 lb. Good feeder heifers is presented.

Examination of the data indicates that the widest basis variations have taken

place in the lightest weight animals.

The extremely wide variations in basis provide ample evidence that "a"

basis for the different weights and classes, even on a monthly basis is not

possible. However, at this date a technique is being completed by Ward

which will permit forecasting the basis. Results of this work are forthcom-

ing. In the meantime, cattle producers wishing to hedge animals of the type

described in this report are urged to do so with caution.

Florida cattlemen will be faced with several factors that will influence

the basis over the next several years. One is inflation, a variable that

will cause the basis to widen as transportation and other marketing costs

increase. Another is the change in feeder grade standards which were initi-

ated in September 1979. Although the new Medium number 1 is roughly equiv-

alent to the previous "Choice" grade, and Medium number 2 is approximately

equivalent to the previous "Good" grade, care should be taken in relating




8

these grades.

A third factor affecting basis calculations has been the very high

price levels prevailing since 1978. An equivalent percentage change at

these high prices means larger dollar amount changes which will likely

bring about even more variability in the basis than has been observed

historically. Consequently, although the first half of the 1980's will

provide unique opportunities for hedging, cattlemen should be especially

careful in their programs as swings in the basis can turn a good hedge

into a loser.










Table l.--Average basis, Choice feeder steers, 200-300 Ibs.,
Okeechobee, Florida,1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week' Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

-------------------Dollars per cwt. --------------------


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
?2
23
24
P25
?.6
27
?8
P.9
30
31
32
13
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53


-1.077
-10.605
-6 114
-4.290
-13.836
-7.075
-12*750
-15.064
14.325
-11.129
-1 1.840
-19.757
-11.600
-11.,385
-6. 956
-16.2.32
16.326
-16.529
-15.782
181 00
-13.904
17.994
-13*004
-14.495
-14.040
-12.231
6.190
-18.383
-21.654
--18.075
-8.080
-13.096
-12.166
-7.655
-9.297
-10.495
-7.076
-6.875
-5.629
-6,354
-10.700
-10.585
--6402
-8.0?5
-4.508
-3*580
-1.616
-4.588
0.487
0.083
-2.088
*


4.4544
16.1029
17.2961
1 0.2411
21.1766
8.0792
19. 3752
25. 0878
23.9714
11.8502
12.5I23
20.8045
1 4.092
12*.3219
12.4121
26.3167
27,2871
27.4150
24.7089
24.5348
20 1668
25.0328
20.9899
22.2709
25.6383
22. 0174
6,3047
25.8338
22.0451
10.9670
14.5235
14.1623
12.1007
14.0183
12.3069
15.6401
14.3123
13.4440
12.5334
15.8978
9.7743
12. 7353
10.2244
11.1514
11 6992
11.0311
14.4356
12.1965
14.6346
14.2535
13.9394


-33.900
-40.200

-57.150

-55.600
-66.250
-65.900


-58.000



-73.000
-75.500
- 7.000
-',"o. 300
-4 6.500
- ;'4. 765
-4 3.950
-0.850
-40. 100
-39.725
-38.600

-46.550
-42.175
-22.600

-31.000
-21 .0O
-24.100
-22.900
-27.150
-23.300
-24.500
-25.500
-1 7 100
-19.050
-18.800

-9.550
-15.900
-13.750
-19.200

-18.850
-23.150
-18.700

*


-1.077
-5.946
1.140
-3*398
-5.930
-6.360
-4.79 2
-6.533
-5.358
-10.065
-10,575
-10.370
-9.560
-9.962
-4.952.
-5.743
-5.455
-6.172
-6.554
-8.633
-6.9";0
-7,679
-6.697
-5.960
-3.766
-3.442
6. 190
-4.300
-11.394
-16.567
-8.080
-9.515
-9.945
-4.366
-6.576
-4.943
-4.373
-3.938
-2.317
-4,563
-8 613
-8.5*31
-6.402
-7.517
-2.230
-1.546
2.780
-4.588
6,933
4. 730
3.450




10





Table 2.--Average basis, Choice feeder steers, 300-400 lbs.,
Okeechobee, Florida,1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

---.--.---------- Dollars per cwt.---------------------


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
?5
26
27
28
29
30
31
3?
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53


1.340
-0.269
-2.163
0.896
-3.769
1.036
-4.156
-5.243
-6. 028
-7 043
-4.600
-6.456
-3.046
-2. 873
-3.938
-6.966
-8.733
-8. 091
-7.266
-11.100
-7 68 S
-S9007
-4.219
-5.089
-5.790
-3.794
6.023
-6.144
-6,496
-3. 2z0
0. 121
-2 850
-0.951
0. 324
1 764
0 054
-0.951
0.357
1 *461
0.467
0.075
-0.539
1.932
3.268>
2*086
3.149
4.803
5.653
1.270
2.375
3.575


3. 6039
7.9194
9.6676
6.3339
11,4316
6.7974
12.1441
15 0576
15. 1323
14.5192
8.9681
11.2084
11.2368
8.7915
9. 4012
15.9058
17.3249
18.2075
1 6.3276
21 .4688
15.9q?57
16.6423
12. 1785
11.8013
15.7056
13.9849
3.7672
13.1731
12.9830
8.5210
8.2939
946415
7.4638
7.7241
8.6769
8.2690
8.3176
7.1016
5.5948
8.4107
7*6060
8.0060
7.8992
7.01 59
8.0909
7.3057
9.0840
7.8551
7.6695
8.2480
8.8425
8* 4


-1 2930
-2 1.700

-26.650

-30.600
-36.250
-30.900
-35.650

-25.500


-37.500
-12.500
-48.500
- 19,300
- 5. 250
-26. ?765
-25.450
-22.350
-t 9.600
-21.225
-20.350

-23.800
-22.925
-13.850

-16.500
-9.050
-8.500
-7.900
-10 .150
-7.050
-H.250
- 3.500
-6.600
-3.050
-9.050

2.450
-1.900
-3.750
-7.700
0* 0
-6 5F50
-10.150
-7,700


1. 34-00

1 ,7417
2.0292
0.6750
2.3583
1 0000
-0.0 750
-0.33/5
-2.0900
-4.1500
-2,2417
-1.1708
-1.1850-
-2.4725
-0.7217
-2.3300
-1.5flAR
-1 2000
-3.0500
--1 .3?0
-2.4300
-1 .1967
-0,2517
0.3840
1.7250
6.0233
-0.2583
0.0750
-1 ,4375
0 1208
-0,5750
0 3992
1.8117
*3 3742
2.6050
0,0650
1.7917
2.2875
1.6450
0.5958
0.8792
1.*9317
3.4042
2.7500
4.2992
7.3040
5.6533
2, 8940
4. 800
6.3937


------~









Table 3.--Average basis, Choice feeder steers, 400-500 Ibs.,
Okeechobee, Florida, 1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

-------------------- Dollars per cwt. --------------


I
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
?23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53


1.5350
3.2493
1.7594
3.0214
0.5281
3.9464
0.2812
1.1500
-0.5125
0.4607
2. 071
1.0250
0.2393
1.4486
1.6317
-0.7631
-1.9669
-1 .71 63
-? .67 25
-1 I 14
- 1 A 4
-1 46fQ
1.2237
0,3175
1.8171
0. 1906
7.9*933
-1.1438
-0.8357
0.6300
3.7250
2.2750
3. 1386
3.5029
4.8350
2.6783
1.7450
4.0000
4.0286
5.5386
3.7536
3.6929
4.8483
4.8929
5.9964
5.9529
6.6367
6.4658
3.1658
6.1875
6.4500


3.6275
4.5834
5.9753
4. 8459
5.843 2
3.9591
9,3580
10.3795
8.6053
6.8246
3.8144
7,2048
6.5725
5.3580
6. 439
7.7757
10.3666
1.1,3902
9.4780
9.0959
8.7789
9.1177
6.1591
6. 1294
8.8972
8.2742
2.1193
7.6041
7.1185
4.6224
5.1320
5.0394
3.2100
4.0040
4.8293
4.1737
5.3780
3.3388
3.2356
3.2175
3.0649
3.8043
4.6233
4.2308
3.7844
3.9571
6.0755
3. 8833
4.6502
4.9973
6.2169
*
*


-4.900
-1 1.200

-10.t150

-21.100
-21.250
-19.400
-13.650

-13.000
*
*

-15.500
-25.000
-26,500
-22.830
-8.875
- 8.828
-10.825
- 1 .60
-6.475
-8.350
-9.850

-11.800
-10.175
-5S600

-4.250
2.200
-0.850
-0.900
-0,150
1.050
1.000
2.000
,6900
1.950
0.700

6.950
6.100
2.250
-0.700

-2.100
-2.650
-1.700
*


1.53500
4.60750
4.11667
4.00833
2.90417
4.46250
2,83333
4 .88.333
2.76667
2.94030
3.25833
3.36250
1.66250
2.44090
1.63167
2.52833
2.06583
2.07833
0,59167
1 .01000
1.21 ,67
I .01?50
2. 178'33
2.58167
5.38400
3.53750
7.89833
2.40833
2.90000
2,18750
3.72500
3.36250
3,29500
4.22833
5.79093
3.24400
2.21083
4.50000
4.36667
5.31167
4.05417
4.19167
4.84833
4.55000
5.97917
6.57000
8.10400
6.46533
4,21900
7.95500
8,48750










Table 4.--Average basis, Good feeder steers, 200-300 Ibs.,
Okeechobee, Florida,1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

---------------------- Dollars per cwt. ----------


-0 965
0.767
1 .381
0.307
-6 .48
0 .357
-7 313
-10,064
-11 169
-9.244
-3.836
-8.863
-5.600
-5.051
-3.956
-11 810
-11 .764
-10.560
-10.579
-12.350
-10 091
-11.650
-10.544
-10 058
-9.683
-7.794
7. 190
-10.557
-11 871
-8. 120
-2.400
-4.921
-2. 469
-2.997
0. 139
-4,072
-2.666
-1.679
-0.039
1 289
-1.550
-2 307
0.223
3.000
1 729
3.596
4.553
4.112
0 728
4. 25
4.600
,


10.6985
12.9965
11 6816
9.0119
18.0558
9.4438
17. 7424
21 7263
23.3493
19.2653
1 1 3929
17.9949
13.4425
13.8550
10 8329
21 7412
21,9007
24.9216
24 7658
23.2198
20,1442
20 4639
1700059
20.3724
24.2076
21.0208
5.4552
20 4283
20.1082
12.4626
14.2599
13 0190
12.06580
11.2309
11 62?8
12.2263
12.7677
10 6390
9 1286
11.2295
10.8259
13.6823
11 9535
10 843-7
10.8117
9.1250
10.9444
11 3207
12.2145
9.7234'
11 1381
.


-14.900
-21.200

-44.650

-44.600
-53,750
-59.400
-49 150

-38.000


-57,500
-60.000
-63 ,500
-652300
-37.250
-30.765
-34.450
-21.515
-33.600
-31 475
-28.850

-29.550
-32.675
-6.600

-1 1 500
-5.550
-6.350
-1 0.900
-11 150
-9.800
-9.000
-6.000
-6.600
0.950
-8.800

7.450
-2.400
-1.250
-5*200

-9.350
-5.650
-5.700


-0 9659
3.3783
2.3253
1 1750
-0 2833
1 4000
-03 750
-2.7833
-3.4000
-2 5593
-2.9083
-2.4083
-3.9833
-3 9767-
-2.8683
-3 5967
-3 7050
-2 2967
-1 9500
-4,0500
-3.2000
-4 0500
-6. 1560
-2.2100
-0. 9660
-0,7750
7*1900
-2.9600
-3 5500
-8.5000
-.?24000
-3.8250
-1.9550
-2 4383
1 .9783
-2.6560
-1.4767
-0.45 3
0.9542
2.6033
-1 9667
-1.2250
0.2213
2.2533
2.4167
4.4033
6,5040
4.1117
2.7440
6.0800
7.1750


- ----- ----1










Table 5.--Average basis, Good feeder steers, 300-400 Ibs.,
Okeechobee, Florida,1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

------------------ Dollars per cwt. ----------


2. 0350
3.8386
1 3375
2.8071
-0.1125
3.78657
-1 .1750
-2.6000
-2.2313
-2.0250
2.0571
-2.2375
-1.2429
0.2343
0.50836
-2.9663
-3 1700
-4.6225
-3.5788
-4.0375
-4.0288
-3.9313
-1.4638
-1.8388
-1.8971
-2,0250
7.8567
-16438
-3.0500
-0.2700
2.5167
1.6500
2.5314
3.8243
4.3529
2.0950
2.5129
2.6071
3.6929
5.3243
4.2714
2 .692 ')
3.5983
6.7143
7.0143
6.7386
7.8450
7.3200
4. 1658
6.2500
7.0000


7.1630
6.5106
7.4985
6. 1757
9.9612
6.2160
1 1580
13 6350
13.5222
10.4484
7.0946
11 7244
9.1945
8.4266
7 4805
11 6877
14 1962
15.1171
15.9055
14.7658
13 4211
15.3094
10.3111
10.6555
13.9968
14.2811
3.4802
10 4791
11. I 8377
6.1061
9 .7839
7 3184
7.0163
5.9564
7.0119
6 8197
7.2428
6. 2679
5.7927
7.0566
7.7171
7.9518
7.6176
6 7441
5.2808O
6.4726
7.2685
7.4517
7.7692
7.3250
6 5321


- 1 400
-10.200

-20 150

-25.100
-30.750
-29.400
-23. 150

-22.000



-24,000
-32 500
-35.500
-35.800
-19.000
-17.015
-19.700
-7.015
-13.475
-14.975
-1 5.350

-12.800
-15.175
-0.100

-5.000
0.950
2.400
0.100
-0.650
0.700
1.000
1.500
3.900
9.700
3.200

13.950
8.350
5.500
1.300

1.650
-0.150
3.300


2. 0 3500
4.71167
3.61667
3.67500
3.71667
4.56667
2 45833
2.09167
2.01667
0 90000
2,30000
1.75833
-0.15000
1 44000
1. 5667
1 40333
2 04500
-0.13000
1 *71667
0.95000
0o30000
1.32500
0.38667
2.04000
3,33400
3.30500
7 *35667
2.07500
1.80000
-0.31250
2.51667
2.75933
2,79500
4.06167
5.06167
2.64400
2.81500
2.87500
4,05833
5.56167
3,36667
2.60833
3.59833
5.50833
6,79167
6.94500
9. 15400,
7.32000
4,66900
7.53000
7. 92500


--









Table 6.--Average basis, Good feeder steers, 400-500 Ibs.,
Okeechobee, Florida,1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

-------------.----- Dollars per cwt. ---------------------


1 .5.50667 4.3996 0 5.5067
2 5.12429 2.8296 4.100 5.2950
3 3 52500 3.8977 2. 200 4. 6513
4 5.52143 4.3040 6 6.3417
5 3.82500 5. 132 -4.150 5.7167
6 6.07143 3.2676 5 6.5250
7 2.23437 5.5787 -10 100 4.3125
8 2.36429 8.5327 -16.750 5,5500
9 2.08125 6.0900 -11.900 4.2250
10 2.94375 3.9348 -4.650 3.8167
11 5 09286 3.4356 0 5.3833
12 1.31429 4.9062 -8.000 1.2300
13 1.63333 4 5588 O 2.0200
14 2.50667 4,1113 2. 0'30
15 2.61833 4 3815 2 2.9800
16 1 00000 4.6853 -6.000 2.4300
17 0.12714 7.9576 -15.500 3.2540
18 0 19571 11 4767 -21 500 3.4140
19 1.45250 9.0104 -15.800 4.3000
20 2.08750 8.4147 -3,750 4.0333
21 1 28375 8.3090 -2.765 2.6333
22 0.47500 8.2904 -5.450 2 4500
23 3.22375 6.5406 0.360 4.1783
24 3.25500 4.9513 -0 600 4.5400
25 4.46000 7.7943 -3.225 7.5340
26 3.09687 8.3498 -5.600 5.9958
27 9.52333 2.5302 9. 5233
28 1.73125 6 0924 -4.550 3.8250
29 1 80714 6.8550 -5.925 4.9000
30 4.10833 3.9365 1.900 4.5500
31 5.26667 5 2183 0 5,2667
32 3.32857 4.4-02 2.500 3.4667
33 5.21000 3.6182 5 450 5.1700
34 5.93143 3.4883 6.400 5,8533
35 7.42429 4.&829 4 850 7.8533
36 4.63667 3 8098 7.100 4.1440
37 4 79857 4.4570 5.200 4.7317
38 5.50000 2.7999 6.500 5.3333
39 6.80000 3.1885 11.000 6.1000
40 8.20857 4.5274 12.900 7.5200
41 6.37857 4.3683 11*450 5.5333
42 6 .1286 3.9599 7,700 5.9417
43 6.18167 4,5882 6 6.1817
44 7.96429 4,9853 15.950 6.6333
45 9,15714 4.0219 12.100 8.6667
46 8.20286 4,1149 8.750 8.1117
47 9.5533- 5,1478 7.300 10.0040
48 8.98667 4.6948 S3.9867
49 7.62417 3.7274 8.900 7.3600
50 8.62500 3,6206 4.850 9,3800
51 9 32500 3 1937 10.550 9,0187
52
53 *










Table 7.--Average basis, Good feeder heifers, 400-500 Ibs.,
Okeechobee, Florida,1972-1979



Jan. 7, 72 Jan. 7, 72 May 26, 78
to Standard to to
Week Jul. 20, 79 deviation Jan. 6, 78 Jul. 2, 79

------------------ Dollars per cwt. -------------------


9.4233
6.7671
0. 1812
9.3786
8.6375
10.2500
9.3125
6.8643
6.9250
7. 812
8.5214
7.4036
7.7583
P. 400
11.9587
7.6429
9.4442
6.2314
7.1555
6.7281
6.8619
7.3187
(9.1457
8,5675
8.2100
7.1437
13.1900
P,0750
9.6107
8.1292
9.0583
7.9000
8.9243
10.2707
13.5200
7.9100
8.3700
9.3214
10.0143
11.5743
9.9071
10.6750
10.1817
11.3750
13.6929
12.7386
11.5533
12.7783
11 4783
13.7500
13.3500
*


6.16049
4.05562
2.533.34
3. 29885
4.34871
4.14226
6.12604
4. 23947
5.20906
4.19889
4.28815
4.69624
5.61751
5.95280
5.07947
6.34189
6.66219
6.13914
7 .34270
6.90299
6.86357
6.88865
7.13377
5.55163
6.30638
6.76105
1.19113
4.19592
4.51986
4.42085
5.06304
5.09665
3,58743
4.91003
3.92571
6.56786
5.63240
4.65250
4.69802
5.85562
5.65593
4.04915
5o63115
7.02921
6.01035
5.66125
9.90173
4.36756
4,24361
4.00812
1.56325


7.1000
7,3000

4.8500

1 9000
2.2500
-0 .1500
6.8500

9.0000



3.0000
4 .0000
' .500
-3.3000
S.1125
5.7975
5 .0500
7.4850
6,7750
5.1500
4.9000

7.3250
9.0750
10.4000

13.0000
9 9500
13.6500
14.6000
12.3500
12.8250
11.7500
14.5000
22 1500
17.9500
13.4500

22 .9500
20.3500
21.2500
19.8000

12.4000
13.8500
13.3000
*


9.4233
9,0450
9. 2417
9.1750
8.6000

10.5417
7.633 3
7.3500
7.4417
7.6750
6.6300
7.2200
8.0080
12,1833
3, 1P0
10.8550
5.564-0
8.5500
6*8667
7.2167
8 0750
9,8100
9.1650
9,4340
7.9917
13.1900
8.3250
9, 8250
7,6750
9.0593
7.0500
8,7533
9,7075
13.3040
6,8050
8,2108
8.9167
9.2667
9.8117
9.4500
10.2125
10,1817
9.4458
12,5833
11.3200
9.9040
12.7783
11 .2940
13.7300
13.3625


----







Table 8.-- Approximate relationship between
month and week within the month


week number and


Approximate Approximate
Week month and Week month and
number week number week


January 1
2
3
4
February 1
2
3
4
March 1
2
3
4
5
April 1
2
3
4
May 1
2
3
4
June 1
2
3
4
5


July 1
2
3
4
August 1
2
3
4
September 1
2
3
4
5
October 1
2
3
4
November 1
2
3
4
December 1
2
3
4
5


-













Table 9.--Weekly basis, seven classes of cattle, Okeechobee, Florida, January 7,
1972 to July 20, 1979




Year Month WKDAY BCHFS2 BCHFS3 BCHFS4 BGDFS2 BGDFS3 BGDFS4 BGDFH4


-------.---------------------------Dollars per cwt.----------------------------""

72 1 7 -6.03 -2.53 -1.03 -8.53 -3.03 0.47 2.47
72 1 14 -12 95 -5.95 -0.45 -9.15 -3.95 0.05 2.05
72 1 21 -7.00 -1.00 1.50 -9.00 -3.00 3.00 4.00
72 1 28 -14. -5.25 -2.25 -8.25 -3.25 -0.25 3.75
72 2 4 -14.30 -8.80 -2.30 -10.30 -4.30 -0.80 1.20
72 2 11 -12.85 -1.35 -0.85 -7.85 -3.35 1 .5 3.15
72 2 18 -11.65 -0.65 -1.65 -8.65 -2.15 0.85 0.85
72 2 25 -14.25 -5.25 -1.75 -14.25 -5.25 2.75 3.75
72 3 3 -15.95 -8.45 -0.45 -17.95 -3.95 0.05 1.05
72 3 10 -14.55 -5.55 -13.55 -7.05 0. 5 1.20
72 3 17 -16.25 -8.25 -0.25 -16.?5 -6.25 -1.25 0.75
72 3 24 -17.00 -8.50 -2.00 -13.50 -8.50 1.00 0.50
72 3 31 -19.30 -10.30 -5.30 -16.30 -7.80 -2.30 2.20
72 4 7 -16.70 -11.70 -3.70 -17.70 -7.70 -1.70 6.30
72 4 14 -17.70 -9.70 -6.70 -15.7 -7.70 -2.70
72 4 21 7.25 -6.75 -2.25 -14.75 -4.75 -1.25 1.25
72 4 28 -10.50 -6. 2.0-2.00 -16.00 -_. 50 -1.25 2.00
72 5 5 -19.10 -8.60 -4.10 -19.10 -10.10 -1.35 2.40
72 5 12 -18. 35 -9.85 -4.15 -15.35 -8.85 -2.35 0.15
72 5 19 -10.85 -8.35 -5.85 -15.35 -8.05 -5,35, -1.35
72 5 26 -20. 10 -0.10 -7.10 -13.10 -8.60 -8.10 0.90
72 6 2 -22 50 -11.00 -8.50 -18.50 -10.50 -8.00 1.25
72 6 9 -20.00 -10.00 -4.50 -17.00 -9.50 -5.50 1.50
72 6 16 -27.00 -0.50 -3.50 -18.00 -9.00 -2.00 3.00
72 6 22 -10.00 -11.25 -0.25 -15.25 -5.25 4.25 1.75
72 6 30 -18.25 -8.25 -3.75 -19.75 -7.25 -2.75 -1.75
72 7 7
72 7 14 -21.00 -11.50 -3.50 -16.50 -8.00 -3.00 2.50
72 7 21 -25.50 -8.00 -1.50 -18.50 -7.00 -1.50 4.00
72 7 28 -21.00 -8.50 -0.50 -22.50 -7.50 0.50 1.50
72 8 4 -21.70 -0.70 -1.70 -22.20 -9.70 -2.20 1.30
72 8 11 -17.00 -6.00 -2.00 -19.00 -6.50 -2.50 0.00
72 8 18 -19.75 -9.25 -2.25 -20.75 -9.25 -1.75 2.25
72 8 25 -15.50 -8.00 -2.00 -19.00 -6.00 -1.00 0.50
72 9 1 -18.40 -7.90 -1.40 -11.40 -5.90 -0.40
72 9 0 -1.20 -13.70 -5.70 -0.20 -0.70
72 9 15 -16.65 -0.65 -1.15 -17.65 -5.65 1.85 0.35
72 9 22 -14.50 -5.50 1.00 -16.00 -6.50 1.50 2.00
72 9 29 -10.50 -3.00 2.00 -0.50 -0.50 4.50 6.00
72 10 6 -10.50 -10.50 1.50 -12.50 -3.50 2.50 4.50
72 10 13 -13.25 -5.25 2.25 -15.25 -4.25 1.75 5.25
72 10 20 -18.00 -7.50 -1.50 -17.00 -6.50 0.00 5.50
72 10 27 -15.03 -6.53 -2.03 -14.53 -4.53 0 47 1.97
72 11 3 -21.20 -8.20 -1'.70 -18.20 -6.20 -0.70 0.30
72 11 10 -16.05 -9.05 -0.05 -16.05 -3.05 1.45 1.95
72 11 17 -12.85 -6.85 0.65 -10.85 -5.85 0.15 3.65
72 11 24 -13.28 -5.28 -0.70 -12.28 -3.28 0.22 -7.28
72 12 1 -15.50 -1.50 2.00 -10.50 -1.00 2.00 5.00
72 12 8 -3.83 2.17 -9.83 -2.33 4.17 5.67
72 12 15 .
72 12 22 .
72 12 29 .
73 1 5 .
73 1 12 -15.00 -5.80 3.20 -13.30 -1.80 4.20 5.20
73 1 19 -11.30 -4.80 6.20 -7.30 -1.30 5.20 8.20
73 1 26 -12.55 -0.55 6.45 -5.55 1.45 9.45 10.45
73 2 2 -13.70 -3.70 -1.20 -10.20 -2.70 3.80 6.60
73 2 9 -12.60 -3.60 4.90 -12.60 -2.60 5.40 5.90
73 2 16 -16.20 -7.45 -0.20 -11.70 -6.20 4.00 8.30
73 2 23 -24.80 -11.30 4.20 -18.30 -5.30 6.70 6.70
73 3 2 -24.35 -10.35 -0.35 -24.35 -10.35 5.65 5.15
73 3 9 -27.90 -14.40 -2.40 -20.40 -7.90 2.60 3.60
73 3 16 -27.75 -16.75 -1.75 -18.25 -6.25 3.75 6.25
73 3 23 -26.25 -14.25 2.75 -24.75 -10.75 0.25 4.25
73 3 30 -30.00 -18.50 -4.50 -23.50 -13.50 -4.00 8.00
73 4 6 -28.43 -8.93 -0.93 -24.93 -7.93 -0.43 2.57
73 4 13 -21.55 -17.05 -6.55 -15.05 -8.55 -1.55
73 4 20 -20.10 -19.60 -4.60 -23.10 -13.10 -3.10 5.15
73 4 27 -31.40 -24.40 -5.40 -18.90 -10.40 -1.90
73 5 4 -27.60 -16.10 -7.60 -23.60 -15.10 -7.60 -0.10
73 5 11 -P6.50 -18.50 -7.50 -26.00 -11.00 -1.00 2.00
73 5 18 -32.60 -20.60 -8.10 -29.10 -13.60 -6.60 -0.10
73 5 25 -30.50 -16.00 -7.50 -24.50 -12.00 -6.50 0.00
73 6 1 -23.00 -11.00 -3.50 -17.50 -3.50 -2.50 8.00
73 6 8 -6.48 -14.98 -4.48 -18.98 -9.98 0.52
73 6 15 -25.68 -10.68 0.32 -18.18 -5.68 2.82 9.32


(Continued)












Table 9.--Weekly basis, seven classes of cattle, Okeechobee, Florida, January 7,
1972 to July 20, 1979 (Continued)


Year Month '!KDAY


BCHFS2 BCiFS3 BCHFS4 8GDFS2 BGDFS3 BGDFS4 BGE


------------------------------Dollars per cwt-------------------------------


-24.030
-16.000


-2j .250
-,5.000
-25.300
-26.000
-21.300
-17.800
-109100
-20.400
-23.4no
-21. 400
-16 400
-209.R30
-20 100
-22 .350
-19.700
-7.350
-12.600
-13.000
0.000
-13.500







-13.500
-12.900
-8.000
-9.900
-8.900
-11t.00
3.400
-12.900
-29.00
-8.550
-B.780
2.050
-0.750
-1.450
-1.375
-5.450
-7.150
-10.000
-6.050
-1.300

-0.850

-I.250
3.150
3 1 50
4.700
0.600


5.700
1.8f50
5.350
2.600
2.500
3.250

5.6255
2.800

8.200
9.250
13.600
*


-11*53o0
-4.500

-4.100
-3.750
-7.000
-10 00
-13.400
-6.000
-4.300
-3.100
-6 530
-10.90R
-5.400
-3.900
-4.530
-11.600
-9. 50
-0.700
-2.350
-5.600
-0 500
6.000
-3.500
-4.750
-4.150
-3.500
*

4.000
-4.250
-3,500
-4.500
-2.900
-0.500
3.600
-2.400
-2.800

-4.000
2.800
-3.30 0
-2.780
5. 050
1, 750
0.050
2.250
1.050
0. 1150
-3.000
-2.550
1.200

-1.475

2.750
5.9000
6 700
6.700
7.200
5.600
6.200
6.450
9.700
2.850
6.850
6.600
4.500
7.750
9.40 0
6.500
9.050
9.200
11.200
0.750
12,100
13.020


0.970
0.000

1.400
1 .750
-1.000
-3.300
-1.400
4.700
4.200
4.900
0.020
-5.980
2.100
0.600
2.470
-0.100
0.650
1.300
1.150
3.400
7.000
8.000
4.000
-1.250
7.350
5.000


5.000
-0.750
-0.500
2.500
2.100
1.000
7.600
-0.900
1.700
1.400
0.500
1.300
-1.050
6.720
5.050
3.375
4.050
2.250
4.050
2.350
-1.500
0.450
0.200

2.025

3.250
3.400
6.200
8.200
7.350
4.700
7.450
9.200
1.850
6. 0H
5.350
5.000
0.500
7.900
7.000
9.050
6.200
9.200
9.250
8.350
10.020


-19.03
-13.00

-11.60
-11.25
-19.00
-1.30
-23.40
-14.30
-15.30
-11 .60
-13. 3
-18.48
-11 .40
-11.40
-9.53
-17.60
-22:.35
-14 .70
-4.35
-7.60
-3.00
5.70
-8.50
-9.75
-9.15
-8.50


8.00
-2.25
-R.50
-10.00
1 .35
-4.50
-4 .* 0
1.10
-3.90
-2..10
-4.10
-3.00
-4.20
-5.05
-6.28
-0.45
-3.25
3.05
1.75
1.55
-4.15
-7.00
-4.0) 5
-0.30

1.15

0.25
4.40
6.10
0.70
5.10
5.20
2.95
10.70
1 .35
8.95
6.35
3.50
11.75
6.65
8.00
8.130
10.20
11.20
11.75
12.60)
14.02


-6.530
-1.000

-2.100
-3. ?50
-5.000
-9.800
-5 C.00
-1.800
0.700
0.900
-3.980
-5.980f
-3.400
-3.900
-1.030
-8.100
-9.850
-7.200
3.650
4.900
6.000
0.500
-1.000
-4.750
-4.150
-2.500
*

4.000
-2.750
-2.500
2.000
5.350
0.500
4. 100
-3.400
0.200
-0.100
5.000
-2.700
-1.050
2.220
5.050
4.250
6.050
1.750
4.550
0. 350
-0.250
-0.550
3.200

0.525

3.750
5.400
7,200
11.200
9.100
8.200
9.450
8. P00
3.350
9. 850
5.8150
5.500
11.750
10.400
8.000
8.800
8.700
11.200
11.750
13.100
14.520


(Continued)


0.07



3. 75
-0.50
0.20
-2.90
4.70
6.20
9.40
1 02
-2.48
4.60
4.10
4.47
0.90
1.15
1.30
5.65
12.40
8.00
10.50
6.50
2.75
4.85
4.00


5.00
-1.75
4.00
3.50
6.10
1.50
5.60
2.10
0.70
5.90
2.50
4.30
0.95
6.97
5.55
5.75
8.55
3.25
6.05
3.35
-1.00
3.95
2.20

3.65

5.25
6.90
7.20
9.70
7.10
7.70
9.45
10.20
3.35
6.35
5.10
4.00
10.75
10.90
9.00
8.30
8.20
11.20
9.00
12.10
12.27















Table 9.--Weekly basis,
1972 to July


seven classes of cattle, Okeechobee, Florida, January 7,
20, 1979 (Continued)


Year Month WKDAY BCHFS2 BCHFS3 BCHFS4 BGDFS2 BGDFS3 BGDFS4 BGDFH4


-------------------------------Dollars per cwt.------------------------------


12.250
14.600
12.200

11 .750
0.200
1.250
9 000
4.150
4.500
6.750
n.250


7.500
5.600
8.100
4.770
5.250
6.900
9.000
9.500
7.600
7.350
9.000
12.470
13.900
10.900
13.350
5.500
*



13.100

12*550

11.375
10.900
16.100
*

*
*




411000








3.700
5.450
6.300

4.600
*

3.700
3.175
4.350
2.900
2.750
1.150


S9.750
0.100
13.575


8.250
7.700
3.750
7.750
6. S10
6.250
5.000
8.000


9 .400
10.000
0.600
5.600
7.770
8.500
8.150
11.500
9.000
7.850
S. 100
9.750
10.720
13.650
15.025
10.350
5.750
5.950

8.375
7.750
6 .725
11.100
13.625
9.250
10.550
11.000
11.650
13. 100
9.250
9.050
10.100
12.525
9.900
11.150
12.400
12.000

10.000
8.350


6.250
7.050
9.225
7.450
12.950
8.000
6.700
8.450
8.300
5.350
4.600
7. 77'
5.450
6.950
5. 550
3.350
6.900
5.250
3.650


7.7530
9.100
15.700


8.125
5.950
4.250
4. 75
4.650
5.250
5.250
10.500
3.975
7.000
9.400
10.000
9.600
5.600
7.520
8.500
8.150
8.250
6.500
7.100
8.475
8.250
10.470
12.150
9.900
8.850
6.000
7.325

8.500
8.250
6.600
8.350
10.375
9.250
10.050
10.500
10.500
10.100
tv.000
7.050
9.975
11.400
8.400
10.400
13.650
9.500

10.000
7.100


7:500
7.050
7.100
7.200
11.450
9.250
7.200
4.450
5.425
5.600
6.225
5.900
6.200
6.950
5.550
3.600
6.400
3.250



16.750
13.600
17.200


15.500
11.700
0.000
11.(000
10. 150
10.250
8.250
13.500
9.600
9.250
14.900
12.000
12.600
10-100
10.270
7.750
7.900
11.500
12.000
9.100
8.6300
12.000
15. 70
16.400
10.900
13.350
12.000
6.200

10.00
9.250
13.850
12.100
16.500
11.250
12.550
13.250
14.525
17.100
10.750
13.050
13.100
13.400
11.400
13.900
13.400
13.500

13.250
10.850


12 750
13.050
11.350
10.450
12.450
13.000
6.700
7.950
7.800
9.350
8.600
9.400
8.450
9.450
4.550
5.850
8.400
10.750
6.650


14.1 25
12.600
13.700


13.500
9.950
4.500
8.500
6.150
10.750
8.500
14.000
7.850
12.000
12.900
11.750
10.600
9.350
9.770
11.750
9.900
13.500
11.300
10.100
11.600
11.750
14.410
14.900'
15.400
11.850
10.000
9.700

10.500
10.000
10.100
10.600
15.500
11.750
12.550
12.250
14.400
16.600
1?.250
12.050
11.600
12.900
11.900
12.900
14.150
13.000

14.000
10.850


9.250
11.550
11.350
9.950
12.950
9.000
8.200
7.950
8.300
8.950
9.600
7.150
11.450
9.450
7.050
9.350
6.400
10.250
6.650


11.250
11.600
12.575


'9.000
6. 200
5.530
9.500
6.650
6.750
5.750
6.750
4.350
8.000






13.500
9.500
11.100
9.600
12 .1)0
1 .22 0
14 .9)0
14.525
12.350
7.000
9.450
8.750
9.500
8.250
8.600
8.350
13.000
9.250
12.050
10.750
11.400
14.600
9.750
9.550
12.600
9.900
8.650
12.400
13.900
12.500

13.000
9.850

6:750
8.050
8.850
10.450
11.950
8.000
6.700
6.450
6.300
3.350
8. 100
7.900
8.450
7.450
5.300
8.850
10.900
7.750
10.15.0


1 2?50
16.600
12.450


11.000
1 0 200
0.000
S. 000
10 650
9.750
3.250
10.500
7.850
9.250






16.000
10.500
12.600
14.600
15.500
14.970
15.900
13.900
14.350
12.000
15.700
10.750
14.500
7.750
12. 10

20.500
13" 250
15.300
15.750
15.400
16.100
14.750
,10.550
17.100
12.400
15.775
13.150
15.400
14.500

17.500
13.850


11 750
11.050
10.350
9.450
12.950
19.500
12.200
13.950
9.300
12.600
13.100

14.450
17.075
14.550
20.350
11.900
15.750
13.150


(Continued)




.- J


Table 9.--Weekly basis, seven classes of cattle, Okeechobee, Florida, January 7,
1972 to July 20, 1979 (Continued)



Year Month WKDAY BCHFS2 BCHFS3 BCHFS4 BGDFS2 PRDFS3 BGDFS4 BG


-----------------------_-------- ---Dollars per cwt.--------------------------



75 5 21 7.550 6.050 6.550 8.55 9.05 7.050 13.
76 5 28 2.250 4.750 5.250 5.75 6.25 7.250 10.
f6 6 4 4.600 0.350 9.850 9.35 9.850 15.
'6 6 11 6.100 4.600 6.100 3.10 5.10 8.050 15.(
76 6 19 6.550 8.050 7.550 8.05 9.05 9.050 14.
'" 6 25 3.350 7.350 7.050 10.85 A.85 9..350 14.
7") 7 2 3.750 4.250 9.375 5.25 6.25 8.750 13.;
76 7 9 3.000 3.250 3.50 5.000 6.(
76 7 16 .
76 7 23
76 7 30 5.150 5.400 6.900 6.90 1.40 9.400 o10.
76 8 6 2.800 5.300 6.300 5.80 6.80 5.800 12.f
76 8 13 5.000 6.500 5.750 5.50 9.00 8.250 10..
76 8 20 2.600 6.100 5.600 5.35 8.35 7.H50 12.1
76 8 27 2.200 7.700 8.700 6.20. 8.70 9.700 12.1
76 9 3 3.800 5.300 6.300 6.80 7.00 7.300 12.
76 9 10 0.645 4.020 2.895 6.52 6.02 6.270 11.(
76 9 17 1.300 3.300 4.800 3.80 5.80 4.300 O.C
76 9 24 2.000 2.625 4.000 6.00 5.50 5.500 10.5
76 10 1 3.950 4.450 5.950 6.45 6.95 6.950 10.'
76 10 0 1.050 1.225 3.225 4.10 5.10 4.100 10.1
75 10 15 0.600 4.600 8.100 5.10 6.10 9.100 16.(
76 10 22 0.750 5.000 6.500 5.0') 6.'0 6 ."'0 14.'
76 10 29 6.000 6.500 6.000 5.50 8.00 <. .00 12.
76 11 5 8.300 9.050 10.800 11 30 10.90 11.q)O 18.1
76 11 12 .790 10.250 9.250 10.75 11 .75 12. 0 17.i
76 11 19 10.000 11.300 11.300 13.30 13.30 13.370 18.F
76 11 24 10.3'0 13.100 10.225. 13.10 14.10 14.100 18.1
76 12 3 11.400 10.000 9.400 13.40 12.40 11.900 15.c
76 12 10 7.850 3.350 9.975 9.35 10.35 10.850 15.2
76 12 17 6.150 7.150 6.150 9.15 9.65 9.650 15.(
76 12 24 .
76 12 31 .
77 1 7 2.600 4.600 4.100 6.60 7.10 8.600 11.:
77 1 14 3.270 4.270 4.270 7.27 7.27 6.770 11.;
77 1 21 6.750 5.750 4.750 7.75 7.25 7.250 11.;
77 1 28 6.000 8.500 9.000 10.00 10.50 10.500 14.f
77 2 4 2.850 5.850 6.350 7.35 8.95 7.950 15.:
77 2 11 2.400 2.000 4.925 4.40 8.90 7.400 14.1
77 2 18 -3.150 0.350 3.350 .-0.65 2.85 3.975 14.f
77 2 25 -0.700 0.800 6.800 -0.20 2.30 5.800 12.f
77 3 4 2.350 2.725 3.350 4.35 7.85 4.350 9.f
77 3 11 -2.375 4.000 6.000 4.00 4.00 8.000 14.'
77 3 18 -1.700 3.050 7.550 2.55 5.55 7.550 9.'
77 3 25 -0.700 -0.700 3. 300 3.30 2.30 4.300 11.
77 4 1 -4.800 1.200 2.075 -1.30 4.20 4.200 12.
77 4 8 -1.730 1.770 4.520 2.77 3.27 6.770 14.
77 4 15 3.520 2.145 3.770 0.27 2.77 4.770 14.;
77 4 22 0.900 3.650 3.900 1.90 4.40 5.650 17.'
77 4 29 0.320 2.820 4.320 2.32 3.82 4.820 13.:
77 5 6 1.320 0.070 5.570 9.57 2.07 6.570 13.1
77 5 13 -4.850 2.150 1.650 5.65 6.65 7.650 12.1
77 5 20 -4.550 -3.050 8.450 -0.05 5.95 10.450 15.'
77 5 27 0.900 2.400 5.900 4.90 2.90 8.900 14.'
77 6 3 -0.150 5.850 4,35 9.35 9.350 14.1
77 6 10 -1.250 1.250 3.500 -2.75 1.25 4.250 15.
77 6 17 -0.350 2.150 1.900 4.65 4.15 3.150 12.
77 6 24 3.750 3.000 9.000 5.00 4.50 8.500 13.'
77 7 1 0.200 2.200 5.200 5.20 3.700 14.
77 7 8 1.470 3.470 5.470 2.97 5.47 7.470 11.
77 7 15 -0.450 2.550 4.050 1.05 5.30 5.800 12.1
77 7 22 0.025 0.275 3.525 3.40 4.15 5.900 14.
77 7 29 -1.700 3.050 4.050 1.30 4.05 6.800 13.'
77 8 5 -3.250 -0.750 3.750 0.50 4.50 5.000 13.(
77 8 12 -7.075 -2.700 1.675 -0.70 3.05 5.050 12.!
77 8 19 -3.730 -0.980 0.270. -1.23 0.52 3.520 11.;
77 8 26 -4.230 -0.480 1.770 -0.73 1.27 4.270 12.!
77 9 2 -3.280 0.220 2.970 1.47 2.97 5.220 12.1
77 9 9 .
77 9 16 -4.650 -1.400 0.600 -0.65 0.10 4.350 12.
77 9 23 -3.000 0.750 3.250 1.25 3.25 5.750 13.(
77 9 30 -2.400 1.850 4.100 1.60 3.35 7.100 13.1
77 10 7 -2.650 -0.400 3.350 2.35 2.60 5.850 10.1
77 10 14 -2.950 0.550 3.050 -0.45 4.80 5.900 12.:
77 t 21 2.475 3.850 5.85 5.85 6.850 13.
77 10 28 -0.030 2.670 4.295 3167 6.42 7.9?0 12.'


(Continued)











Table 9.--Weekly basis, seven classes of cattle, Okeechobee, Florida, January 7,

1972 to July 20, 1979 (Continued)




Year Month WKDAY BCHFS2 BCHFS3 BCHFS4 BGDFS2 BGDFS3 BGDFS4 BGDFH4


-----------. -------------------.---Dollars per cwt.--------------------------------


1 00
0.12

0.30
-7.85
-0.65


0.20

-8.30
-7.90
-10.05
-10.65
-17.65

-16.55
-16.45
-16.90
-28.45
-21.80
-18.50
-18.90
-22.40
-22. *
-10.'0
-17.63
-24 .
-19.35
-26.70

-26.80
-17.60
-17.50

-29.85
-26.60
-22.60

-31.00
-21.05
-24 10
-22.90
-27.15
-23.30
-24.50
-25.53
-17.10
-19.05
-18.80

-9.55
-15.90
-13.75
-19.20

-18.85
-23.15
-18.70


-33.90
-40.20

-57.15

-55.60
-66.25
-65.90

-58.00
*
*


2.750
1. 000
1.995

0.800
2.400
1.100
*

1 950

-6 050
-5.900
-7.550
-6.900
-8.650

-7.300
-3.200
-6.400
-12.700
-14.300
-13.000
-12.730
-13.900
-13.300
-6.700
-11.630
-11.500
-12.850
-8.200

-13.800
-9.100
-8.500

-14.350
-15.600
-13.850

-16.500
-9.050
-8.600
-7.900
-10.150
-7.050
-8.250
-3.500
-6.600
-3.050
-9.050

2.450
-1.900
-3.750
-7.700

-6.850
-10.150
-7.700


-12.900
-21.700

-26.650

-30.600
-36.250
-38.900
-35.650

-25. 500


4.250
4.125
2.870
2 S 70
3.050
3.025
3.350



0.575
-2.900
-3.050
0.850
6.350

-1.300
2.175
0.100

-8:300
-4.500

-5.775
-3.130
0.300
-2.130
-0.750
0.025
-1.950
3.570
-3.550
-2.350
-3.500

-6.850
-7.100
-5.600

-4.250
2.200
-0.850
-0.900
-0. 150
-1.050
1.000
2.000
6.900
1.950
0.700

6.950
6.100
2.250
-0.700

-2.100
-2.650
-1.700


-4.900
-11.200

-10.150

-21 100
-21.250
-19.400
-13.650

-13.000
*
*


7.00
4.25
3.07

3.05
3.15
3.35
*



-3.:80
-4.90
-5.55
-5.90
-11.65

-9.55
-9.45
-9.40
-18.45
15.30
-11.50
-10.48
-15.40
-1.n8
--7.20
-10.63
-15.50
-10.85
-14.20
-1.68
-17.30
-6.60
-5.50

-7.35
-14.10
-6.60

-11.50
-5.55
-6.35
-10.90
-11.15
-9.80
-9.00
-6.00
-6.60
0.95
-8.80

7.45
-2.40
-1.25
-5.20

-9.35
-5.65
-5.70


-14.90
-21 .20

-44.65

-44.50
-53.75
-59.40
-49.15

-38.00

*
*


6.00
5.00
5.12

4 30
4.30
4.40
4.085
*



-0 .80
-2.40
-3.05
-0.90
-4.65

-0 55
1.55
0.50
-6.45
-7.80
-7.00
-3.98
-8.15
-5.13
-0.70
-3.13
-4.00
-2.85
-3.20
4.07
-7.05
-1 .60
-1.00

-1.85
-4.10
-0.10

-5.00
0.95
2.40
0 10
-0.65
0.70
1.00
1.50
3.90
9.70
3.20

13.95
8.35
5.50
1.30

1 65
-0.15
3.30


-1.40
-10.20

-20 15

-25.10
-30.75
-29.40
-23.15

-22.00


7.750
6.500
6.870

6.550
6.775
6.600


7.450

2.450
0.600
0.450
3.350
2.100

3.200
5.300
3.350
1.050
-0.300
1.000
0.770
0.P,50
0.120
5. 00
1 .620
3.000
4.650
2. 300
6.570
0.200
3.400
1.500

2.1 50
-1.100
1.900

2.500
5.450
6.400
4.850
7.100
5.200
6.500
11.000
12.900
11.450
7.700

15:950
12.100
8.750
7.300

8.900
4.850
10.550
*

4.100
-2.200

-4.150

-10:.100
-16.750
-11.900
-4.650

-8.000


14.750
13 375
12.620

12 550
13.900
12.850
*
14.200

10.700
10.600
11.450
12.600
9.350

11 450
11.550
13.600
9.675
I0.450
13.000
11.270
9.600
9.245
13.300
9.245
12.625
12.275
12.300
12.570
6.450
8.150
8.500

12.400
11.900
10.400

13.000
9.950
13.650
14.600
12.350
12.325
11.750
14.500.
22.150
17.950
13.450

22.950
20.350
21.250
19.800

12.400
13.850
13.300


7.100
7.300

4.850

1 900
2.250
-0.150
6.850

9.000

e


(Continued)












Table 9.--Weekly basis, seven classes of cattle, Okeechobee, Florida, January 7,
1972 to July 20, 1979 (Continued)



Year Month 1.IKDAY BCHFS2 BCHFS3 BCHFS4 BGDFS2 BGDFS3 BGDFS4 BGFHi

-----. ------ .-----------------Dollars per cwt.-------------------------------

79 4 20 -73.00 -37.50 -15.50 -57.50 -24.00 -6.00 3.00
79 4 27 -75.50 -42.50 -25.00 -60.00 -32.50 -15.50 4 00
79 5 4 -77.00 -48.50 -26.50 -63.50 -35.50 -21.50 2.50
79 5 11 -69.30 -39.30 -22.80 -62.30 -35.80 -15.80 -3.30
79 5 18 -68.50 -59.00 -17.00 -59.00 -34.00 -10.50 0.00
79 5 25 -50. 1 -40.68 -17.68 -50.68 -31.18 -10.10 -0 .5
79 6 1 -71.20 -42.70 -1 .70 -54.70 -36.20 -13.20 -2.20
79 6 9 -50.85 -22.35 -6.85 -41.35 -19.10 -5.85 2.40
79 6 15 -53.40 -25.40 -9.40 -49.90 -19.90 -1.40 7.10
79 6 22 -61.85 -33.35 -14.35 -56.35 -28.35 -9.85 2.15
79 6 29 -59.70 -32.20 -16.20 -52.20 -29.70 -12.70 1.30
79 7 6
79' 7 13 -63:25 -33.25 -16.75 -51.75 -23.75 -11.25 2:25
79 7 20 -57*75 -30.25 -13.25 -51.25 -26.25 -10.75 6.25













Key to Columin Headinfs

Obb 'Observation
WKDAY = Weekday
CHFS2A = Choice feeder steers, 200-300 Ibs., average price
CHFS3A = Choice feeder steers, 300-400 Ibs., average price
CHFS4A = Choice feeder steers, 400-500 Ibs., average price
GDFS2A = Good feeder steers, 200-300 Ibs., average price
GDFS3A Good feeder steers, 300-400 lbs., average price
GDFS4A Good feeder steers, 400-500 Ibs., average price
GDFH4A = Good feeder heifers, 400-500 Ibs., average price



BCHFS2 = Basis, Choice feeder steers, 200-300 lbs.
BCHFS3 = Basis, Choice feeder steers, 300-400 lbs.
BCHFS4 Basis, Choice feeder steers, 400-500 lbs.
BGDFS2 Basis, Good feeder steers, 200-300 lbs.
BGDFS3 Basis, Good feeder steers, 300-400 lbs.
BGDFS4 Basis, Good feeder steers, 400-500 Ibs.
BGDFH4 Basis, Good feeder heifers, 400-500 Ibs.




20 +



to January 7, 1972 January 6, 1978







-20+

Co
S* *
V *


-20 *


-0 january 7, 1972 July 20, 1979 *

4 *

-40 *


S*----ay *
3 -SO







-0 +
-70+ *


*~---May 6, 1978 July 20, 1979



-90+



-100 +
-+-~'--- *----+---+---+'-- t--- t---- ----- +---+----+---- +---<-- --, *---^+-_-- -^-+--_+___C-- 9- ^__^__ t__ ^_+___ .__- C--___,_
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46: 48 50 52


Week


Figure l.--Basis, Choice feeder steers, 200-300 Ibs., Okeechobee, Florida, 1972-1979









10 +

January 7, 1972 January 6, 1972




.. 5 \ ./\.1 --^



--10 +










-20+ + +

+ +4



S -30 +

I/


-35 + +
En +




--May 6, 1978 July 20, 1979
+







-45 +
I 4














-50 +
+--- +---+---+---+ --- +--- -+---+---+---+---+------+------+---+---+----- ---. --- +--- + ------ + +----- ---- --
0 2 4 6 8 10 12 14 16 18 20 22 24 26 29 30 32 34 36 38 40 42 44 46 48 50 52

Week






I January 7, 1972-January 6, 1978

7.5 +




52.50
I +

-2.5 i



SJanuary 7, 1972 July 20, 1979
S-5.0



i 7.5
St +
S -10.0- +
'Ma 6, 78 MY 20, 1979

-12.5 +


-17.5 I

-20.0



t +
-22.5 4 .--May 6, 1978 July 20, 1979

-25.0 1 +

-27.5 +t

-20.0 --4.1---
0 2 4 6 8 10 12 14 16 18 20 22 24 26 26 30 32 34 36 38 40 42 44 46 48 50 52

Week


r- ... __ rhriir fppdpr ,tpprr. 400-500 Ibs.. Okeechobee. Florida, 1972-1979












nuary 7, 1972 January 6, 1970



\ .n ar
\ \


S


0+


-5 *


-10 *


-15,.+


-20 +


-25 +


-30 +


-35 +


-40+

-40 +



-SO *
-50 +


--55 +


-60 +


-65 +


-70 +


January 7, 1972 July 20,


* 4.


May 6, 1978 July 20, 1979


4. 4.


-+---+--- + -- -- --:- -- --i- --- +- -- + +--- +--- +--- +.-- + +- +- r-
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 a2 34 36 38 40 42 44 46 48 50 52

Week


+ 4. 4
4. +4.


r -..... A r ._ r- i








20 +



15 +



10 +
January 7, 1972 January 6, 1978 +













-10 January 7, 1972 July 20, 1979 r

S+ ^+ +
n -rs + + + +
+
.O /
-20 + + +



+
-May 6, 1978 -9July 20, 1979






-35 +
-20 + +








1 "
-40 +
-I+ --+ ---+---+---+---+ --+---+- -+-- + -++---+ -+-- +- -+- -+- +;-- -+-- -+- --- +-----+------ + ---+----
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
Week


Figure 5.--Basis, Good feeder steers, 300-400 lbs., Okeechobee, Florida, 1972-1979













15.0 +


12.5 +
2 January 7, 1972 January 6, 1978 + +

10.0 +. .









+
*.o 7 A


2.5 ** */ /




25.0 +
0o.o January 7, 1972 July 20, 1979













+
8 -2.5 + +


S|

< --7.5 +
Ij + May 6, 1978 July 20, 1979


-10.0 ++


-12.5 14


-15.0 +1


-17.5 4


-20.0 -
j .. +

------------------------------------------------ ----------------------------
-22.5

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 32
Week







25.0 i


22.5 +


20.0 ++ +



17.5 +


15.0 January 7, 1972 January 6, 1978


S+ +



to4o
12.5. +




\. '\ .

7.5 + + +
+ +

5.0 + + +


+ January 7, 1972 July 20, 1979
2.5 + +

0 +
0.0 + +4


-1.1 + May 6, 1978 July 20, 1979


-5.0 +
-+---+---+---+---+ ------+- +--- -- ------+--- ---+ --------+-------- -- +---+--- + -------
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52

Week
Figure 7.--Basis, Good heifers, 400-500 Ibs., Okeechobee, Florida, 1972-1979
































APPENDIX









Revised Feeder Cattle Contract Specifications


The original CME contract specifications were revised following the

U.S. government grade changes in September, 1979. The new contract speci-

fications, adopted in March 1980, follow. The bracketed material is the

original standards, while the underlined phrases are the new specifications.


COMMODITY SPECIFICATIONS--Each futures contract shall be for
feeder steers of (the Choice or better and good grades), Medium
Frame and the lower 2/3 of the Large Frame size and Number One
(1) muscle thickness and the top 1/3 of the Number Two (2) muscle
thickness, as defined in official United States Standards for Grades
of Feeder Cattle in effect as of the opening of the contract.

FUTURES CALL--The unit of trading shall be 42,000 pounds of
feeder steers (of which not less than 80% of the animals are
of the USDA Choice or better grade) consisting of the USDA Number
One (1) muscle thickness and not more than thirteen (13) head of
the top one-third (1/3) of the USDA Number Two (2) muscle thickness.

PAR DELIVERY AND SUBSTITUTIONS--

A. Par Delivery Unit
A par delivery unit is (42,000) 44,000 pounds of feeder steers
averaging between (550) 575 and (650) 700 pounds. A delivery
unit averaging over (650) 700 pounds and up to and including
(800) 750 pounds per animal is deliverable at a discount of
(1-1/2) 3 cents [($.015)] ($.030) per hundredweight (computed
for the entire delivery unit) for each pound, or fraction
thereof, by which the average weight exceeds (650) 700 pounds.
In addition a delivery unit averaging over 750 pounds and up
to and including 800 pounds per animal is deliverable at a
discount of 5 cents ($.050) per hundredweight (computed for
the entire deliver'. unit) for each pound, or fraction thereof,
by which the average weight exceeds 700 pounds.

B. Weight Deviations No Change.

C. Grade Deviations and Substitutions

Delivery units containing not more than 10 (USDA good grade) top
1/3 of USDA number 2 muscle thickness beyond the 13 head allowance
for (good grade) top 1/3 of USDA number 2 muscle thickness in the
par unit shall be deliverable at a discount of $4.00 per hundred-f
weight.






in addition to any other allowances. For -purposes of
computing such discounts, the weight of (good grade)
number 2 muscle thickness steers in excess of the 13 head
allowance shall be considered the same as the average
weight of the delivery unit.

D. Quantity Deviations No change.

E. Delivery Points Allowances
Par delivery of feeder cattle shall be made from approved
livestock yards in Omaha, Nebraska; Oklahoma City; or Sioux
City, Iowa. Deliveries may also be made from approved
livestock yards at (:) Kansas City, Missouri and St. Joseph,
Missouri at 25 per hundredweight discount. Deliveries with
a 50U per hundredweight discount may be made at:
St. Paul, Minnesota; Greeley, Colorado; (Kansas City,
Missouri); (St. Joseph, Missouri); Dodge City, Kansas;
(Wichita, Kansas); (Oklahoma City, Oklahoma); Amarillo, Texas.
In addition, deliveries can be made at Billings, Montana at
75 per hundredweight discount; and Montgomery, Alabama at
$6.00 per hundredweight discount.







REFERENCES

[1] Barley, Kim. "Understanding 'Basis' Is Important Before Using

Futures Markets," The Florida Cattleman 41 (Jan. 1977), pp 52,54,68.

[2] Chicago Mercantile Exchange. 1978-1979 Yearbook. Chicago: 1979.

[3] McLemore, Dan L. Futures Market Basis Patterns for Tennessee Feeder

Cattle and Slaughter Hogs. The University of Tennessee Agricultural

Experiment Station Bull. 575, Feb. 1978.

[4] Simpson, James R. and Peter J. Stubben. "Don't Improperly Price Your

Calves On The Futures Market: Use The Basis',' The Florida Cattleman

43:10 (July 1979), pp. 92,112.

[5] Stubben, Peter J. and James R. Simpson, "Hedging Strategies--Used

and abused," The Florida Cattleman 44:4 (January 1980), pp. 86,88.

[6] Ward, Ronald W. and Greg Schimkat. "Risk Ratio and Hedging: Florida

Feeder Cattle' Southern Journal of Agricultural Economics 11:1

(July 1979).

[7] Ward, Ronald W. and Greg Schimkat. "Futures Trading And Florida's

Feeder Cattle Market," Livestock Futures Research Symposium.

Chicago: Chicago Mercantile Exchange, July 1979.




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