• TABLE OF CONTENTS
HIDE
 Copyright
 Front Cover
 Table of Contents
 Method and procedure
 Seasonal variation in marketings...
 Seasonal variation in slaughter...
 Sesaonal variation in stocker and...
 Relationships among the grades...
 Price ranges for selected cattle...
 Summary
 Appendix tables
 Tables 1-10
 Back Cover






Group Title: Bulletin - University of Florida. Agricultural Experiment Station - 732
Title: Monthly variations of beef cattle prices in Florida
CITATION PAGE IMAGE ZOOMABLE PAGE TEXT
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00027759/00001
 Material Information
Title: Monthly variations of beef cattle prices in Florida
Series Title: Bulletin University of Florida. Agricultural Experiment Station
Physical Description: 39 p. : charts ; 23 cm.
Language: English
Creator: Eddleman, B. R
Phillips, James O
Publisher: Agricultural Experiment Stations, Institute of Food and Agricultural Sciences, University of Florida
Place of Publication: Gainesville Fla
Publication Date: 1969
 Subjects
Subject: Beef cattle -- Prices -- Florida   ( lcsh )
Genre: government publication (state, provincial, terriorial, dependent)   ( marcgt )
non-fiction   ( marcgt )
 Notes
Statement of Responsibility: B.R. Eddleman and James O. Phillips, Jr.
General Note: Cover title.
Funding: Bulletin (University of Florida. Agricultural Experiment Station) ;
 Record Information
Bibliographic ID: UF00027759
Volume ID: VID00001
Source Institution: Marston Science Library, George A. Smathers Libraries, University of Florida
Holding Location: Florida Agricultural Experiment Station, Florida Cooperative Extension Service, Florida Department of Agriculture and Consumer Services, and the Engineering and Industrial Experiment Station; Institute for Food and Agricultural Services (IFAS), University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: aleph - 000929588
oclc - 18368213
notis - AEP0378

Table of Contents
    Copyright
        Copyright
    Front Cover
        Page 1
    Table of Contents
        Page 2
    Method and procedure
        Page 3
        Page 4
    Seasonal variation in marketings and average prices
        Page 5
    Seasonal variation in slaughter cattle prices
        Page 6
        Steers
            Page 6
            Page 7
            Page 8
            Page 9
        Hiefers
            Page 10
            Page 11
            Page 12
        Cows
            Page 13
            Page 14
        Bulls
            Page 15
        Calves
            Page 16
    Sesaonal variation in stocker and feeder cattle prices
        Page 17
        Steers
            Page 17
        Heifers
            Page 18
            Page 19
        Calves
            Page 20
    Relationships among the grades of selected classes
        Page 21
        Slaughter animals
            Page 21
            Page 22
        Stocker and feeder animals
            Page 23
    Price ranges for selected cattle systems
        Page 24
        Page 25
        Page 26
        Page 27
    Summary
        Page 28
        Page 29
    Appendix tables
        Page 30
        Page 31
    Tables 1-10
        Page 32
        Page 33
        Page 34
        Page 35
        Page 36
        Page 37
        Page 38
        Page 39
    Back Cover
        Page 40
Full Text





HISTORIC NOTE


The publications in this collection do
not reflect current scientific knowledge
or recommendations. These texts
represent the historic publishing
record of the Institute for Food and
Agricultural Sciences and should be
used only to trace the historic work of
the Institute and its staff. Current IFAS
research may be found on the
Electronic Data Information Source
(EDIS)

site maintained by the Florida
Cooperative Extension Service.






Copyright 2005, Board of Trustees, University
of Florida




BULLETIN 732
p(i
100~t IJ


OCTOBER 1969


Monthly Variations of

Beef Cattle Prices In Florida

B. R. EDDLEMAN and JAMES O. PHILLIPS, JR.


AGRICULTURAL EXPERIMENT STATIONS
INSTITUTE OF FOOD AND AGRICULTURAL SCIENCES
J. W. SITES, DEAN FOR RESEARCH
UNIVERSITY OF FLORIDA, GAINESVILLE








CONTENTS


Page

Method and Procedure --... .. ........... 3

Seasonal Variation in Marketings and Average Prices -- -- 5

Seasonal Variation in Slaughter Cattle Prices ....... 6

Steers .......... .......------ 6

Heifers ..............-- ---- 10

Cows ....- ------..............------------- 13

Bulls ....-- ......... -----15

Calves ...... -- 16

Seasonal Variation in Stocker and Feeder Cattle Prices 17

Steers ---------------- 17

Heifers ...----...................- 18

Calves ...........-........... ---------20

Relationships Among the Grades of Selected Classes --...------- 21

Slaughter Animals ...... .. 21

Stocker and Feeder Animals ............. .-- 23

Price Ranges for Selected Cattle Systems .. ... 24

Summary ...---- ...... .----------- 28

Appendix Tables .... 30







MONTHLY VARIATIONS OF BEEF CATTLE
PRICES IN FLORIDA

B. R. Eddleman and James O. Phillips, Jr.'


Successful marketing is an important phase of beef produc-
tion in Florida. A beef producer who wishes to obtain the largest
possible net income must compare production costs for his oper-
ation with market prices he expects to receive in order to deter-
mine his best alternatives. However, many producers are unable
to take advantage of their best alternatives because of the dif-
ficulty in determining market prices.
Various physical, biological, and economic factors which af-
fect feed and animal production also influence cattle prices and
marketing. The prices of most livestock fluctuate in a fairly
regular month-to-month pattern within a year; that is, they ex-
hibit seasonal variations. A knowledge and understanding of the
seasonal patterns in prices is important for planning livestock
production and for making marketing decisions. It is important
for producers to know in which period of the year prices are like-
ly to be lowest and in which period they are likely to be highest.
The amount of variation that can be expected during each
month and between the high price period and the low price
period as well as the direction prices are likely to move from one
month to the next are important in determining the profitability
of livestock operations. The objective of this study was to de-
termine and analyze seasonal price data which would be useful
in deciding the best times to market cattle in Florida.
The term "beef cattle" used in this study includes both ani-
mals produced for beef and dairy cattle sold for beef. Although
no specific information on numbers of dairy cattle sold for beef
in Florida is available, a sizeable portion of the beef supply for
the lower grades of animals comes from dairy cattle.

Method and Procedure
Combined prices of the major grades and weights for each
class of cattle and calves sold at 16 Florida livestock auction

'Associate Professor (Associate Agricultural Economist), Florida Agri-
cultural Experiment Stations; and former Graduate Assistant in Agricul-
tural Economics, respectively.







markets were used for this study.2 The combined monthly price
data were obtained from published reports of the Livestock Di-
vision of the USDA Agricultural Marketing Service and from
the Florida State Marketing Bureau. The combinations of grades
and weights used for each series are shown in Appendix Table 1.
Supplementary data on numbers of marketing were obtained
from various releases of the Florida State Marketing Bureau.
The data on average prices received by Florida farmers for all
beef cattle were obtained from various Florida Agricultural Sta-
tistics Livestock Summary reports of the Florida Crop and Live-
stock Reporting Service.
In more recent years the higher grades of slaughter cattle
have been increasingly marketed through direct sales to packers.
Thus, auction markets may not effectively reflect their actual
price relationships. The lack of any consistent series of data on
prices received through direct sales prevented consideration of
this method of marketing in the analysis. However, the season-
al price variations from direct sales should be similar to those
from auction sales even though the actual price levels differ.
The method used involved the computation in four steps of
(1) centered 12-month moving averages of prices, (2) the aver-
age price in a given month as a percent of the moving average
for the month, commonly referred to as a percentage or an index,
(3) the mean or average of the percentages (from step 2) for a
given month in the period, (4) the standard deviations of both
.the percentages and the mean of the percentages for each month.
The individual percentages in step 2 measured the deviations
from a level which reflected the long time trend and the cycle.
Thus they represented the net seasonal variation.
The basic time period of the study was 1955 through 1964.
The number of cattle and calves on farms was at a peak on
January 1, 1955, decreased slowly and less than normal to a
trough in 1958, then increased gradually through the remaining
years of the period to a high of 109 million head on January 1,
1965. Numbers dropped slightly in 1966 and then increased
again to 109.7 million head in 1969.


SThe livestock auction markets comprising this series included Belle
Glade, Gainesville, Graceville, Kissimmee, Lakeland, Live Oak, Marianna,
Madison, Monticello, Ocala, Okeechobee, and Wauchula in 1954-55. Arcadia
was added in 1956; Tampa in 1957; Lake City, Orlando, and Sarasota in
1959. Madison was dropped from the series in August 1958. Sarasota was
dropped and Webster added in 1961.







There is always some danger that unequal representation of
the increasing and decreasing phases of the cattle cycle might
distort the seasonal averages. In addition, the seasonal patterns
might change over time. The lack of a continuous series of price
data for most of the separate grades and weights of each class
of animals prior to 1954 prevented analysis over a longer time
period. For these reasons, all computations were based on an
approximation of the most recent cycle for which data were
available, 1955 through 1964. The seasonal price pattern data
are included in Appendix Tables 2 through 7.
In general, the seasonal price patterns for all grades of a
given class of animals are presented on one chart followed by a
separate chart for selected grades of that class. Two ranges are
included in the latter charts. The first is the range of indexes
expected for any given month in an individual year. This is the
wide band and the indexes should be included in this range in
two out of three years. The second is the range of the mean in-
dex (average for the period of years) expected for a given
month. This is the narrow band and the average index should
be included in this range in two out of three years. All ranges
were established on the basis of the concept of repeated samp-
ling and a probability level of two out of three years.

Seasonal Variation in Marketings and Average Prices
Historically, cattle prices in Florida have reflected the pro-
duction of roughage and the marketing of stocker and feeder
cattle. During the 1955-64 period, monthly marketing of cattle
averaged 5% to 25% below the annual average in the winter
months (November through March) and up to 16% above aver-
age in the late summer and early fall months (Figure 1). The
variation was considerably greater for calves; marketing
dropped to less than 70% of average in the late winter months
and rose to 40% to 50 % above average in the late summer and
early fall months. With prices moving inversely with market-
ings, prices received by Florida farmers for cattle during the
same period were highest in March and April and lowest in
October and November. The variation, however, was not as great
for prices as for marketing. The range of prices was only about
12% ( 6% from the average).
Slaughter cattle have become more important in Florida
agriculture in recent years and the seasonal price patterns for
the higher grades are quite different from the price patterns for












130- / kt'd -110
S.Cattle Prices

S105
110- /




85







c i, 95
\ D



50-








stocker and feeder cattle. They are different in both the magni-
tude and the timing of the seasonal highs and lows. Prices of
higher grades (Choice and Good) of slaughter cattle are fairly
stable but tend to be lowest in the late winter months when stock-
er and feeder cattle prices are increasing. Conversely, slaughter
cattle prices are highest for the better grades when stocker
and feeder prices are rapidly declining toward the seasonal lows.
Therefore, any change in the relative proportions of the classes
of animals marketed would be reflected in a change in the pat-
tern of average prices even though the pattern for an individual
class might not change.


Seasonal Variation in Slaughter Cattle Prices
STEERS
Seasonal variation in the prices of Choice and Good grades












130- / kt'd -110
S.Cattle Prices

S105
110- /




85







c i, 95
\ D



50-








stocker and feeder cattle. They are different in both the magni-
tude and the timing of the seasonal highs and lows. Prices of
higher grades (Choice and Good) of slaughter cattle are fairly
stable but tend to be lowest in the late winter months when stock-
er and feeder cattle prices are increasing. Conversely, slaughter
cattle prices are highest for the better grades when stocker
and feeder prices are rapidly declining toward the seasonal lows.
Therefore, any change in the relative proportions of the classes
of animals marketed would be reflected in a change in the pat-
tern of average prices even though the pattern for an individual
class might not change.


Seasonal Variation in Slaughter Cattle Prices
STEERS
Seasonal variation in the prices of Choice and Good grades








of slaughter steers, 500 to 1100-pound weights, was minor and
reflected only traces of a winter low and a late summer and early
fall high. However, there was seasonal variation in the other
grades of slaughter steers. In fact, the seasonal variation be-
came more pronounced as the quality decreased.

Choice. There was no obvious seasonal pattern for prices of
Choice slaughter steers for the combined livestock auction mar-
kets (Figure 2). However, in April and July through October
the prices tended to be higher than average. The April high
coincided with the highs for prices of stocker and feeder cattle
in Florida, and the August through October high reflected the
typical seasonal September high for prices of Choice slaughter
cattle in the United States.
The variation in prices for a given month (from one year to
the next) was quite wide in January through May of the early
part of the year and in August, October, and December of the
latter part of the year (Figure 3). The variation of the indexes
was greater than 5.0% during these months which, in turn,
meant a general range in price of at least $2.40 per cwt. based
on the annual average of $24.09 per cwt. (Appendix Table 8).


110 -
)< Canner
SCutter >

105 -

Utility X. Commercial
PS / .. *" Standard Choice
o"il & Standard

0 100 <_1 ... ...








90

I-II 1 I I I I I I I I
J F I I I I J I S I N D
Month
Figure 2. Slaughter steers: Average seasonal price variation for selected
grades, 16 Florida livestock auctions combined, 1955-1964.





























a)
S105


100


) 95






a105
c0




O 95
a4
a)


Choice


i i I I


J F


-T


-
.. ,..... .. ........





Good
I II I I I I I I I I






S.............' ..

Cm i & t d



*( Commercial & Standard
I 1 __ I -- __I--- I -- I -- I -- I -- I -- I --- ---


M A M J J A S 0 N D


Month
Figure 3. Slaughter steers: Expected ranges of means and individual year
indexes of seasonal price variation for choice, good, and commercial and standard
grades, 16 Florida livestock auctions combined, 1955-1964.


The ranges were narrower which indicated less variable prices
for the other months of the year.


Good. The seasonal price pattern for Good grade slaughter
steers was only slightly discernible, and it was quite similar to
the monthly price relationships for Choice grade slaughter
steers. Prices started the year at the annual average, declined
to 3.3% below the average in February, gradually rose to 2.5%
above the average in September, then gradually declined to 1.7%


8







below the average in December. Prices were above 100% of aver-
age in June through September and below 100% in February,
March, and December.
In a year to year comparison for each month, the variation
in prices was considerably less than for Choice slaughter steers.
Only in May was the variation of the indexes greater than -
5.0%, or greater than $2.23 per cwt. based on the annual average
of $22.30 per cwt. for the 1955-64 period.

Commercial and Standard. There was a definite seasonal pat-
tern in the combined Commercial and Standard (all weights)
grades of slaughter steers, but the magnitude of the month to
month change was smaller than for all lower grades of slaughter
steers and all other classes of slaughter cattle. Prices increased
from the annual average in January to 2.3% above the average
in April, then gradually declined to around 2.5% below the aver-
age in November and December.
The variations of the indexes of prices were quite narrow for
the combined Commercial and Standard grades when compared
with the higher grades of slaughter steers. Only in December
was the variation of the indexes greater than 5.0%. Based on
the average price of $19.58 per cwt., the dollar range for the
month of greatest variability was $2.00 per cwt. as compared
with $2.45 per cwt. for Good slaughter steers and $4.05 per cwt.
for Choice slaughter steers.

Utility. The seasonal price pattern for Utility grade slaugh-
ter steers of all weights was quite pronounced. Prices increased
from January through March when they reached a peak of 4.4%
above average. Beginning in April and continuing through No-
vember, prices declined gradually until they reached a low of
5.0% below average in November. By December, prices rose
slightly to 3.3% below average. This pattern was similar to the
pattern for stocker and feeder animals.
The variation of the indexes of prices was less than 5.0%
in every month (Appendix Table 2). In fact, only in March
( 4.9%) and September ( 4.4%) did the variation of the in-
dexes exceed 4.0%. Based on the average price of $17.38 per
cwt., the dollar range for the month of the greatest variability
was $1.70 per cwt.

Cutter. Prices of Cutter grade slaughter steers began the
year at 2.5 % above the annual average, increased rapidly to reach







6.7% above average in March, decreased sharply to reach the an-
nual average in June and July, then declined less steadily to
reach a low at 5.9% below average in October. Prices remained
fairly stable at this level through November, then rose slightly
to finish the year at 3.4% below average.
There was less variation from year to year in the seasonal
indexes for the Cutter grade than for all higher grades of slaugh-
ter steers. No month had a variation as great at 5.0% (Ap-
pendix Table 2). Based on the average price of $15.00 per cwt.,
the widest range was $1.38 per cwt. in March.

Canner. A more pronounced seasonal pattern was evident
for the Canner grade than for the other grades of slaughter
steers. Prices were 2.6% above average in January and rose
rapidly to a peak of 10.1% above average in March. In April,
prices began a sharp decline which continued through June.
Prices remained fairly stable through July (about 1.0% above
average), then dropped sharply to 5.0 % below average in August.
In September, prices rose slightly to 3.3% below average, then
declined rapidly to a seasonal low of 7.9% below average in No-
vember. In December, prices rose rather sharply to finish the
year at 3.6% below the annual average.
There was considerably more year to year variation in the
seasonal indexes for Canner grades than for the higher grades of
slaughter steers, except Choice slaughter steers (Appendix Table
2). The variation of the indexes was quite large for September
through March, 5.0% or more. However, prices of Canner
steers were also low. Considering the price level, the ranges were
smaller in terms of dollars than for many other series. The range
for January and March of 6.5% was equivalent to about $1.58
per cwt., or about two-fifths as great as the largest price range
for any month for Choice slaughter steers.

HEIFERS
The patterns of seasonal variation in the prices of slaughter
heifers were quite similar to those for slaughter steers (Figure
4). The seasonal variation was greater for the lower than the
higher grades.

Good. Prices of Good grade slaughter heifers, 500 to 900-
pound weights, did not exhibit much seasonal variation. Prices
tended to be higher than average from April through August








110-
; I: Cutter-- .
20' / t"r. Standard




I5 .Utility Good
90


J F M A M J J A S 0 N D
Month
Figure 4. Slaughter heifers: Average seasonal price variation for selected
grades, 16 Florida livestock auctions combined, 1955-1964.

and lower than average from September through February. July
was the highest at 3.8% above average and November was the
lowest at 4.7% below the average.
The variation of the indexes for a given month over the peri-
od was less than 5.0% in every month (Figure 5). The largest
was November at 4.8% or about $2.05 per cwt. In contrast,
the range in terms of dollars in the months of highest prices
(April and July) was $1.40 per cwt. and $1.88 per cwt., re-
spectively.

Standard. Prices of Standard grade slaughter heifers showed
a definite seasonal pattern. Prices started the year at the annual
average and increased through April when they reached a peak
of 5.1% above average. Beginning in May and continuing through
October, prices declined steadily. By October, prices were 6.2%
below the average, adjusted for trend and cyclical movements.
Through November, prices remained fairly stable at the seasonal
low, then increased sharply in December to finish the year at
3.4% below the annual average.
The variation of the monthly indexes was much smaller than
for Good grade slaughter heifers. No month had a range for ex-
pected prices as much as -+ 5.0%. Only in March, November,
and December did the range exceed 4.0%. The largest range
for Standard slaughter heifers was 4.7 % in March. The range
was equivalent to about $1.78 per cwt. In April, the month of
highest prices, the variation was only 3.3%, or about $1.25
per cwt. based on the average price of $18.98 per cwt. for the
period.











5s :- ... .







110 -
0







90 Standard

SI I I I I I I
J F M A M J J A S 0 N D
Month
Figure 5. Slaughter heifers: Expected ranges of means and individual year
indexes of seasonal price variation for good and standard grades, 16 Florida live-
stock auctions combined, 1955-1964.

Utility. The seasonal price pattern for Utility slaughter heif-
ers was essentially the same as that for the Standard grade. The
peak was slightly higher and occurred one month earlier (107.1
in March), while the trough was slightly lower and occurred one
month later (93.3 in November).
The expected year to year variation for the monthly indexes
was small, less than 5.0% in all months except March (Appen-
dix Table 3). The variation was greatest in March, 5.0%, and
was equivalent to $1.63 per cwt. based on the average price for
the 1955-64 period.

Cutter. The seasonal price pattern for Cutter grade slaughter
heifers was quite similar to the pattern for Cutter slaughter
steers. Prices started the year at 2.1% above the annual average,
then rose sharply to a peak of 9.3 % above average in March. Be-
ginning in April, prices declined sharply to reach the annual av-
erage in June and July, then declined less steadily to reach a








low at 8.3% below the average in November. Prices rose sharply
in December to finish the year at 4.3 % below the annual average.
There was small variation from year to year in the seasonal
indexes for Cutter slaughter heifers. No month had a variation
as great as 5.0% (Appendix Table 3). Based on the average
price of $14.18 per cwt., the widest range was about $1.40 per
cwt. in December.

COWS
Prices of slaughter cows followed the March-high and No-
vember-low patterns characteristic of lower grades of slaughter
cattle. However, there was less difference between grades of
slaughter cows than for either slaughter steers or slaughter
heifers (Figure 6).


110-
Utility .
105

S100- -Commercial & Standard

95
S'....^:----/..
4 Cutter--
90 .


J F M A M J J A S 0 N D

Month
Figure 6. Slaughter cows: Average seasonal price variation for selected
grades, 16 Florida livestock auctions combined, 1955-1964.

Commercial and Standard. Prices for the combined Commer-
cial and Standard grades of slaughter cows began the year near
the annual average and increased rapidly to reach 5.5% above
average in March. Prices remained fairly stable at this level
through May, dropped sharply in June, July and August, then
was 2.8% to 4.6% below average for the remainder of the year.
The lowest price usually occurred in October.
There was less variation from year to year in the seasonal
indexes than for Commercial and Standard grades of slaughter
steers and heifers. No month had a variation as great as 4.5%
(Figure 7). The widest range was 4.4% in May, and was
equivalent to about $1.50 per cwt. The only other months in


















Commercial and Standard


I f I I


Utiit "
"T" i I I I i I I i I


J F M A M J


J A


S 0 N D


Month
Figure 7. Slaughter cows: Expected ranges of means and individual year
indexes of seasonal price variation for commercial and standard, and utility
grades, 16 Florida livestock auctions combined, 1955-1964.

which the variation exceeded 3.6 % was at the seasonal trough
in October and November (both had 4.2%). In dollar terms,
the price range was equivalent to about $1.45 per cwt. at the
seasonal low.

Utility. The seasonal price pattern for Utility slaughter cows
was essentially the same as that for the combined Commercial
and Standard grade. The peak occurred in the same month
(March) and was slightly higher, 7.2% above the annual average,
while the trough in October and November was slightly lower,
5.5% below the annual average. The expected year to year vari-
ation for the monthly indexes was small, less than 3.5% in all
months except March. The variation was greatest in March,
4.1%, and was equivalent to $1.26 per cwt. based on the aver-
age price of $15.42 per cwt.

Cutter. The seasonal price pattern for Cutter slaughter cows
was quite evident and was similar to the patterns for the higher







grades of slaughter cows. Prices were 1.1% above average in
January, and rose rapidly to a peak of 8.2% above average in
March. In April, prices began a rather large and consistent de-
cline which continued until the trough was reached in November
with prices at 7.0% below average.
The variation of the indexes of prices was less than 5.0%
in all months except March (Appendix Table 4). The variation
in March, 5.0%, was equivalent to $1.37 per cwt. based on the
average price of $13.73 per cwt. over the period.

Canner. A more pronounced seasonal pattern was evident for
the Canner grade than for the other grades of slaughter cows.
Prices rose sharply in the early part of the year to a peak of
10.0% above average in March. In April, prices began a sharp
decline which continued through June with prices only 0.6%
above average. In July, prices rose sharply to 2.7% above aver-
age, then declined rather rapidly until the trough was reached
in October and November with prices 8.9 % below average. Prices
rose sharply in December to finish the year at 5.4% below aver-
age. The March to November decline was about 19% or about
$2.15 per cwt. based on average prices.
The variation of the indexes of prices exceeded 5.0% only
in December. The range for December of + 5.2 % was equivalent
to about $1.18 per cwt., or slightly more than one half as great
as the largest price range for any month for Good slaughter
heifers.

BULLS
The seasonal price patterns were similar for all grades of
slaughter bulls (Figure 8). Prices of Commercial grade bulls
started the year about 1.0% above the annual average, increased
to a peak of 5.4% above average in April, turned down in May,
reached a trough at 6.6% below average in October, then turned
up in November and December. In contrast, prices of the other
grades of slaughter bulls reached a peak one month earlier (in
March) and reached a seasonal low one month later (in Novem-
ber).
Prices of Utility, Cutter, and Canner grades of slaughter bulls
were 2.5% to 3.0% above average at the beginning of the year,
then increased to a peak in March. The peak prices were only
6.5% above average for the Utility grade but were 8.6% and
10.0% above average for the Cutter and Canner grades, respec-











S105 Commercial

100-
i0 [C Cutter '. Utility ,
S 95 .

90 -

I I I I I i I I I I i
J F M A M J J A S N D
Month
Figure 8. Slaughter bulls: Average seasonal price variation for selected
grades, 16 Florida livestock auctions combined, 1955-1964.

tively. Prices of the three grades turned down in April and final-
ly reached a seasonal low in November. The November low for
Utility and Cutter was about 6.5% to 7.0 % below average. Prices
for Canner bulls reached a low of 10.7% below average in No-
vember. For each grade, prices turned up in December.
The variation of the monthly indexes was small for the Com-
mercial and Utility grades (Appendix Table 5). No month had
a range for expected prices as much as -- 5.0%. The largest
range for Commercial slaughter bulls was 4.5%, or about $1.65
per cwt., as compared with 4.3%, or about $1.45 per cwt., for
Utility grades. The variation in prices was greater for the Cutter
and Canner grades of slaughter bulls. Both grades had a range
of 5.0% or more in March, and for Canner slaughter bulls the
range exceeded 5.0% in October and November (Appendix
Table 5). The largest range for Cutter slaughter bulls was
5.0%, or $1.48 per cwt., as compared with 6.0% or about
$1.45 per cwt. for Canner grades. In each case the largest range
occurred in March.

CALVES

In contrast to slaughter steer and heifer seasonal price pat-
terns, the seasonal variation in prices of slaughter calves was
greater for the higher grades (Choice and Good) than the lower
grades (Figure 9). Prices of Choice and Good grades of slaugh-
ter calves rose to a peak in March of 13.5% and 10.0% above the
annual average, respectively, then declined to a seasonal trough
in October of about 10.0% to 11.0% below average. Prices of







Standard and Utility grades started the year near the level for
the higher grades of slaughter calves (1.0% to 3.0% above aver-
age), rose to a seasonal high of about 7.0% above average in
March and April, then declined to a seasonal trough in November
of about 10.0% below average. Prices of all grades rose sharply
in December to finish the year at a level of 5.0% to 7.0% below
the annual average.

115-
w *-Choice


S105- Good
0 1 iLStandard

S 100- -
S.W-Utility



90


J F M A M J J A S 0 N D
Month
Figure 9. Slaughter calves: Average seasonal price variation for selected
*grades, 16 Florida livestock auctions combined, 1955-1964.

The range for expected prices for any given month was great-
er than + 5.0 % only for the months at or near the trough (No-
vember and December) for all grades, and also in January for
Choice slaughter calves (Appendix Table 7). The largest range
for the Choice grade was equivalent to about $2.60 per cwt. in
January. The largest range for the three lower grades occurred
in December. The variation for Good slaughter calves was equiv-
alent to about $2.45 per cwt., as compared with about $2.30 per
cwt. for both the Standard and Utility grades.

Seasonal Variation in Stocker and Feeder Cattle Prices

STEERS
The seasonal price movements were similar for all grades,
500 to 800-pound weights, of stocker-feeder steers included in
the study (Figure 10). Prices were from 1.0% to 2.0% below
average at the beginning of the year, then increased to a peak
in March (for the Utility grade) and April. The peak prices were







Standard and Utility grades started the year near the level for
the higher grades of slaughter calves (1.0% to 3.0% above aver-
age), rose to a seasonal high of about 7.0% above average in
March and April, then declined to a seasonal trough in November
of about 10.0% below average. Prices of all grades rose sharply
in December to finish the year at a level of 5.0% to 7.0% below
the annual average.

115-
w *-Choice


S105- Good
0 1 iLStandard

S 100- -
S.W-Utility



90


J F M A M J J A S 0 N D
Month
Figure 9. Slaughter calves: Average seasonal price variation for selected
*grades, 16 Florida livestock auctions combined, 1955-1964.

The range for expected prices for any given month was great-
er than + 5.0 % only for the months at or near the trough (No-
vember and December) for all grades, and also in January for
Choice slaughter calves (Appendix Table 7). The largest range
for the Choice grade was equivalent to about $2.60 per cwt. in
January. The largest range for the three lower grades occurred
in December. The variation for Good slaughter calves was equiv-
alent to about $2.45 per cwt., as compared with about $2.30 per
cwt. for both the Standard and Utility grades.

Seasonal Variation in Stocker and Feeder Cattle Prices

STEERS
The seasonal price movements were similar for all grades,
500 to 800-pound weights, of stocker-feeder steers included in
the study (Figure 10). Prices were from 1.0% to 2.0% below
average at the beginning of the year, then increased to a peak
in March (for the Utility grade) and April. The peak prices were








W Utility
105 -/ Standard

0 lo0 '-0 Good

4 95

90

I I I I I I I I 1 I I
J F M A M J J A S O N D
Month
Figure 10. Stocker and feeder steers: Average seasonal price variation for
selected grades, 16 Florida livestock auctions combined, 1955-1964.

only 4.0% above average for the Good grade but were from
6.0% to 8.0% above average for the Standard and Utility grades.
Prices of stocker-feeder steers gradually moved down from the
peak in March and April until the low was reached in November
at about 5.0% to 8.0% below average.
For a given month in a year to year comparison, the range
was widest in March and December (Figure 11). However, no
month had a range greater than 5.0% for any of the grades
of stocker-feeder steers. The greatest variation for Good stock-
er-feeder steers occurred in December, 4.5% and was equiva-
lent to $1.82 per cwt. For Standard and Utility grades the great-
est variation occurred in March. It was 4.7%, or $1.73 per
cwt., in dollar terms, for Standard stocker-feeder steers. For
Utility stocker-feeder steers the range was 5.0%, or $1.65 per
cwt. (Appendix Table 6).

HEIFERS
Although prices averaged lower for stocker-feeder heifers
than steers, the seasonal price variations were similar. Price
ranges for Good, Standard, and Utility grades of stocker-feeder
heifers are shown in Figure 12. Prices were highest in March
and April and lowest in November.
The variation in prices for Good stocker-feeder heifers ex-
ceeded 5.0% in April, June, and December (Appendix Table
6). The variation was greatest in April, + 6.8%/, and was equiv-
alent to $2.60 per cwt. based on the average price for the 1955-64
period. For the Standard grade, the variation exceeded 5.0%
in September and December. The greatest variation was in De-









cember, 5.7%, and was equivalent to $1.95 per cwt. No month
had a variation as great as 5.0% for Utility stocker-feeder
heifers. The greatest variations occurred in March and Decem-
ber and were equivalent to about $1.48 per cwt.


110,


Good


I I I I I I


90-- Standard

J F M A M J J A S 0 N D

Month
Figure 11. Stocker and feeder steers: Expected range of means and in-
dividual year indexes of seasonal price variation for selected grades, 16 Florida
livestock auctions combined, 1955-1964.


110


S105

S100


0 95


/ '
'-7,,


Good


- ,(Standard


90


J F M A M J J A S O N D

Month
Figure 12. Stocker and feeder heifers: Average seasonal price variations for
selected grades, 16 Florida livestock auctions combined, 1955-1964.

19


105


S100
o

S95
0.







CALVES

The seasonal price movement for stocker-feeder steer and
heifer calves showed the same general relationship as slaugh-
ter calves. That is, the seasonal price patterns were more
pronounced for the higher grades than for the lower grades
(Figure 13). Prices started the year at 2.0% to 4.0% below the
annual average, rose to a seasonal peak in April of about 7.2%
to 12.0% above average, then declined through the summer and
fall months to a seasonal trough of about 11.0% to 13.0% below
average in November. Prices of all grades of stocker-feeder
calves increased sharply in December to finish the year at 7.0%
to 9.0% below average.
The variations for a given month in a year to year compari-
son were quite wide for all grades of stocker-feeder calves (Ap-
pendix Table 7). The range was greater than 5.0% in March,
April, June, July, and December for the Good grade. Standard
stocker-feeder calves exhibited a price variation greater than
5.0% in May, July, August, and December. The variation ex-
ceeded 5.0% for Utility stocker-feeder calves in May through
August, November, and December. The largest range for Good
stocker-feeder calves occurred in March, 8.3%, and was equiv-
alent to about $3.50 per cwt. The variation was greatest in July,
5.6%, for Standard stocker-feeder calves, and was equivalent

115

110 Standard

S105 -
^ /V_ rUtility
S100 \

95
95 Good--

90

85


J F M A M J J A S O N D
; ,,,


Month
Figure 13. Stocker and feeder calves: Average seasonal price variation for
selected grades, 16 Florida livestock auctions combined, 1955-1964.
















Calves, Goo


LCalves, Choice



SSteers, Choice, 500-1100 b.
Steers, Choice, 500-1100 lb.


,Steers, Good


Heifers, Good

Steers, Commercial & Standard



teers, ulls, Commercial Heifers
\t1l't KHiesSadr


I I I I I I 1 I I I
J F M A M J J A S O N D

Month
Figure 14. Relative seasonal price patterns for slaughter animals of selected
classes and grades using choice steers as the base, 16 Florida livestock auctions
combined.

to $2.20 per cwt. In contrast, the greatest variability in prices
of the Utility grade occurred in December, 7.2%, and was
equivalent to about $2.65 per cwt.


Relationships Among the Grades of Selected Classes

SLAUGHTER ANIMALS

Prices and price movements for the various classes and
grades of slaughter animals relative to Choice slaughter steers
are shown in Figure 14 and Appendix Table 10. The average in-
dexes of seasonal variation for the various classes and grades
were multiplied by the respective average prices for the 1955-64


I __
















Calves, Goo


LCalves, Choice



SSteers, Choice, 500-1100 b.
Steers, Choice, 500-1100 lb.


,Steers, Good


Heifers, Good

Steers, Commercial & Standard



teers, ulls, Commercial Heifers
\t1l't KHiesSadr


I I I I I I 1 I I I
J F M A M J J A S O N D

Month
Figure 14. Relative seasonal price patterns for slaughter animals of selected
classes and grades using choice steers as the base, 16 Florida livestock auctions
combined.

to $2.20 per cwt. In contrast, the greatest variability in prices
of the Utility grade occurred in December, 7.2%, and was
equivalent to about $2.65 per cwt.


Relationships Among the Grades of Selected Classes

SLAUGHTER ANIMALS

Prices and price movements for the various classes and
grades of slaughter animals relative to Choice slaughter steers
are shown in Figure 14 and Appendix Table 10. The average in-
dexes of seasonal variation for the various classes and grades
were multiplied by the respective average prices for the 1955-64


I __







period. Then, the average price for each grade during each
month was expressed as a per cent of the average price of Choice
slaughter steers for the same month.
Good slaughter steers exhibited only slight price seasonality
relative to Choice slaughter steers. Prices were relatively lowest
in October at 90.7% and highest in January and June at 94.3% of
Choice slaughter steers. The average for the 1955-64 period was
92.8%.
Prices of Good slaughter heifers averaged lower than the
Good grade of slaughter steers and exhibited more seasonality.
Prices of Good heifers averaged 89.0% of Choice slaughter steers
in January, increased to about 92.0% in May and June, then de-
clined to 83.2% in October.
Prices of the combined Commercial and Standard grades of
steers and Standard grade heifers were relatively highest from
February through June and lowest in the fall months. Commer-
cial and Standard steers, for example, moved from 82.5% of the
price of Choice slaughter steers in January to 85.3% in February
then down to 77.4% in October. The pattern for the Standard
grade of heifers was about the same through the late winter
and spring months, but declined more rapidly relative to the
price of Choice slaughter steers in the summer and fall months
as compared with Commercial and Standard steers.
Prices of Utility grade slaughter steers and heifers averaged
lower than higher grades of steers and exhibited more sea-
sonality. Prices of Utility steers averaged 73.3% of Choice in
January, increased to 77.2% in March, then declined to 67.7% in
October. The pattern was about the same for Utility grade
slaughter heifers but at a lower price level.
Commercial bull prices were highest in March at 81.8% of
Choice steer prices, then declined irregularly through October,
when they reached 69.6%. Prices of the combined Commercial
and Standard grades of slaughter cows had a similar movement
but at a lower price level. The notable exception was a more
rapid decline from May through August (from 75.3% to 66.5%).
However, prices of both cows and bulls tended to move together
after August.
Choice and Good slaughter calves had the greatest seasonal
variation of the series shown in Figure 14. Prices of Choice
slaughter calves moved up from 105.0% of Choice steer prices
in January to 118.0% in March, then declined to 88.3% in Octo-
ber. Prices of Choice calves average 10.3% greater than Choice








steers through the first half of the year and 7.8% less through
the last half of the year. The pattern for Good slaughter calves
was very similar to that of Choice calves but at a lower price
level. Only in the months of February, March, and May did Good
slaughter calf prices exceed the prices of Choice slaughter
steers. In February and March prices of Good calves were from
1.5% to 3.7% above Choice steer prices and in May the difference
was only 0.4%. The movement of slaughter calf prices reflected
the predominant pattern of early and late winter calving in
Florida.

STOCKER AND FEEDER ANIMALS
The seasonal price patterns were very similar for all grades
of stocker-feeder cattle, except that the lower grades of stocker-
feeder steers and heifers and the higher grades of stocker-feeder
calves had more pronounced seasonal price patterns (Figure
15). Using Good 500-800 pound steers as a base, prices of Good
stocker-feeder heifers averaged 5.8% less, but no particular
pattern was evident (Appendix Table 10). In fact the relative


0
C 110- -- ~Calves, Good

105 -

SSteers, Good, 500-800 Ib.




90- Steers, Standard-









Month




of selected classes and grades using Good, 500-800 pound steers as the base,
16 Florida livestock auctions combined.Utili
Steers, Utility \


w 75 Heifers, Utility

07C- -


I I I-- 1 I I I
J F M A M J J A S O N D

Month
Figure 15. Relative seasonal price patterns tar stocker and feeder animals
of selected classes and grades using Good, 500-800 pound steers as the base,
16 Florida livestock auctions combined.







price relationship was quite irregular through June, then de-
clined through August, and remained steady at about 8.0% be-
low Good steer prices throughout the remainder of the year.
Prices of Standard grade stocker-feeder steers and heifers
were relatively highest in March and lowest in the late summer
and fall months. Standard steers, for example, moved from
90.1% of the price of Good stocker-feeder steers in January to
93.4% in March then down to 88.8% in August. The pattern for
Standard stocker-feeder heifers was about the same but at a
lower price level.
Prices of Utility steers and heifers averaged lower than the
prices of other stocker-feeder cattle. But the patterns were quite
similar to those of the Standard grades of steers and heifers.
Prices were relatively highest in March and lowest in August
and November for both grades.
Prices of Good and Standard grades of stocker-feeder calves
had about the same seasonal pattern relative to good stocker-
feeder steers. Prices of Good calves moved up from 101.4% of
Good steer prices in January to 110.8% in April, then declined to
96.8% in November. Standard stocker-feeder calf prices started
the year at 95.8% of Good stocker-feeder steer prices, rose to
104.9% in April, then fell to 89.5% in November. Prices of Utility
calves exhibited less seasonality relative to good steer prices than
the higher grades of stocker-feeder calves. Utility calf prices
tended to be relatively highest in March and lowest in November.
Throughout the year, prices of the Utility grade calves averaged
9.8% less than prices of Good 500-800 pound stocker-feeder
steers. Prices of Good grade and Standard grade of calves tended
to be greater than the prices of Good 500-800 pound stocker-
feeder steers in January through September, and March through
May, respectively.

Price Ranges for Selected Cattle Systems
The decision to purchase feeder animals for feeding and even-
tual slaughter depends in part on the margin between the pur-
chase price and the expected sales price. Trends, cycles, and
seasonal variations will influence this margin. Since this study
was concerned with only net seasonal price variation, the analysis
in this section must be supplemented with additional information
on the net effects of any trend and cyclical movements, or as-
sume no such effects, to ascertain gross price changes during the
feeding period.







The first comparison was for the purchase of Good feeder
steers weighing 500-800 pounds, a feeding period of 120 days, and
the subsequent sale as Good 800-1100 pound slaughter steers.
The margin between the prices of these two classes of animals
ranged from a low of 1.7% in 1958 to a high of 17.3% in 1960.
During the 1955-64 period, prices of Good slaughter steers aver-
aged 10.0% higher than the prices of Good 500-800 pound feeder
steers. For the five-year period 1955-59, the margin averaged
9.7, while during the latter five-year period, 1960-64, the mar-
gin averaged 11.6%. Therefore, an average net positive margin
for the year was postulated, and the average prices during the
10 years 1955 through 1964 were used to position the price series.
The range of expected selling prices relative to buying prices
will reflect both the pattern and the magnitude of seasonal vari-
ation of the two price series. Even if no pattern were evident in
either series, the variation in prices would still be important.
Two ranges were computed and are shown in Figure 16. One
range is contained within the other range.
The first range was based on the assumption that the Good
feeder steers are purchased at the average seasonal price for
that month. They are then sold four months later in the range
of prices expected to prevail in two out of three years. This
range is shown as the diagonal line areas of Figure 16. The
results indicated that a negative margin was not likely to occur
for placement during any month of the year. The lowest mar-

125 -

120 i-: i






Sloo: --^^sa -----
100


95 -
C- I I I I I I I I I I I I
J F M A M J J A S 0 N D
Month Purchased
Figure 16. Range of expected selling prices four months later for Good
500-800 pound feeder steers, fed 120 days, and sold as Good slaughter steers.







gins occurred in the late spring and summer months when prices
of Good feeder steers were at or near the seasonal peak.
The second range in Figure 16 was based on the assumption
that the two out of three year expected price level is used for
both classes. The upper limit would be obtained when Good
feeder steers were purchased at the lowest price consistent with
the two out of three years expected price level for this class and
sold in 120 days at the highest price consistent with the two out
of three years expected price level for the slaughter class. The
lower limit would be obtained when Good feeder steers were pur-
chased at the highest price consistent with the two out of three
years expected price for this feeder class and sold at the lowest
price consistent with the two out of three year expected price
level for the slaughter class. The second range was quite wide
and indicated that a sales price equal to the purchase price was
consistent with the typical seasonal price relationships only in
May, June, and August. The extremes on the lower end were a
0% margin for placements in May to a negative 1.2% margin
for placements in August. At the upper end, the extremes were
a positive 24.5% margin for placements in December to a positive
margin of about 15.0% for placements in April and August. The
average net margin for the year was a positive 10.1%.
In Figure 17, the ranges of expected selling prices as per-
centages of the buying prices are shown for the purchase of
Good and Choice feeder steer calves weighing 250-500 pounds, a
feeding period of 120 days, and the sale of Good, 500-800 pound,
slaughter steers. During the 1955-64 period the price margin
between these two classes of animals changed appreciably. In
1955 the margin was a positive 6.7%. By 1964 the prices of
Good slaughter steers, 500 to 800 pounds, had declined relative
to the prices of Good and Choice feeder steer calves such that a
negative 10.4% margin occurred. In all the years from 1961
through 1964 the margin was negative. To reflect this change
in margins, the average prices during the five years 1960 through
1964 were used to position the price series. Prices of Good
slaughter steers averaged 5.0% lower than the prices of Good
and Choice 250-500 pound feeder steer calves in this period.
Therefore, an average net negative margin for the year was
postulated.
The results of Figure 17 indicated that in some months the
sale price could be as low as 85.0% of the purchase price at the
two out of three years expected price level. This was most likely
for placements in the spring and early summer months. A sales










115

S 110 j~ ** *''v:77



100

s 95

90

85

80

1 J F M A I J J A S 0 N D
J F M A M J J A S 0 N D
Month Purchased
Figure 17. Range of expected selling prices four months later for Good
and Choice feeder steer calves, fed 120 days, and sold as Good slaughter steers.

price less than the purchase price was consistent with the typical
seasonal price relationships in only one month, April. Generally,
the expected relative selling price increases from April through
November, and the price discount changes from a probable nega-
tive 2.2% to 16.7% in April to a probable negative 1.0% to posi-
tive 19.0% in November. The average margin for the year was
a net negative 1.0%, based on prices during the 1960-64 period.
If Good stocker-feeder steer calves were purchased in Novem-
ber for utilizing ryegrass pasture, other temporary pastures, im-
proved pastures, or other roughage and were then sold as Good
stocker and feeder steers, the ranges of expected selling prices
are shown in Figure 18. The average margin was a positive
2.7% based on prices during the 1960-64 period. The diagonal
line areas indicate the range expected when the calves are pur-
chased at the average level and sold as steers at the prices ex-
pected to prevail in two out of three years for Good feeder steers
in any month. The wider range is for calves purchased at either
the highest or lowest level in November and sold at either the
lowest or highest level, based on the two out of three years ex-
pected price level. Generally, the expected selling price in-
creased from January through May and the price margin










110 -

1 0 5



9 ^

90

J F M A M J J A S 0 N D
Month Sold
Figure 18. Range of expected selling prices in month sold for Good stocker
and feeder steer calves, purchased in November, and sold as Good, 500-800
pound stocker and feeder steers.

widened. After May, the expected selling price as a per cent of
the buying price gradually decreased. In no month was the com-
plete range of the expected selling price higher than the buying
price. However, in April the probable negative margin was very
small, 0.5%.

Summary
Successful marketing of beef cattle and calves is very im-
portant to farmers and ranchers in Florida. Various factors in-
fluence cattle prices and subsequently cattle production. This
study was made to determine and analyze seasonal price data
which would be useful in deciding the best time to market cattle
through livestock auctions in Florida.
Results showed that within any given year the fluctuation
of prices from month to month was not very large for higher
grades (Good and Choice) of slaughter cattle. However, there
was considerable variation in the prices of these grades from
year to year for individual months. Seasonal price patterns for
heifers and steers were approximately the same. Slaughter
calves, however, exhibited the greatest seasonal variation for the
Good and Choice grades.
Prices of lower grades of slaughter cattle tended to reflect
the same seasonal price patterns as did stocker-feeder cattle.
Prices of stocker-feeder cattle were highest in March and
April and lowest in November. The amount of seasonal variation







was greater for the lower grades of stocker-feeder cattle than
the higher grades.
The ranges of expected selling prices relative to the buying
prices were quite wide for Good and Choice grades of stocker-
feeder cattle which were fed to a Good slaughter grade. The
relative price varied from month to month, but was highest for
feed lot placements in the fall and early winter months.
Both positive and negative price margins prevailed when
Good stocker-feeder calves were bought in November to sell as
Good, stocker-feeder steers in subsequent months. The extreme
negative price margins were more likely to occur in the late fall
and early winter months, while the positive price margins were
greatest at the extremes during the months of March through
August.









Appendix


Appendix Table 1. Grade and weight classifications for 1965 and prior years
used as continuous series for the analysis.


1965 Grade and Weight

Steers, Slaughter
Choice, 500-1100 lbs.
Good, 500-1100 lbs.
Commercial & Standard,
all weights
Utility, all weights
Cutter, all weights
Canner, all weights
Heifers, Slaughter
Good, 500-900 lbs.
Standard, all weights
Utility, all weights
Cutter, all weights
Cows, Slaughter
Commercial & Standard,
all weights
Utility, all weights
Cutter, all weights
Canner, all weights
Bulls, Slaughter
Commercial, all weights
Utility, all weights
Cutter, all weights
Canner, all weights
Calves, Slaughter (mixed)
Choice, 250-500 lbs.
Good, 250-500 lbs.
Standard, 250-500 lbs.
Utility, 250-500 lbs.
Stocker and Feeder Steers
Good, 500-800 lbs.
Standard, 500-800 lbs.
Utility, 500-800 lbs.
Stocker and Feeder Heifers
Good, 500-700 lbs.
Standard, 500-700 lbs.
Utility, 500-700 Ibs.
Stocker and Feeder Calves (mixed)
Good, 250-500 lbs.
Standard, 250-500 lbs.
Utility, 250-500 lbs.


Prior Year Grades and Weights


:Same in all years.
:Same in all years.
:Commercial, all weights

:Same in all years.
:Same in all years.
:Same in all years.

:Same in all years.
:Commercial, all weights
:Same in all years.
:Same in all years.


to June 1956.


to June 1956.


:Commercial, all weights to June 1956.


Same
Same
Same


:Same
Same
Same
Same


in all
in all
in all


in all
in all
in all
in all


years.
years.
years.


years.
years.
years.
years.


:Same in all years.
:Same in all years.
:Commercial, 250-500 lbs.
:Same in all years.


to Oct. 1956.


:Same in all years.
:Medium, 500-800 lbs. to Sept. 1964.
:Common, 500-800 lbs. to Sept. 1964.


:Same in all years.
:Medium, 500-700 lbs.
:Common, 500-700 lbs.

:Same in all years.
:Medium, 250-500 lbs.
:Common, 250-500 lbs.


to Sept. 1964.
to Sept. 1964.


to Sept. 1964.
to Sept. 1964.








Appendix Table 2. Slaughter steers: Seasonal price indexes, standard deviations, and standard errors of the means, 16 Florida Live-
stock auctions combined, 1955-1964.1
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.


Choice, 500-1100 lbs.
Index'
Std. dev.3
Std. error'
Good, 500-1100 lbs.
Index
Std. dev.
Std. error
Commercial & Standard
Index
Std. dev.
Utility
Index
Std. dev.
Std. error
Cutter
Index
Std. dev.
Std. error
Canner


98.3 96.1 97.5 101.1 99.0 99.1 101.0 103.2 102.3 102.5 99.6 98.7
6.2 5.9 8.4 6.7 5.6 3.9 4.3 6.7 4.8 6.5 4.0 5.3
2.0 1.9 2.7 2.1 1.8 1.2 1.4 2.1 1.5 2.1 1.3 1.7


100.1 96.7 97.7 100.0 100.5 100.9 101.7 101.6 102.5 100.4 99.8 98.3
4.0 3.2 4.7 4.2 5.5 4.8 3.8 3.6 4.8 4.5 3.3 4.0
1.3 1.0 1.5 1.3 1.7 1.5 1.2 1.1 1.5 1.4 1.0 1.3


99.8 100.8 101.0 102.3 101.6 101.7 101.4 99.8 98.9 97.6 97.4 97.6
3.1 3.5 3.5 4.4 4.6 3.4 1.7 3.5 3.5 3.5 3.9 5.1
1.0 1.1 1.1 1.4 1.5 1.1 .5 1.1 1.1 1.1 1.2 1.6


99.9 101.8 104.4 104.2 103.0 101.3 100.6 99.1 98.1 96.2 95.0 96.7
2.6 3.2 4.9 3.3 3.7 2.3 2.0 3.5 4.4 3.8 3.6 4.0
.8 1.0 1.5 1.0 1.2 .7 .6 1.1 1.4 1.2 1.1 1.3


102.5 104.6 106.7 105.0 102.5 100.1 100.1 97.0 97.0 94.1 94.3 96.6
2.9 3.8 4.6 2.9 3.1 2.5 3.0 2.6 3.9 3.8 4.4 3.6
.9 1.2 1.5 .9 1.0 .8 .9 .8 1.2 1.2 1.4 1.1


Index 102.6 107.1 110.1 106.2 103.9 100.7 100.9 95.1 96.7 92.9 92.1 96.4
Std. dev. 6.5 5.4 6.5 3.7 3.9 3.3 3.7 3.1 5.0 5.1 5.3 5.2
Std. error 2.1 1.7 2.1 1.2 1.2 1.0 1.2 1.0 1.6 1.6 1.7 1.6
1 Data based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
SIndex is per cent of moving average.
SStandard deviation of indexes.
'Standard error of mean of indexes.










Appendix Table 3. Slaughter heifers: Seasonal price indexes, standard deviations, and standard errors of the means, 16 Florida live-
stock auctions combined, 1955-1964.1

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.


Good, 500-900 lbs.
Index2
Std. dev."
Std. error'


Standard
Index
Std. dev.
co Std. error
1t
Utility
Index
Std. dev.
Std. error


Cutter
Index
Std. dev.
Std. error


98.8 98.4 100.1 103.0 102.8 103.2 103.8 102.4 99.2 96.3 95.3 97.3
3.7 3.1 4.4 3.3 3.5 2.9 4.4 3.8 4.2 3.7 4.8 3.8
1.2 1.0 1.4 1.0 1.1 .9 1.4 1.2 1.3 1.2 1.5 1.2


99.8 101.9 104.3 105.1 104.1 102.2 101.5 99.5 97.6 93.8 94.0 96.6
3.0 3.0 4.7 3.3 3.2 2.5 2.9 3.1 2.7 3.5 4.6 4.4
1.0 1.0 1.5 1.0 1.8 .8 .9 1.0 .8 1.1 1.5 1.4


100.8 104.0 107.1 106.1 104.2 100.8 100.4 97.5 96.1 93.5 93.3 96.0
2.3 3.0 5.0 3.1 3.1 2.2 2.5 2.6 3.0 3.6 4.1 4.6
.7 .9 1.6 1.0 1.0 .7 .8 .8 1.0 1.1 1.3 1.4


102.1 105.9 109.3 105.9 103.6 99.7 99.9 97.1 96.3 92.4 91.7 95.7
2.9 2.9 4.3 4.2 2.9 2.9 2.8 2.6 3.3 3.6 4.2 4.9
.9 .9 1.4 1.3 .9 .9 .9 .8 1.0 1.1 1.3 1.6


1 Data based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
2 Index is per cent of moving average.
3 Standard deviation of indexes.
SStandard error of mean of indexes.










Appendix Table 4. Slaughter cows: Seasonal price indexes, standard deviations, and standard error of the means, 16 Florida live-
stock auctions combined, 1955-1964.1

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.


Commercial & Standard
Index'
Std. dev.'
Std. error'

Utility
Index
Std. dev.
c~ Std. error

Cutter
Index
Std. dev.
Std. error

Canner
Index
Std. dev.
Std. error


100.5 102.7 105.5 105.1 104.6 101.2 98.9 96.3 96.3 95.4 96.1 97.2
2.1 3.4 3.2 4.4 3.6 2.5 3.3 2.1 3.3 4.2 4.2 3.3
.7 1.1 1.0 1.4 1.1 .8 1.0 .7 1.1 1.3 1.3 1.1


101.0 104.1 107.2 106.3 103.7 100.8 98.9 96.2 96.5 94.5 94.5 96.7
1.5 3.5 4.1 2.9 2.9 2.0 1.8 2.8 3.0 3.3 3.2 3.0
.5 1.1 1.3 .9 .9 .6 .6 .9 .9 1.1 1.0 .9


101.1 105.0 108.3 106.1 103.5 100.6 99.3 96.7 96.5 93.5 93.0 96.4
2.0 4.0 5.0 2.8 2.8 2.3 2.7 2.6 3.6 3.8 4.2 4.3
.6 1.3 1.6 .9 .9 .7 .9 .8 1.1 1.2 1.3 1.4


101.8 106.7 110.0 106.8 103.8 100.6 102.7 96.2 95.4 91.2 91.1 94.6
2.0 3.5 4.5 2.5 3.2 2.4 3.7 2.8 3.1 3.8 3.5 5.2
.7 1.1 1.4 .8 1.0 .7 1.2 .9 1.0 1.2 1.1 1.7


1 Data based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
2 Index is per cent of moving average.
8 Standard deviation of indexes.
SStandard error of mean of indexes.









Appendix Table 5. Slaughter bulls: Seasonal price indexes, standard deviations, and standard errors of the means, 16 Florida live-
stock auctions combined, 1955-1964.1

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Commercial
Index' 101.1 102.5 104.4 105.4 103.7 102.7 101.3 97.7 96.8 93.4 94.1 96.6
Std. dev.2 1.9 2.4 3.7 2.7 3.2 1.8 2.7 3.0 2.8 3.4 4.5 3.8
Std. error4 .6 .8 1.2 .9 1.0 .6 .9 1.0 .9 1.1 1.4 1.2

Utility
Index 102.6 104.6 106.5 105.3 102.7 100.8 99.9 96.7 96.8 94.0 93.7 97.2
Std. dev. 2.4 3.4 4.3 3.2 2.5 2.0 2.2 3.2 3.2 3.7 3.8 3.1
c Std. error .8 1.1 1.3 1.0 .8 .6 .7 1.0 1.0 1.2 1.2 1.0

Cutter
Index 103.1 106.1 108.6 106.5 102.6 99.9 99.5 96.3 96.5 93.2 92.8 96.1
Std. dev. 3.1 4.9 5.0 2.8 3.0 2.6 2.5 3.0 3.7 3.6 3.6 3.5
Std. error 1.0 1.6 1.6 .9 1.0 .8 .8 1.0 1.2 1.1 1.1 1.1

Canner
Index 102.3 107.4 110.0 107.5 104.4 99.9 100.9 95.8 95.1 91.9 89.3 94.5
Std. dev. 3.2 4.7 6.0 4.1 3.5 3.4 3.4 3.4 3.6 5.4 5.0 3.9
Std. error 1.0 1.5 1.9 1.3 1.1 1.1 1.1 1.1 1.1 1.7 1.6 1.2
1Data based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
'Index is per cent of moving average.
SStandard deviations of indexes.
Standard error of mean of indexes.








Appendix Table 6. Stocker and feeder steers and heifers: Seasonal price indexes, standard deviations, and standard errors of the
means, 16 Florida Livestock auctions combined, 1955-1964.'

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.


Stocker and Feeder Steers
Good, 500-800 lbs.
Index'
Std. dev.'
Std. error'
Standard, 500-800 lbs.
Index
Std. dev.
Std. error
Utility, 500-800 lbs.
Index
Std. dev.
C4 Std. error
Stocker and Feeder Heifers
Good, 500-700 lbs.
Index
Std. dev.
Std. error
Standard, 500-700 lbs.
Index
Std. dev.
Std. error
Utility, 500-700 lbs.
Index
Std. dev.
Std. error


98.5 99.9 102.5 104.0 103.6 102.1 101.8 101.4 98.3 95.3 95.1 96.5
2.2 3.4 4.0 3.0 3.8 4.0 3.8 3.6 3.9 4.1 3.7 4.5
.7 1.1 1.3 .9 1.2 1.2 1.2 1.1 1.2 1.3 1.2 1.4

97.9 101.9 105.6 106.1 104.4 101.2 101.2 99.3 98.1 94.6 93.4 95.3
3.5 2.2 4.7 3.2 3.1 2.8 3.5 3.3 3.7 3.7 3.5 4.0
1.1 .7 1.5 1.0 1.0 .9 1.1 1.0 1.2 1.2 1.1 1.0

99.0 103.2 107.7 106.9 101.9 101.1 101.4 98.6 97.5 94.0 91.8 93.5
3.2 1.9 5.0 3.3 4.0 3.3 2.5 3.6 3.3 4.0 4.0 4.3
1.0 .6 1.6 1.0 1.3 1.0 .8 1.1 1.0 1.3 1.3 1.4


98.0 102.9 103.5 107.0 103.4 104.4 102.5 99.1 96.1 93.6 92.8 95.1
3.0 2.7 3.8 6.8 2.7 5.4 3.3 4.3 4.6 4.2 4.2 5.3
1.0 .8 1.2 2.1 .9 1.7 1.1 1.4 1.5 1.3 1.3 1.7

99.8 103.8 108.2 107.9 104.5 100.6 101.2 96.7 97.9 92.8 91.3 94.9
2.3 1.6 4.4 3.5 2.9 2.9 3.4 4.0 5.6 4.1 3.0 5.7
.7 .5 1.4 1.1 .9 .9 1.1 1.3 1.8 1.3 .9 1.8

99.7 105.3 109.7 108.5 103.4 100.8 101.3 97.5 95.7 92.6 90.4 93.1
1.7 3.1 4.9 3.6 3.7 3.7 2.7 3.0 2.9 3.2 3.8 4.9
.5 1.0 1.6 1.2 1.2 1.2 .8 .9 .9 1.0 1.2 1.5


'Data based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
SIndex is per cent of moving average.
SStandard deviations of indexes.
'Standard error of mean of indexes.








Appendix Table 7. Slaughter calves and stocker and feeder calves: Seasonal price indexes, standard deviations, and standard errors
of the means, 16 Florida livestock auctions combined, 1955-1964.1


Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.


Slaughter Calves
Choice, 250-500 lbs.
Index'
Std. dev.3
Std. error'
Good, 250-500 lbs.
Index
Std. dev.
Std. error
Standard, 250-500 lbs.
Index
Std. dev.
Std. error
Utility, 250-500 lbs.
s eIndex
Std. dev.
Std. error
Stocker and Feeder Calves
Good, 250-500 lbs.
Index
Std. dev.
Std. error
Standard, 250-500 lbs.
Index
Std. dev.
Std. error
Utility, 250-500 lbs.
Index


102.3 109.4 113.5 109.9 108.0 100.0 96.1 93.4 91.1 89.3 90.9 95.4
5.3 4.7 4.5 4.1 2.0 3.9 3.6 3.5 3.6 3.2 5.2 5.1
1.7 1.5 1.4 1.3 .6 1.2 .6 1.1 1.2 1.0 1.6 1.6

101.2 106.1 110.0 109.1 108.1 101.2 97.7 95.8 92.8 90.4 90.6 96.7
2.9 3.8 4.2 3.2 2.5 3.8 3.7 4.1 3.1 3.5 4.7 5.5
.9 1.2 1.3 1.0 .8 1.2 1.2 1.3 1.0 1.1 1.5 1.7

102.0 105.0 107.1 107.5 107.2 101.2 98.9 97.3 94.4 91.6 90.6 96.7
2.6 3.3 3.5 2.8 3.5 3.2 3.8 4.5 3.1 3.9 5.3 5.8
.8 1.0 1.1 .9 1.1 1.0 1.2 1.4 1.0 1.2 1.7 1.8

103.4 105.8 107.2 104.8 104.7 100.7 99.9 98.8 95.8 92.1 90.1 96.1
3.8 2.0 3.9 3.0 3.2 2.7 2.7 3.6 2.6 4.1 5.2 6.6
1.2 .6 1.2 .9 1.0 .9 .9 1.1 .8 1.3 1.7 2.1


96.4 100.7 108.8 111.2 108.8 104.1 100.8 98.7 95.7 91.6 88.8 93.4
1.4 1.9 8.3 5.0 4.3 5.1 5.3 4.2 3.3 3.4 3.9 5.2
.4 .6 2.6 1.6 1.4 1.6 1.7 1.3 1.1 1.1 1.2 1.6

97.3 100.4 108.6 112.4 111.3 103.9 101.4 98.5 95.3 90.8 87.7 91.5
3.4 2.0 3.7 4.6 5.0 4.9 5.6 5.4 3.7 4.1 4.8 5.5
1.0 .6 1.1 1.5 1.6 1.5 1.8 1.7 1.2 1.3 1.5 1.7

98.2 102.5 107.7 107.4 106.9 102.0 102.5 101.3 97.5 92.1 89.0 91.1


Std. dev. 3.6 1.7 3.9 4.0 6.0 5.3 5.4 5.4 3.7 4.3 5.5 7.2
Std. error 1.1 .5 1.2 1.3 1.9 1.7 1.7 1.7 1.2 1.4 1.7 2.3
SData based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
SIndex is per cent of moving average.
SStandard deviations of indexes.
'Standard error of mean of indexes.








Appendix Table 8. Average prices of cattle and calves, by class and grade,
16 Florida livestock auctions combined, 1955-1964.'

Class and Grade Average Price, 1955-1964

Slaughter
(Dollars per cwt.)
Steers
Choice 24.09
Good 22.30
Commercial & Standard 19.58
Utility 17.38
Cutter 15.00
Canner 12.14
Heifers
Good 21.34
Standard 18.98
Utility 16.28
Cutter 14.18
Cows
Commercial & Standard 17.16
Utility 15.42
Cutter 13.73
Canner 11.35
Bulls
Commercial 18.41
Utility 16.94
Cutter 14.81
Canner 12.21
Calves (mixed)
Choice 24.42
Good 22.15
Standard 19.89
Utility 17.51

Stocker and Feeder
Steers
Good 20.28
Standard 18.39
Utility 16.53
Heifers
Good 19.13
Standard 17.12
Utility 15.08
Calves (mixed)
Good 21.02
Standard 19.68
Utility 18.32
1Data based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.












Appendix Table 9. Indexes of seasonal variation in marketing of cattle and calves for 16 Florida livestock auctions combined and
prices received by Florida farmers for all cattle, 1955-1964.1

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Total Cattle Marketed
Index' 94.2 82.3 93.9 102.7 111.2 106.8 107.5 114.1 108.4 116.4 86.9 73.4
Std. Dev.3 9.9 7.6 7.4 8.7 12.0 12.8 16.5 12.4 13.7 13.7 4.9 8.0

Total Calves Marketed
Index 87.8 65.2 61.4 71.6 85.1 102.2 116.8 144.1 140.1 151.2 98.0 75.3
Std. Dev. 13.0 12.6 5.3 8.3 9.5 6.4 19.6 14.3 21.8 16.8 10.0 10.6

Total Cattle and Calves Marketed
Index 90.4 73.8 81.2 92.1 99.5 104.9 112.1 127.4 122.0 132.0 91.7 73.8
Std. Dev. 8.1 6.7 9.5 9.6 10.3 8.6 16.7 10.4 14.7 15.5 6.4 8.4

Price Received by Florida Farmers for All Beef Cattle
Index 101.6 104.2 106.2 105.9 103.0 99.9 100.0 97.4 96.6 93.9 94.1 95.8
Std. Dev. 3.7 2.6 3.4 2.6 2.5 2.6 1.8 3.0 3.0 2.9 2.2 2.9

1 Marketings based on 12 auctions in 1955, 13 auctions in 1956, and 14 auctions in 1957.
SIndex is Per Cent of Moving Average.
8 Standard Deviation of Indexes.








Appendix Table 10. Relative seasonal price indexes of selected classes and grades of slaughter animals using Choice 500-1100 pound
slaughter steers as the base, and stocker and feeder animals using Good 500-800 pound feeder steers as the base.
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Average

Slaughter Animals Relative to Choice Slaughter Steers


Steers
Good, 500-1100 lbs.
Commercial & Standard
Utility


94.3 93.1 92.8 91.6 94.0 94.3
82.5 85.3 84.1 82.3 83.4 83.4
73.3 76.4 77.2 74.4 75.1 73.8


93.2 91.2 92.8 90.7 92.8 92.2 92.8
81.6 78.6 78.6 77.4 79.5 80.4 81.4
71.8 69.3 69.2 67.7 68.8 70.7 72.3


Heifers
Good, 500-900 Ibs. 89.0 90.7 90.9 90.3 92.0 92.2
Standard 80.0 83.5 84.3 81.9 82.9 81.3
Utility 69.3 73.1 74.2 70.9 71.1 68.7
Cows, Commercial & Standard 72.8 76.1 77.1 74.1 75.3 72.8
Bulls, Commercial 78.6 81.5 81.8 79.7 80.0 79.2
Calves
Choice. 250-500 lbs. 105.5 115.4 118.0 110.2 110.6 102.3
Good, 250-500 Ibs. 94.7 101.5 103.7 99.3 100.4 93.9
Stocker and Feeder Animals Relative to Good Feeder Steers


Steers
Standard, 500-800 lbs.
Utility, 500-800 lbs.
Heifers
Good, 500-700 lbs.
Standard, 500-700 lbs.
Utility, 500-700 lbs.
Calves
Good, 250-500 lbs.
Standard, 250-500 Ibs.
Utility, 250-500 lbs.


90.1 92.5 93.4 92.5 91.4 89.9
81.9 84.2 85.6 83.8 80.2 80.7

93.8 97.1 95.2 97.1 94.1 96.4
85.6 87.7 89.1 87.6 85.1 83.1
75.2 78.4 79.6 77.6 74.2 73.4

101.4 104.5 110.8 110.8 108.8 105.6
95.8 97.5 102.8 104.9 104.2 98.7
90.1 92.7 94.9 93.3 93.2 90.2


87.3 88.8
77.1 79.0
65.7 67.7
70.1 71.4
74.8 76.6


96.5 91.8 90.3 88.3 88.4 98.0 101.3
88.9 85.4 83.4 81.1 83.7 90.1 92.2



90.2 88.8 90.5 90.0 89.1 89.6 90.7
81.2 79.3 80.8 80.4 78.6 79.0 81.3

95.0 92.2 92.2 92.7 92.0 92.9 94.2
84.0 80.5 84.1 82.2 81.0 83.0 84.4
74.0 71.5 72.4 72.2 70.7 71.7 74.2


102.7
96.7
91.0


100.9
94.3
90.3


100.9
94.1
89.6


99.6 96.8 100.3 103.5
92.4 89.5 92.0 96.9
87.3 84.5 85.3 90.2




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