Contents

Introduction. 1
U.S. Federal Government
Intervention in Livestock
Marketing . 2
Livestock Pricing
Methods. 4
Highlights of the Mandatory
Price Reporting
Literature. 8
An Overview of Recent Cattle
and Hog Transaction and
Market Data . 11
The Impact of Mandatory
Price Reporting on Cash
and Futures Market
Interactions. 16
The Impact of Livestock
Mandatory Price Reporting on
Cash Price Behavior in Cattle
and Beef Markets . 25
Findings and
Implications. 28
References. 30
Appendix A—An Error
Correction Model to Test
Price Discovery. 35
Appendix B—The VAR
Forecasting Model. 42