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Kentucky plays a vital role in the beef supply chain. The cow/calf producers,back-grounding operations, and order buying industry are important parts of Kentucky'sagricultural economy. Basis risk is an issue that affects these groups in a negative way. Agood estimate of the expected basis must be available to make hedging efficient.Simulations were performed on Kentucky price data to determine the effectiveness ofshort hedging for Kentucky producers. A model was also used to describe some of thefactors that determine basis levels. The research revealed that it is difficult to predictbasis within an acceptable range to make short hedging with futures efficient. Eventhough short hedging reduced variability in net price, it was difficult to lock in a profit.Various options and spread strategies were presented as alternative hedging tools thatwould protect cattle producers from unexpected price declines.

The economic necessity of a better production strategy on sourveld promoted this study. Production of marketable two-tooth steers in the summer season and overwintering of all cattle without excessive feed costs were motivating factors. The problems of economic beef production were identified as resulting from the seasonal flow of forage quality from sourveld grass production. Season long rests, early burning and non-selective grazing of nutritious grass were identified as essential elements of a new utilization strategy. A 'forage reserve', built into the system to cater for fluctuations in grass production due to varied climatic conditions, is used as an indicator of the seasonal stocking rate. This provides a barometer in relation to the economic and ecological carrying capacity of the property. Research was conducted on the winter utilization of rested veld and its effects on grass species composition and vigour in the following season. It was found that the winter grazing of the rested veld did not affect (P>0.05) the subsequent production in the three seasons of this study on 'Stratherne' in the Dundee district, KwaZulu-Natal South Africa (30°17'E 28°17'S). The grass species composition of four transects was recorded in 1994, prior to the implementation of the grazing system under test. The same transects were recorded again in 2002 to determine the effect of the change in utilization on grass species composition. It was found that a more productive state was developing in response to the strategy implemented in this study. The general trend has been for sites to move from a Hyparrhenia hirta dominated state to a more productive one associated with species such as Themeda triandra. Summer mass gains of steers (147 kg and 143 kg over the two summers) have improved over the previous systems applied (average 119 kg), as a result of the more nutritious grazing. A greater proportion reached market readiness as two-year old to two and half year olds (97%) on veld, which is far superior to the 38% quoted from research using similar Bonsmara type steers from 'conventional' systems. Monitoring and flexibility are important in the application of the strategy to conditions in Africa. The principles of adaptive management (monitoring, recording, constant learning and adaptation) will build a data base to ensure long-term success of the strategy. A change of focus in grazing strategy from needs of animals to the needs of plants is strongly advocated. / Thesis (M.Sc.)-University of Natal, Pietermaritzburg, 2003.

Master of Agribusiness / Department of Agricultural Economics / Ted C. Schroeder / In the last few years the beef industry has rapidly begun to change. The beef industry during my lifetime will not look like the same industry as during my grandfather's. Input costs are rising dramatically, as well as land values. Weather events have impacted the industry and the supply cycle is beginning to change. Producers need to find ways to get higher prices for their cattle in order to remain profitable. One way to increase their profit is through branded beef and alliance programs. The problem is that cattlemen are good at raising quality products, but they are not the best marketers. Over the past several years though, several beef alliances have formed. There are so many options available today that it can be difficult for a producer to know where to start. This thesis focuses on developing a solution to that problem. Through this thesis, an online marketing tool was developed. Producers will visit this tool and fill out a simple questionnaire about their operation. They will be given results that will include branded beef programs for which they qualify, along with contact information to find out more. This tool gives producers access to 100 marketing programs, over twenty USDA Process Verified Programs, and close to thirty Quality Systems Assessment programs. This will be a beneficial tool for producers to take a commodity product and change it into a valuable branded product for the consumer.