This thesis is a long-term evaluation of the profit margin hedging strategy suggested by Kenyon and Clay. To implement this strategy an expected profit margin is estimated based on the amount of pork, corn price, and soybean meal price. The profit margin that can be 'locked in' by the futures market is calculated from the futures prices of live hogs, corn and soybean meal with an allowance for other cost. The hedging rule is to hedge hogs, corn and soybean meal when a profit margin of fifty percent above the expected profit margin can be 'locked-in' with the futures. In their original paper, using data from 1975-82, Kenyon and Clay found this method of hedging stabilized cash flow while increasing the overall profit level. Using out-of-sample data from 1983-98, the current research finds no difference in profits from hedging versus not hedging. The most obvious reason for the lack of success is the inability to predict the expected profit margin with the simple supply model used by Kenyon and Clay. Addition of demand shifting variables to the model failed to significantly improve the prediction of expected profit margin or the hedging results. The hedging strategy was also affected by a significant decrease in the variance in the futures market that lead to a decrease in hedging opportunities. With the failure of the Kenyon and Clay hedging strategy with out-of-sample data, this research empirically demonstrates the need for out-of-sample testing of selective hedging strategies. / Master of Science

Wild hogs (sus scrofa) have caused major damage to agricultural crops in the US due to their lack of natural predators and fast reproduction rates. Wild hogs change their behavior to evade capture. Thus, control methods are thwarted and may not result in sufficient mortality to keep pace with the reproduction of wild hogs. This study extends previous invasive species literature to include increasing costs due to adaptability in two settings: the presence of hogs is deterministic or stochastic. The analysis is limited to one farmer's objective function with varying degrees of adaptability for "smartness". The findings concluded the population and harvest of wild hogs does change when there is a higher level of adaptability to control methods or, "smartness". The net benefit of the farmer decreases as adaptability and the probability of hogs' present increase for deterministic and stochastic case, respectively.

I examined home range, habitat use, and survival of 29 feral hogs in central Mississippi using radio telemetry. During the dry season (1 April - 31 October 2005), densely-vegetated habitats were very important in home range placement (2nd-order selection) with selection favoring seasonallylooded old fields, followed by old fields and managed openings. During the wet season (1 November 2005 - 31 March 2006), old fields were still preferred followed by agricultural fields, but flooded old fields were not preferred. For habitat selection within the home range (3rd-order selection), hogs preferred old fields and managed openings during the dry season. All habitats were used randomly within home ranges during the wet season. Dry and wet season survival rates were 80.8% and 41.4%, respectively. Hunting was the major cause of mortality (80 ? 100%). Seasonal differences in habitat selection may have been caused by flooding of preferred habitats, food availability and hunting.

It is widely recognized that livestock industries are vulnerable to intentional or accidental introductions of Foreign Animal Diseases (FADs). Combating disease is difficult because of unknown wildlife-livestock interactions. Feral hogs (Sus scrofa) could harbor and shed disease in areas used by domestic livestock such as cattle (Bos taurus). Extent of risk logically depends on spatio-temporal interactions between species. I used Global Positioning System (GPS) collars on cattle and hogs in combination with a Geographic Information Systems (GIS) for detailed analysis on movement patterns of these 2 species on a ranch in southwestern Texas, USA. Motion-triggered video recorders were also utilized to determine interspecific activity patterns. I tested hypotheses that spatio-temporal distributions of domestic cattle and feral hogs on rangeland overlap and that interspecific contact occurs. If these posits are true, it is possible that introduced pathogens like foot-and-mouth disease (FMD) could be transmitted from feral hogs to cattle. Using a rate of 1 GPS fix/15 min (96 fixes/day), I found that spatial distribution of individual hogs and cattle overlapped on both the 95% and 50% kernel area use among 4 seasons. Both cows and feral hogs used Clay Flat, Clay Loam, and Rolling Hardland more so than other range sites. During Summer 2004, riparian zones were the most used feature, identified at 14% (2,760/19,365) of cattle and 70% (445/632) of hog fixes. Other than brush strips, cattle and feral hogs primarily interacted at riparian zones, fencelines, and roads. There were no direct interspecific contacts evident from GPS data, but 3 cases were recorded from video data. Indirect interspecific contacts that may be sufficient for disease transmission occurred much more frequently (GPS = 3.35 indirect contacts/day, video = cows follow hogs: 0.69 indirect contacts/day and hogs follow cows: 0.54 indirect contacts/day). Research results suggested that both species often travel along the same roads and fencelines to water and food sources, especially during extreme heat and low-precipitation conditions. This research provides basic information needed to improve models for management of FAD outbreaks in the U.S., based on specific knowledge of landscape usage and movement patterns of feral hogs and cattle.

The purpose of this study was to compare the performance and carcass characteristics of swine of four different phenotypes and three USDA grades. Hogs were placed into phenotypic groups of 24 each and penned by group. These pens were ideal, cutability, light muscled, fat, VS US and US The hops were fed a 16% corn and soybean meal ration fortified with appropriate minerals and vitamins. They were housed in a total confinement curtain-sided Kentucky plan building with a partially slatted floor. The hogs were weighed at 6-week intervals throughout the project to monitor average daily gain and pen feed efficiency. Twelve hogs from each pen were slaughtered at approximately 2(0 pounds and the remaining twelve pigs at approximately 230 pounds to determine if differences in performance and carcass characteristics remained consistent or became greater at heavier weights. Carcass weight, backfat at the tenth rib and last rib, length and loin eye area were obtained on each carcass. Data were adjusted to the group means for the heavy and light groups using least squares analysis. The mean for the heavy group was 255 pounds and the mean for light group was 229 pounds. Results of the study showed the ideal pen to have significantly higher (P<.01) average daily gain than all other pens at 229 pounds and significantly higher (P<.01) average daily gain than the cutability, US #2, and US #3 pens at 255 pounds. The two leanest and heaviest muscled pens were cutability and US #1. These two pens had significantly (P<.01) lower fat and larger loin eye area than the light muscled. US #3 and fat pens at 229 pounds. The fat pen had significantly (P.-01) greater backfat, smaller loin eye area, and lower percent muscle than all other pens in the heavy group. The cutability and US #1 pens had significantly higher (P<.01) percent muscle than the light muscled, US #3, and fat pens. The ideal, US #1, and cutability pens had significantly (P<.01) higher lean gain per day on test than all other pens with the exception of the light muscled pen taken to the heavier slaughter weight. The ideal, cutabilitv, and US #1 hogs had the lowest average values for feed per unit of lean gain. The fat pen required 2.5 pounds more feed to produce a pound of loan gain than ideal. cutability or US #1 pens. The US #1 group required 1.50 fewer pounds of feed per pound of lean growth than US #2 and #3 groups. These results indicate that the ideal pen was superior in terms of performance and lean growth. The cutabilitv and US #1 pen were the leanest and heaviest muscled. The fat group was extremely high in backfat, low in loin eye area and the most inefficient in converting feed into lean tissue.

The final implementation of Mandatory Country-of-Origin Labeling has caused some U.S. packing plants and finishing operations to discontinue using Canadian live hogs and feeder pigs in their operations thereby reducing trade. Using a system of simultaneous equations representing U.S. import demand and U.S. price, this thesis estimates the reduction in trade and any possible price effects in both live hogs and feeder pigs associated with the implementation of the final rule of Mandatory Country of Origin Labeling in the United States. It was found that the implementation of Mandatory Country of Origin Labeling reduced the trade of live hogs between the United States and Canada by 37.8 percent. The reduction in feeder pigs was 24.1 percent. It was also found that the implementation of Mandatory Country of Origin Labeling had no effect on the price of both live hogs and feeder pigs in the U.S. market.

Two groups of 5 and two groups of 9 Romanov breed hogs in each were performed at Pranas Gaidamavičius breeding herd at 90 days of age. All hogs were fed by the growing scheme what was used at the herd; probiotics were mixed into the four age for the test hogs: 2 kg/t of probiotics YEASTURE and MICROBOND. Wool production was evaluated, clipped wool weight, at age of 5 month. The results showed, that probiotics MICROBOND and YEASTURE activates the growth speed of hogs. The most growth of performance was with hogs fed with YEASTURE probiotics. During the test period, overweight of hogs from the test group was 14,29 percent higher than from analogues of the control group (p>0,05). Probiotics MICROBOND increased growth performance too. Overweight of hogs from the test group was 12,59 percent higher than from analogues of the control group (p<0,05). Wool production tests shows, that during test period, the average of wool overweight of the test group, fed with probiotics MICROBOND, was 0,5 percent higher than from analogues of the control group. And the same tests with the test group, fed with probiotics YEASTURE, shows that the average of wool overweight of the test group was 10 percent higher than from analogues of the control group. During the test period usage of probiotics YEASTURE and MICROBOND didn‘t had negative influence on hog‘s physiological rules and wellness. The usage of probiotics in hog’s nutrition is purposeful and effective hogs, which were fed with probiotics... [to full text]

Mokslinis tiriamasis darbas buvo vykdomas 2012–2014 metais Lietuvos sveikatos mokslų universiteto Veterinarijos akademijos ir X mėsos įmonės skerdykloje. Darbo apimtis 51 puslapis, darbe pateiktos 7 lentelės, 5 paveikslai, priede pateiktos 6 lentelės. Darbo pavadinimas: Kiaulių poskerdiminio tyrimo rezultatų analizė. Darbo tikslas: Atsižvelgiant į žaliavos tiekėją, nustatyti kiaulių poskerdiminio tyrimo metu nustatomus pakitimus. Darbo uždaviniai:  nustatyti iš skirtingų ūkių tiekiamoms kiaulėms poskerdiminio tyrimo metu nustatomus pakitimus;  nustatyti iš skirtingų ūkių tiekiamoms kiaulėms poskerdiminio tyrimo metu 10 dažniausiai nustatomų pakitimų;  nustatyti vienu metu tos pačios kiaulės organuose ir audiniuose nustatomų pakitimų kiekį. Tyrimo rezultatai: skerdžiamų kiaulių poskerdiminio tyrimo metu randamų pakitimų analizė reikšminga, nes bet koks gyvulio sveikatos sutrikimas ne tik sukelia tam tikrų organų pažeidimus, bet ir tiesiogiai veikia skerdžiamų gyvulių skerdenų sanitarinę būklę bei kokybę, tai yra itin svarbi maisto kontrolės grandinės dalis, užtikrinant maisto saugumą, o kartu ir visuomenės sveikatą. Tiriamuoju laikotarpiu mėsos įmonėse daugiausia kiaulių (79,9 proc.) buvo paskersta iš Lietuvos ir Estijos pramoninių fermų (kompleksų), tik 2,10 2,32 proc. kiaulių paskersta iš nedidelių žemės ūkio bendrovių ir ūkininkų fermų (p<0,001). Poskerdiminio tyrimo metu 12,75 proc. kiaulių rastas vienas pakitimas, 2,79 proc. kiaulių rasti du pakitimai, 0,87 proc... [toliau žr. visą tekstą] / The research investigation was conducted during 2012–2014 at the Lithuanian University of Health Sciences Veterinary Academy and in the meat-processing company abattoir. The investigation includes 51 pages, 7 tables and 5 graphics. 6 tables are presented in the appendix. Title: Incidence Analysis of Organ and Tissue Lesions in Post-Slaughter Hogs Objective: Determine the incidence of organ and tissue lesions (hereinafter – lesions) in post-slaughter hogs results in respect to producer farm. Assignments: 1. Determine lesions in post-slaughter hogs from different producer farms. 2. Determine the primary 10 lesions found in post-slaughter hogs. 3. Determine the amount of lesions found simultaneously in one hog. Investigation results: The analysis of lesions in post-slaughtered hogs is significant. Any health disorder of an animal not only causes various organ or tissue lesions but it also directly affects the hygiene and quality of meat which is notably important within the food chain and in protecting public health. During the investigation period at the meat-processing plant, the origin of most hogs (79.9%) were from Lithuanian and Estonian industrial farms (complexes) and 2.10 – 2.32% were produced at smaller agricultural companies or farms (p<0.001). The post-slaughter investigation results showed one lesion in 12.75% of hogs, two lesions in 2.79%, three lesions in 0.87%, four lesions in 0.18%, five lesions in 0.03% and more than five lesions in 0.01% of hogs. One lesion was... [to full text]

This master thesis investigates and answers three fundamental questions regarding structural changes of a future market. This has been done by analysing and comparing three commodity markets with the Nordic electricity market. Examined commodity markets are LME steel billet, CME lean hogs and WTI &amp; Brent crude oil. The report consists of a literature review with a theoretical background, CATWOE and a case analysis of each commodity market. The markets are thereafter analysed, compared and discussed regarding the research questions. It is concluded that the Nordic electricity market is in many ways comparable to other commodities, although it has some special characteristics. Key factors determining market success have been identified as (1) correlation between perceived risk and derivative risk, (2) trust for and experience of trading institutions and trading environment and (3) expectations. Based on the findings a new conceptual measure for market liquidity, Relative Market Liquidity, is introduced and discussed. The comparison in this thesis is based on the Nordic electricity market, but much of the results are applicable to other commodity markets. The thesis has been written during spring 2013 at the Royal Institute of Technology Department of Energy Technology in co-operation with Vattenfall AB.

No description available.