Derived Demand for Cattle Feeding Inputs
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Derived demand relationships among four weight categories of feeder cattle entering
Texas feedlots and their feed consumed are examined using a generalized McFadden
dual cost function. Results demonstrate systematic differences in demand relationships
among different weight categories. Positive cross-price elasticities among the
three heaviest weight categories are consistent with input substitution among weight
categories and consistent with objective functions associated with optimal placement
weight. Anomalies in the form of negative cross-price elasticities between weight
categories provide evidence for an alternative objective function associated with
longer term feeding of light-weight feeder cattle. Results also demonstrate seasonality
differences across weight categories.