Quarterly Livestock Sector Adjustments to Changes in Feed Grain Prices
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A quarterly econometric model for U S agriculture is used to illustrate shortrun
and longrun adjustments m major livestock subsectors resulting from changes m
feed gram prices Adjustments in the different livestock subsectors differ sharply m
both speed and magnitude because of underlying biological and economic constraints,
feed-use efficiencies, and industry structures All livestock producers
benefit from lower feed grain prices Cattle feeders, hog producers, and dairy producers
appear to benefit most in the long run, whereas poultry producers and cow-calf
enterprises benefit least Consumers also benefit from reduced feed grain prices
because retail prices for meats are generally lower lifter an initial period of
somewhat higher meat prices as current production is reduced to expand cattle and
hog breeding herds