Factors Affecting the Selling Price of Feeder Cattle Sold at Arkansas Livestock Auctions
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1 Factors Affecting the Selling Price of Feeder Cattle Sold at Arkansas Livestock Auctions T. R. Troxel, M. S. Gadberry, S. Cline, J. Foley, G. Ford, D. Urell, and R. Wiedower 1 Story in Brief Data were collected from 17 Arkansas livestock auctions to determine factors affecting selling price. Data included gender, breed or breed type, color, muscle thickness, horn status, frame score, fill, body condition, age, health, and weight. Data were randomly collected on 81,703 calves. The selling prices for steers ($99.70 ± 0.07), bulls ($95.07 ± 0.08), and heifers ($88.75 ± 0.06) were different from each other (P < 0.001). Charolais x Limousin feeder cattle sold for the highest price ($97.96 ± 0.22), and Longhorns sold for the lowest price ($74.52 ± 0.46). Hereford x Charolais, Hereford x Brahman x Angus, Charolais, and Angus x Brahman feeder cattle selling prices were greater than the overall mean and were not different from each other. One-quarter Brahman x other crosses, Simmental, Hereford, Brahman and Longhorn selling prices were less than the overall mean and were different (P < 0.01) from each other and all other breeds or breed types. Yellow feeder cattle received the highest selling price ($96.47 ± 0.12), and spotted or striped feeder cattle received the lowest ($83.84 ± 0.23). Muscle score, horn status, frame score, fill and body condition impacted selling price (P < 0.001). A number of management and genetic factors affected the selling price of feeder cattle. Introduction Cow-calf producers are challenged to produce feeder calves that are acceptable to the industry. When buyers at a livestock auction view feeder calves, they must appraise individual characteristics (muscle thickness, frame score, breed composition, etc.) as predictors of quality and animal performance and adjust their bids accordingly. Many of these factors such as breed or breed type are very subjective. Therefore, many cow-calf producers believe that feeder cattle are priced inconsistently. Producers do not understand why some phenotypic characteristics are discounted and others are not. Most feeder calf market reports list the selling prices of steers and heifers by weight groups, and frame and muscle score. Other reports have indicated that breed or breed type, health, gender, frame and muscle scores, and other noticeable factors do affect feeder calf selling price (Brown and Morgan, 1998; Neel et al., 1998). Therefore, the objective was to determine the factors that affect the selling price of feeder cattle in Arkansas weekly livestock auctions. Experimental Procedures Five USDA certified livestock market reporters collected data from 17 weekly livestock auctions in Arkansas from January 1, 2000 to December 31, The livestock auctions were located in Ash Flat, Charlotte, Conway, Fort Smith, Glenwood, Green Forest, Harrison, Hope, Marshall, Morrilton, Nashville, Ola, Ozark, Pocahontas, Ratcliff, Springdale and Texarkana. The data collected included calf gender (bull, steer, or heifer), breed or breed type, color, muscle thickness, horn status (polled (dehorned) or horned), frame score (large, medium, or small), fill (gaunt, shrunk, average, full or tanked), condition (very thin, thin, average, fleshy, or fat), age (calf or yearling), health (dead hair, stale, sick, bad eye(s), lame, or healthy), and weight. In 2000, a total of 533,283 feeder cattle were sold through these livestock auctions, and data was randomly collected (every 6th to 7th calf) on 81,703 animals (15.3%). Frame and muscle scores were determined based on the U.S. Standards for Grades of Feeder Cattle (USDA, 2000). On October 1, 2000, USDA changed the scoring system for estimating muscle thickness. When comparing the 1980 (USDA, 1980) muscle score system (1, 2, and 3) to the 2000 muscle score system (1, 2, 3, and 4), the top two thirds of the 1980 No. 1 s became the 2000 No. 1 s. The lower third of the 1980 No. 1 s and the upper one-third of the No. 2 s became the 2000 No. 2 s. The bottom two thirds of the 1980 No. 2 s became the 2000 No. 3 s and the s became the 2000 No. 4 s. Starting on wk 31, muscle score data were reported in thirds of a score (1+, 1, 1-, 2+, 2, 2-, etc.) using the 1980 muscle score system. This was accomplished so that muscle score data could be sorted and analyzed based on either the 1980 or 2000 muscle score system. Data analyses. The percentage of calves within age, gender, breed or breed type, color, horn status, frame score, muscle score (1980 and 2000 muscle score system), fill, condition, weight group and health were determined by the frequency procedure of SAS (SAS Inst., Inc., Cary, NC) for the entire dataset (n = 81,703). Due to the lack of observations, feeder cattle that were not designated as calves or yearlings and those weighing less than 300 lb or greater than 750 lb were not used for statistical analyses. All feeder calves in this study were sold as individuals. The final data set included 56,563 feeder calves. There were 26,449 observations in the analysis for the main effect of 2000 muscle score system on selling price. Due to the unbalanced nature of the data, calf characteristics were analyzed individually as independent variables in which the model included month, weight and nearby feeder cattle futures reported for the fourth workday of the week as covariates. Sale price was the dependent variable. All other variables contributed to the error sum of squares. The analysis of variance was performed with the GLM procedure of SAS. Least-squares means were generated, separated based on predicted differences, and are reported throughout. Since all colors are not represented within each breed or breed type, color and breed or breed type data are somewhat inherently confounded. All selling prices reported are in US dollars/100 lb. 1 University of Arkansas Cooperative Extension Service, Little Rock 132
2 Arkansas Animal Science Department Report 2002 Results and Discussion The mean selling price for all calves in 2000 was $93.69, and all main effects reported were significant sources of variation (P < 0.001). Over 63% of the feeder cattle were classified as calves and 36.6% were classified as yearlings. The selling price of calves ($90.93 ± 0.16) was greater (P < 0.001) than the selling price of yearlings ($85.58 ± 0.19). Selling price varied by month with greater prices recorded in the spring (February, March and April) and lesser prices in the late summer and early fall (August, September and October; P < 0.001; Figure 1.) This seasonal trend followed the 5-, 10- and 20- year average seasonal trend (Cheney and Troxel, 2001). Over 75% of the cattle sold weighed less than 550 lb (Figure 2). As selling weight increased, price per cwt. decreased. Heifers made up 44% of the cattle sold whereas steers and bulls made up 33% and 23%, respectively (Table 1). The selling prices for steers ($99.70 ± 0.07), bulls ($95.07 ± 0.08) and heifers ($88.75 ± 0.06) were all different (P < 0.001). Castration is a common practice to reduce management problems associated with aggressive and sexual behavior associated with commingling bull calves. The prices received for bulls were lower due to the expected reduction in animal performance experienced with these animals subsequent to castration. Table 1 summarizes the percentage of the population sampled and selling price based on muscle score (1980 and 2000) horn status, health status, frame score, body fill and body condition. All factors affected the selling price. Buyers discounted feeder calves that were light muscled, horned, unhealthy, small-framed, appeared to have the potential for excessive shrinkage and over-conditioned. Two hundred and seventy-seven different breeds or breed types were identified in the survey. Eighteen breeds or breed types represented 94.2% of the total feeder cattle. The breed or breed type was based upon common industry perception rather than actually knowing the breed composition. This, however, is what a buyer must do before a bid price can be offered. Table 2 summarizes the number of observation, frame scores, muscle scores, and color percentages of the 18 breeds or breed types. The main effect of cattle breed or breed type on the selling price of feeder cattle was significant (P < 0.001; Table 3). There was a $23.40 difference between the Charolais x Limousin feeder cattle, which sold for the greatest price ($97.96 ± 0.22), and Longhorn feeder cattle, which sold for the least price ($74.52 ± 0.46). Many of the cattle breeds or breed types that had selling prices greater (P < 0.01) than the overall mean ($93.69) were not different from each other (P > 0.10); however, those breeds or breed types that had selling prices less than (P < 0.01) the overall mean were different from each other (P < 0.01). It appeared that buyers were hesitant to bid on feeder cattle where the breed or breed type was not clearly identifiable. The Brahman x other crosses and 1/4 Brahman x other crosses groups consisted of Brahman breeding (1/2 or 1/4) with other breeds or breed types that were less common or indefinable. That may explain why Hereford x Brahman x Angus, Angus x Brahman, and Brangus had greater selling prices than Brahman x other crosses and 1/4 Brahman x other crosses. One hundred and seventy different colors or color combinations were recorded in the survey. Ten colors represented 96.3% of the total population (Table 4). Yellow feeder cattle received the greatest selling price ($96.47 ± 0.12), and spotted or striped feeder cattle received the least selling price ($83.84 ± 0.23). Implications The majority of cow-calf producers in Arkansas sell feeder cattle at local livestock auctions. The major factors affecting selling prices of feeder cattle were calf health, perceived breed or breed type, muscle thickness, frame score, fill, color, body condition, calf gender, and horn status. The combination of all these factors determines the final selling price. Most of the major factors affecting selling price can be addressed through genetic selection and management. Once the impact of these factors are identified and understood, cow-calf producers can make cost effective management changes that can improve feeder calf value and total returns. Literature Cited Brown, D. T., and E. W. Morgan J. Anim. Sci. 76(Suppl. 2)7. Cheney, S., and T. Troxel Arkansas Livestock and Grain Market News Service. University of Arkansas Cooperative Extension Service. Little Rock, AR. Neel, J. B., et al J. Anim. Sci. Vol. 7 (Suppl. 2):7. USDA Agricultural Marketing Service. April AMS-586. USDA Agricultural Marketing Service. October AMS-586. Fig. 1. The mean selling price for year 2000 and the 5-, 10- and 20-yr averages for 400 to 500 lb feeder cattle by month a, b a Main effect of month on selling price (P < ). b All least-squares means for 2000 are different (P < 0.01) except January and May, February and July, May and November, May and December, June and December, and November and December. 133
3 AAES Research Series 499 Fig. 2. The percentage of the sampled population and mean selling price of calves by weight groups a,b,c a Main effect of weight group on selling price (P < ). b Least squares mean (dollars/100 lb). c Due to the lack of the number of observations, these weight groups were excluded from statistical analysis. Table 1. The percentage of the sampled population and mean ± SE selling price due to calf gender, muscle score (1980 and 2000), health, frame score, body condition, horn status and body fill Percentage of Percentage of Item the sampled Selling price Item the sampled Selling price population ($/cwt.) population ($/cwt.) Calf gender: a Frame score: a Bulls 23.0 $95.07 ± 0.08 Large 56.8 $94.34 ± 0.06 Steers 33.0 $99.70 ± 0.07 Medium 42.1 $93.38 ± 0.07 Heifers 44.0 $88.75 ± 0.06 Small 1.1 $74.81 ± Muscle score: a Body condition: a $95.02 ± 0.05 Thin 22.8 $96.03 ± $85.35 ± 0.12 Average 58.9 $93.63 ± $70.51 ± 0.91 Very thin 1.4 $85.94 ± 0.05 Fleshy 15.7 $91.76 ± 0.11 Fat 1.3 $88.94 ± Muscle score: a $92.32 ± $87.60 ± 0.11 Horned status: a $78.92 ± 0.23 Polled/ dehorned 71.1 $94.12 ± $69.67 ± 1.08 Horned 28.9 $92.63 ± 0.08 Health status: Body fill: a Healthy 97.8 $94.12 ± 0.05 b Gaunt 14.2 $97.12 ± 0.11 Dead hair 0.3 $83.37 ± 0.78 c Shrunk 21.4 $95.47 ± 0.10 Stale 1.2 $82.49 ± 0.38 c Average 52.4 $93.26 ± 0.06 Bad eyes 0.2 $81.57 ± 0.87 c Full 11.5 $88.53 ± 0.13 Sick 0.2 $68.27 ± 0.78 d Tanked 0.5 $82.16 ± 0.67 Lame 0.3 $66.67 ± 0.74 d a All least-squares means within an item are different from each other (P < 0.001). b,c,d Least-squares means without a common superscript differ (P < 0.01). 134
4 Arkansas Animal Science Department Report 2002 Table 2. The number of observations (n), frame and muscle score, and color percent of eighteen breed or breed type feeder cattle Breed Frame score Muscle score Color c or n (%) (%) b (%) breed Large Medium Small B G R S W BW GW RW YW Y type a CLm 2, < HC 1, < < HBA 1, < < C 10, < AB 5, < < < 1.0 HLm 3, < < Lm 6, < < AH 3, CBq < A 4, < ABq < AC 1, < Bx 1, < < Bq 9, < < Sm 2, < < H 1, < B Lg a Breed type = A - Angus, AB - Angus x Brahman, ABq - Brangus, AC - Angus x Charolais, AH - Angus x Hereford, B - Brahman, Bq - 1/4 Brahman x other crosses, Bx - Brahman x other crosses, C - Charolais, CBq - Charolais x 1/4 Brahman, CLm - Charolais x Limousin, H - Hereford, HBA - Hereford x Brahman x Angus, HC - Hereford x Charolais, HLm - Hereford x Limousin, Lm - Limousin, Lg - Longhorn, Sm Simmental b 1980 muscle score system (USDA, 1980) c Color = B - black, G - gray, R - red, S - spots or stripes, W - white, BW - black white face, GW- gray white face, RW - red white face, YW - yellow white face, Y Yellow 135
5 AAES Research Series 499 Table 3. The percentage of the sampled population and mean ± SE selling price of feeder calves sold based on breed or breed type a Breed or breed type b Percentage of the sampled population Selling price c CLm 3.9 $97.96 ± 0.22 d HC 2.5 $96.39 ± 0.27 e HBA 2.8 $95.90 ± e, f C 15.7 $95.79 ± 0.10 e, f AB 8.8 $95.63 ± 0.14e, f, g HLm 4.6 $95.54 ± 0.19f, g, h Lm 10.4 $95.21 ± 0.13 g, h AH 5.1 $94.94 ± 0.19 h CBq 2.3 $93.99 ± 0.27 i A 7.2 $93.33 ± 0.16 i Abq 6.1 $93.06 ± 0.14 i, j AC 2.5 $92.87 ± 0.28 i, j Bx 1.6 $92.39 ± 0.28 j Bq 13.1 $91.75 ± 0.12 k Sm 2.8 $89.69 ± 0.24 l H 2.6 $83.37 ± 0.26 m B 1.3 $80.94 ± 0.37 n Lg 0.9 $74.52 ± 0.46 o a Main effect of breed or breed type on selling price (P < ). b Breed type = A - Angus, AB - Angus x Brahman, ABq - Brangus, AC - Angus x Charolais, AH - Angus x Hereford, B - Brahman, Bq - 1/4 Brahman x other crosses, Bx - Brahman x other crosses, C - Charolais, CBq - Charolais x 1/4 Brahman, CLm - Charolais x Limousin, H - Hereford, HBA - Hereford x Brahman x Angus, HC - Hereford x Charolais, HLm - Hereford x Limousin, Lm - Limousin, Lg - Longhorn, Sm - Simmental. c Least-squares mean ± SE (dollars/100 lb). d, e,f, g,.o Least-squares means without a common superscript differ (P < 0.01). Table 4. The percentage of the sampled population and the mean ± SE selling price of feeder calves sold based on calf color a Calf color Percentage of the Selling price b sampled population Yellow 12.1 $96.47 ± 0.12 c Yellow-white Face 5.6 $95.65 ± 0.19 d Black-white Face 9.3 $95.23 ± 0.14 d,e White 7.9 $94.93 ± 0.15 e Black 24.8 $94.29 ± 0.09 f Red 15.7 $92.74 ± 0.11 g Gray 5.0 $91.85 ± 0.18 h Red-white Face 11.5 $91.81 ± 0.12 h,i Gray-white Face 1.3 $91.73 ± 0.37 i Spots or Stripes 3.1 $83.84 ± 0.23 j a Main effect of calf color on selling price (P < ). b Least-squares mean + SE (dollars/100 lb). c, d, e,.., j Least-squares means without a common superscript differ (P < 0.01). 136
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