%PDF-1.3
%
1 0 obj
<><><>]/ON[48 0 R]/Order[]/RBGroups[]>>/OCGs[48 0 R]>>/PageMode/UseNone/Pages 2 0 R/Type/Catalog>>
endobj
46 0 obj
<>/Font<>>>/Fields 52 0 R>>
endobj
47 0 obj
<>stream
2013-03-25T15:18:55-04:00
2012-05-21T11:38:41-04:00
2013-03-25T15:18:55-04:00
application/pdf
uuid:03b4debc-6730-4b23-8b61-edbf74556920
uuid:78214546-13bf-4ca0-bd59-e7dfb665e642
endstream
endobj
2 0 obj
<>
endobj
15 0 obj
<>/Font<>/ProcSet[/PDF/Text/ImageB]/XObject<>>>/Type/Page>>
endobj
18 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
20 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
22 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
24 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
26 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
28 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
30 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
32 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
34 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
36 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
38 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
40 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
42 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
44 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Type/Page>>
endobj
283 0 obj
<>stream
BT
/T1_0 10 Tf
51 747 Td
(Using Futures to Hedge Feeder Cattle in Florida)Tj
ET
q
1 0 0 1 51 745 cm
0 0 m
510 0 l
510 -1 l
S
Q
q
1 0 0 1 51 744 cm
0 0 m
510 0 l
S
Q
q
1 0 0 1 51 745 cm
0 0 m
0 -1 l
S
Q
q
1 0 0 1 51 745 cm
0 0 m
510 0 l
510 -1 l
S
Q
q
1 0 0 1 51 744 cm
0 0 m
510 0 l
S
Q
q
1 0 0 1 51 745 cm
0 0 m
0 -1 l
S
Q
BT
/T1_0 10 Tf
545 747 Td
(15)Tj
/T1_1 9 Tf
-494 -32 Td
(Table 21. )Tj
/T1_0 9 Tf
(Target prices and lower bound target prices for 750-800 pound feeder cat\
tle in the Ocala livestock market for an )Tj
0 -12 TD
(assumed set of futures prices.)Tj
ET
q
1 0 0 1 51 687 cm
0 0 m
88 0 l
S
Q
q
1 0 0 1 51 643 cm
0 0 m
88 0 l
S
Q
BT
/T1_1 9 Tf
58 675 Td
(Expected Cash )Tj
T*
(Market Month)Tj
ET
q
1 0 0 1 140 687 cm
0 0 m
92 0 l
S
Q
q
1 0 0 1 140 643 cm
0 0 m
92 0 l
S
Q
BT
/T1_1 9 Tf
150 675 Td
(Futures Contract )Tj
6 -12 Td
(Used for Hedge)Tj
ET
q
1 0 0 1 233 687 cm
0 0 m
54 0 l
S
Q
q
1 0 0 1 233 643 cm
0 0 m
54 0 l
S
Q
BT
/T1_1 9 Tf
243 675 Td
(Average )Tj
7 -12 Td
(Basis)Tj
ET
q
1 0 0 1 288 687 cm
0 0 m
82 0 l
S
Q
q
1 0 0 1 288 643 cm
0 0 m
82 0 l
S
Q
BT
/T1_1 9 Tf
298 675 Td
(95% Confident )Tj
2 -12 Td
(Lower Bound )Tj
19 -12 Td
(Basis)Tj
ET
q
1 0 0 1 371 687 cm
0 0 m
51 0 l
S
Q
q
1 0 0 1 371 643 cm
0 0 m
51 0 l
S
Q
BT
/T1_1 9 Tf
381 675 Td
(Futures )Tj
6 -12 Td
(Price)Tj
ET
q
1 0 0 1 423 687 cm
0 0 m
49 0 l
S
Q
q
1 0 0 1 423 643 cm
0 0 m
49 0 l
S
Q
BT
/T1_1 9 Tf
434 675 Td
(Target )Tj
4 -12 Td
(Price)Tj
ET
q
1 0 0 1 473 687 cm
0 0 m
78 0 l
S
Q
q
1 0 0 1 473 643 cm
0 0 m
78 0 l
S
Q
BT
/T1_1 9 Tf
504 675 Td
(95% )Tj
-20 -12 Td
(Lower Bound )Tj
4 -12 Td
(Target Price)Tj
/T1_0 9 Tf
-430 -19 Td
[(September 2001)-2496(October 2001)]TJ
195 0 Td
(N/A*)Tj
134 0 Td
(88.42)Tj
-329 -17 Td
[(October 2001)-3830(November 2001)]TJ
329 0 Td
(89.27)Tj
-329 -17 Td
[(November 2001)-2775(January 2002)]TJ
191 0 Td
(-17.80)Tj
138 0 Td
[(89.50)-3165(71.70)]TJ
-329 -16 Td
[(December 2001)-2775(January 2002)]TJ
329 0 Td
(89.50)Tj
-329 -16 Td
[(January 2002)-3830(March 2002)]TJ
191 0 Td
(-11.78)Tj
138 0 Td
[(88.97)-3165(77.20)]TJ
-329 -17 Td
[(February 2002)-3386(March 2002)]TJ
194 0 Td
(-6.28)Tj
135 0 Td
[(88.97)-3165(82.70)]TJ
-329 -17 Td
[(March 2002)-4609(April 2002)]TJ
191 0 Td
(-10.30)Tj
138 0 Td
[(89.00)-3165(78.70)]TJ
-329 -17 Td
(April 2002)Tj
89 0 Td
(May 2002)Tj
105 0 Td
(-9.75)Tj
135 0 Td
[(88.45)-3165(78.70)]TJ
-329 -16 Td
(May 2002)Tj
89 0 Td
(August 2002)Tj
240 0 Td
(90.45)Tj
-329 -16 Td
(June 2002)Tj
89 0 Td
(August 2002)Tj
240 0 Td
(90.45)Tj
-329 -17 Td
(July 2002)Tj
89 0 Td
(August 2002)Tj
240 0 Td
(90.45)Tj
ET
q
1 0 0 1 51 443 cm
0 0 m
88 0 l
S
Q
BT
/T1_0 9 Tf
58 450 Td
(August 2002)Tj
ET
q
1 0 0 1 140 443 cm
0 0 m
92 0 l
S
Q
BT
/T1_0 9 Tf
147 450 Td
(September 2002)Tj
ET
q
1 0 0 1 233 443 cm
0 0 m
54 0 l
S
Q
q
1 0 0 1 288 443 cm
0 0 m
82 0 l
S
Q
q
1 0 0 1 371 443 cm
0 0 m
51 0 l
S
Q
BT
/T1_0 9 Tf
387 450 Td
(88.70)Tj
ET
q
1 0 0 1 423 443 cm
0 0 m
49 0 l
S
Q
q
1 0 0 1 473 443 cm
0 0 m
78 0 l
S
Q
BT
/T1_0 9 Tf
58 432 Td
(* Indicates that data were unavailable to calculate either an average ba\
sis or lower bound basis for that weight class in )Tj
T*
(that month in order to arrive at a target price.)Tj
ET
q
1 0 0 1 48 689 cm
0 0 m
505 0 l
505 -2 l
S
Q
q
1 0 0 1 48 687 cm
0 0 m
505 0 l
S
Q
q
1 0 0 1 48 689 cm
0 0 m
0 -2 l
S
Q
q
1 0 0 1 48 417 cm
0 0 m
505 0 l
505 -2 l
S
Q
q
1 0 0 1 48 415 cm
0 0 m
505 0 l
S
Q
q
1 0 0 1 48 417 cm
0 0 m
0 -2 l
S
Q
q
1 0 0 1 553 689 cm
0 0 m
0 0 l
0 -274 l
0 -274 l
S
Q
q
1 0 0 1 553 689 cm
0 0 m
0 -274 l
S
Q
q
1 0 0 1 48 689 cm
0 0 m
0 0 l
0 -274 l
0 -274 l
S
Q
q
1 0 0 1 48 689 cm
0 0 m
0 -274 l
S
Q
BT
/T1_1 9 Tf
51 384 Td
(Table 22. )Tj
/T1_0 9 Tf
(Target prices and lower bound target prices for 750-800 pound feeder cat\
tle in the Okeechobee livestock market )Tj
T*
(for an assumed set of futures prices.)Tj
ET
q
1 0 0 1 51 355 cm
0 0 m
87 0 l
S
Q
q
1 0 0 1 51 310 cm
0 0 m
87 0 l
S
Q
BT
/T1_1 9 Tf
58 343 Td
(Expected Cash )Tj
T*
(Market Month)Tj
ET
q
1 0 0 1 139 355 cm
0 0 m
92 0 l
S
Q
q
1 0 0 1 139 310 cm
0 0 m
92 0 l
S
Q
BT
/T1_1 9 Tf
149 343 Td
(Futures Contract )Tj
6 -12 Td
(Used for Hedge)Tj
ET
q
1 0 0 1 232 355 cm
0 0 m
54 0 l
S
Q
q
1 0 0 1 232 310 cm
0 0 m
54 0 l
S
Q
BT
/T1_1 9 Tf
242 343 Td
(Average )Tj
7 -12 Td
(Basis)Tj
ET
q
1 0 0 1 287 355 cm
0 0 m
80 0 l
S
Q
q
1 0 0 1 287 310 cm
0 0 m
80 0 l
S
Q
BT
/T1_1 9 Tf
296 343 Td
(95% Confident )Tj
2 -12 Td
(Lower Bound )Tj
19 -12 Td
(Basis)Tj
ET
q
1 0 0 1 368 355 cm
0 0 m
52 0 l
S
Q
q
1 0 0 1 368 310 cm
0 0 m
52 0 l
S
Q
BT
/T1_1 9 Tf
378 343 Td
(Futures )Tj
7 -12 Td
(Price)Tj
ET
q
1 0 0 1 421 355 cm
0 0 m
49 0 l
S
Q
q
1 0 0 1 421 310 cm
0 0 m
49 0 l
S
Q
BT
/T1_1 9 Tf
432 343 Td
(Target )Tj
4 -12 Td
(Price)Tj
ET
q
1 0 0 1 471 355 cm
0 0 m
79 0 l
S
Q
q
1 0 0 1 471 310 cm
0 0 m
79 0 l
S
Q
BT
/T1_1 9 Tf
502 343 Td
(95% )Tj
-20 -12 Td
(Lower Bound )Tj
4 -12 Td
(Target Price)Tj
/T1_0 9 Tf
-428 -20 Td
[(September 2001)-2385(October 2001)]TJ
193 0 Td
(-9.56)Tj
69 0 Td
(N/A*)Tj
65 0 Td
[(88.42)-3165(78.86)]TJ
-327 -16 Td
[(October 2001)-3719(November 2001)]TJ
327 0 Td
(89.27)Tj
-327 -16 Td
[(November 2001)-2664(January 2002)]TJ
327 0 Td
(89.50)Tj
-327 -16 Td
[(December 2001)-2664(January 2002)]TJ
327 0 Td
(89.50)Tj
-327 -15 Td
[(January 2002)-3719(March 2002)]TJ
190 0 Td
(-11.54)Tj
137 0 Td
[(88.97)-3165(77.43)]TJ
-327 -16 Td
[(February 2002)-3275(March 2002)]TJ
327 0 Td
(88.97)Tj
-327 -16 Td
[(March 2002)-4498(April 2002)]TJ
327 0 Td
(89.00)Tj
-327 -16 Td
(April 2002)Tj
88 0 Td
(May 2002)Tj
239 0 Td
(88.45)Tj
-327 -15 Td
(May 2002)Tj
88 0 Td
(August 2002)Tj
239 0 Td
(90.45)Tj
-327 -16 Td
(June 2002)Tj
88 0 Td
(August 2002)Tj
239 0 Td
(90.45)Tj
-327 -16 Td
(July 2002)Tj
88 0 Td
(August 2002)Tj
102 0 Td
[(-15.99)-4832(-20.87)-4721(90.45)-3165(74.46)-4720(69.58)]TJ
ET
q
1 0 0 1 51 118 cm
0 0 m
87 0 l
S
Q
BT
/T1_0 9 Tf
58 125 Td
(August 2002)Tj
ET
q
1 0 0 1 139 118 cm
0 0 m
92 0 l
S
Q
BT
/T1_0 9 Tf
146 125 Td
(September 2002)Tj
ET
q
1 0 0 1 232 118 cm
0 0 m
54 0 l
S
Q
BT
/T1_0 9 Tf
248 125 Td
(-10.71)Tj
ET
q
1 0 0 1 287 118 cm
0 0 m
80 0 l
S
Q
BT
/T1_0 9 Tf
317 125 Td
(-13.36)Tj
ET
q
1 0 0 1 368 118 cm
0 0 m
52 0 l
S
Q
BT
/T1_0 9 Tf
385 125 Td
(88.70)Tj
ET
q
1 0 0 1 421 118 cm
0 0 m
49 0 l
S
Q
BT
/T1_0 9 Tf
436 125 Td
(77.99)Tj
ET
q
1 0 0 1 471 118 cm
0 0 m
79 0 l
S
Q
BT
/T1_0 9 Tf
501 125 Td
(75.34)Tj
-443 -18 Td
(* Indicates that data were unavailable to calculate either an average ba\
sis or lower bound basis for that weight class in )Tj
0 -11 TD
(that month in order to arrive at a target price for an assumed set of fu\
tures prices.)Tj
ET
q
1 0 0 1 48 357 cm
0 0 m
504 0 l
504 -2 l
S
Q
q
1 0 0 1 48 355 cm
0 0 m
504 0 l
S
Q
q
1 0 0 1 48 357 cm
0 0 m
0 -2 l
S
Q
q
1 0 0 1 48 93 cm
0 0 m
504 0 l
504 -2 l
S
Q
q
1 0 0 1 48 91 cm
0 0 m
504 0 l
S
Q
q
1 0 0 1 48 93 cm
0 0 m
0 -2 l
S
Q
q
1 0 0 1 552 357 cm
0 0 m
0 0 l
0 -266 l
0 -266 l
S
Q
q
1 0 0 1 552 357 cm
0 0 m
0 -266 l
S
Q
q
1 0 0 1 48 357 cm
0 0 m
0 0 l
0 -266 l
0 -266 l
S
Q
q
1 0 0 1 48 357 cm
0 0 m
0 -266 l
S
Q
/Artifact <>BDC
q
0.6303253 0 0 0.6303253 153 776.9067993 cm
/GS0 gs
/Fm0 Do
Q
EMC
endstream
endobj
285 0 obj
<>>>/Resources 288 0 R/Subtype/Form>>stream
0 g 0 G 0 i 0 J []0 d 0 j 1 w 10 M 0 Tc 0 Tw 100 Tz 0 TL 0 Tr 0 Ts
BT
/Arial 11 Tf
0.5 g
0 -8.685 Td
(Archival ) Tj
42.179 0 Td
(copy: ) Tj
29.348 0 Td
(for ) Tj
15.893 0 Td
(current ) Tj
37.291 0 Td
(recommendations ) Tj
90.487 0 Td
(see ) Tj
20.792 0 Td
(http://edis.ifas.ufl.edu ) Tj
107.008 0 Td
(or ) Tj
12.837 0 Td
(your ) Tj
24.455 0 Td
(local ) Tj
25.679 0 Td
(extension ) Tj
50.144 0 Td
(office.) Tj
ET
endstream
endobj
286 0 obj
<>
endobj
288 0 obj
<>
endobj
289 0 obj
<>
endobj
290 0 obj
<>
endobj
291 0 obj
<>
endobj
292 0 obj
<>stream
HVyPS>7K'aSdكYY GqD@QQY-bT2VTP[ݠc^ϙ{|= .zÁ/*_B B tľ^>;'w@O eߐ`Fںr uPXJf( 7~DbFw) s1( Gq) MkuM) @π,wO ޮCZ}[ޣx7 \@u x3;MD4 żxV %x2$(~ 1,$(eNdʼnXV̓@Fд]Ń(6Kң[ cc