Masters Theses

Date of Award

12-1957

Degree Type

Thesis

Degree Name

Master of Science

Major

Agricultural Economics

Major Professor

M. B. Badenhop

Committee Members

Lewis Copeland, R. G. Spitze, D. M. Thorpe

Abstract

Three states in the Southern Region, Virginia, West Virginia, andTennessee have set up a regional research project to determine in what way the grade of spring lambs being produced is related to price, weight, and other market factors. Thus, producers will have important market information that will help them in knowing what kind of Iamb to produce for market. Information concerning the uniformity of prices paid for spring lambs of known quality on different markets through time is needed. Reasons why and how much these prices differ meads to be established as a basis for improving market structure. A more stable market over a longer period of the marketing season would also be desirable. Better information about market relationships and conditions in the market enable the marketing system to more in that direction.

Utility and cull lambs are worth little for slaughter, however, if more stable markets were available producers could better undertake lamb feeding program which would tend to raise the grade of lambs offered for sale and consequently receive a better price. More adequate information on the pricing characteristics of spring lambs would enable farmers to do a better job of planning their production program. Extension livestock marketing specialists have need for this type of information in their educational program to promote the sheep enterprise.

The specific objectives of this study are, therefore (1) to describe the characteristics of spring lambs sold through the auction market; (2) to evaluate some selected factors associated with the seasonality of lamb prices and marketings in these states; and (3) to tentatively evaluate one segment of this market—the price discovery mechanism as provided by auction markets in West Virginia, Virginia, and Tennessee.

The price discovery mechanism provided by auctions was selected for evaluation for several reasons, (1) There is a relatively large number of this type market outlet in the three state area under study. (2)Auctions provide a popular– and sometimes the only– market outlet for spring lambs on the periphery of major spring lamb producing areas. (3) Data are sufficient to make at least a semiquantitative evaluation of the pricing mechanism provided by this type of market outlet in the West Virginia, Virginia, and Tennessee area.

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