Market value and managerial decisions: implications from a decade of feeder cattle teleauctions.

Data from feeder cattle teleauction sales in Georgia from 1977 to 1988 were analyzed using least squares analysis of variance to detect significant (P less than .05) influential factors on price. The sample was divided into two periods, 1977 to 1982 and 1983 to 1988, to test whether the influence of factors had changed over the time periods. The test of equality was rejected (P less than .01) using a Chow test, thus suggesting a change had occurred. Hereford breeds were discounted in the latter period whereas Angus breeds generated a premium in the earlier period. Treatment for specific diseases resulted in premium prices, as did preconditioning, during the 1983 to 1988 period. The effect of seasonality on prices decreased over the two time periods. The optimal lot size increased from 228 to 280 cattle during the time periods.