𝔖 Bobbio Scriptorium
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Simple and multiple cross-hedging of millfeeds

✍ Scribed by Stephen E. Miller

Publisher
John Wiley and Sons
Year
1985
Tongue
English
Weight
496 KB
Volume
5
Category
Article
ISSN
0270-7314

No coin nor oath required. For personal study only.

✦ Synopsis

Stephen E. Miller illfeeds (bran, middlings) are important by-products of the flour milling M industry. On average, a hundredweight of wheat yields approximately 73 pounds of flour and from 26 to 27 pounds of millfeeds. For marketing years 1978 through 1981, millfeed sales contributed an average of 14.9% of the total gross returns from milling in the Kansas City area (USDA). Millfeed price variability is comparable to variability of other livestock feed prices. For example, coefficients of variation for midmonth Kansas City millfeed prices and midmonth corn and soybean meal futures nearest maturity between January 1972 and December 1982 were 24, 24, and 27, respectively.

Millfeed price variability is a source of risk for flour millers. Flour milling is an intensely competitive industry, characterized by relatively narrow milling margins.

'Gray (1966) has attributed the demise of these markets to a lack of speculative interest.

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