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Turner, Steven C. - One of the best experts on this subject based on the ideXlab platform.
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A Bayesian Approach to Optimal Cross-Hedging of Cottonseed Products Using Soybean Complex Futures
'Morgan & Claypool Publishers LLC', 2017Co-Authors: Rahman, Shaikh Mahfuzur, Dorfman, Jeffrey H., Turner, Steven C.Abstract:Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of a viable futures contract for Cottonseed or Cottonseed Products. This study examines the feasibility of cross-hedging Cottonseed Products using the soybean complex futures. Different cross-hedging strategies are evaluated for eight time horizons relative to the expected profit and utility of the crusher. A Bayesian approach is employed to estimate both model parameters and optimal hedge ratios, allowing consistency with expected utility maximization in the presence of estimation risk. The results reveal that both whole Cottonseed and Cottonseed Products can be successfully cross-hedged using soybean complex futures. The profitability of cross-hedging Cottonseed Products depends on the size of the contract, the optimal choice of strategy, the time of hedge placement, and the hedging horizon
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A BAYESIAN APPROACH TO OPTIMAL CROSS-HEDGING OF Cottonseed Products USING SOYBEAN COMPLEX FUTURES
'Morgan & Claypool Publishers LLC', 2017Co-Authors: Rahman, Shaikh Mahfuzur, Dorfman, Jeffrey H., Turner, Steven C.Abstract:Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of viable futures markets for Cottonseed or Cottonseed Products. This study examines the feasibility of cross-hedging Cottonseed Products using soybean complex futures. Bayesian tests for market efficiency are performed on the cash and futures prices. The test results reject the presence of nonstationary roots, leading to the conclusion that the markets are not efficient. Different cross-hedging strategies are designed and analyzed for eight different hedging horizons in order to maximize the expected profit and utility of the crusher. A Bayesian approach is employed to estimate the parameters, which is consistent with expected utility maximization in the presence of estimation risk. The investigation reveals that both whole Cottonseed and Cottonseed Products can be successfully cross-hedged using soybean complex futures. The profitability of cross-hedging Cottonseed Products depends not only on the appropriate size of the contract but also on the optimal choice of strategy consistent with the time of placing and lifting hedge and the appropriate hedging horizon
Zou Yuan - One of the best experts on this subject based on the ideXlab platform.
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Apparent Digestibility of key feed ingredients by largemouth bass (Micropterus salmoides)
Norwegian University of Life Sciences Ås, 2021Co-Authors: Zou YuanAbstract:The aim of this project was to determine apparent digestibility coefficients (ADC) of macronutrients, amino acids (AA), phosphorus (P) and energy (EN) in protein-rich ingredients in extruded diets for largemouth bass (Micropterus salmoides). Digestibilities were assessed by the ingredient replacement method. Yttrium oxide was used as inert marker and faeces was collected by manual stripping. Peruvian anchovy fishmeal (PAF) was the sole protein source in the reference diet. Each ingredient was examined in triplicate with 30% replacement. Animal protein ingredients included four fishmeals (Peruvian anchovy fishmeal PAF, three Chinese fishmeals made from sardine CSF, anchovy CAF or mackerel CMF), four sources of poultry by-Products (poultry by-product meal PBM, poultry carcass meal PCM, hydrolysed feather meal HFM, spray-dried granulated inedible egg product SGE) and two potential alternative animal protein ingredients (defatted Tenebrio molitor beetle larvae meal DTM, and hydrolysates of stickwater and soybean HSS). The results showed that the apparent digestibility coefficients (ADC) of dry matter (DM, ranging from 67.0 to 96.4% ), EN (75.6-98.6%) and crude protein (CP, 72.0-95.3%) for animal protein ingredients varied considerably. The ADC of SGE was significantly higher than others, while the ADCs of HFM and DTM were lowest. ADCs of DM (77.4-86.2%), EN (81.8-94.4%) and CP (84.7-88.9%) for other ingredients were quite close. ADCs of proteins in animal ingredients reflected the ADCs of total amino acids. The ADC of P showed no significant difference except for CMF (37.2%) and PAF (61.7%). All values for ADC of P were low. Plant protein ingredients included soybean Products (soybean meal SBM, soy protein concentrate SPC, two fermented soybean meals TB FSM-TB and YH FSM-YH), and Cottonseed Products (Cottonseed meal CSM, degossypolled Cottonseed protein TY DCP-TY, degossypolled Cottonseed protein JL DCP-JL). The results showed that ADCs of DM (55.0-78.0%) and EN (67.0-84.8%) in the plant ingredients varied greatly. Compared with PAF, DM and EN digestibility of SPC and SBM showed no significant difference, while that of other raw materials were significantly lower (P < 0.05). ADCs of DM was highly correlated (r = 0.95) with ADC of energy. ADC of CP for all plant ingredients were high and only varied moderately (83.1-96.5%). ADC of CP of the soy Products was significantly (P < 0.05) higher than that of the fish meal. No significant difference was seen among the Cottonseed Products. ADCs of total amino acids (AA) was highly correlated (r = 0.93) with the ADCs of CP. Overall, ADCs of DM, CP, AA and EN of SGE were highest in animal protein ingredients, followed by PBM and PCM. ADCs of four sources of fish meal and HSS were slightly lower (67.0-84.8%) than those of animal Products. The ADCs in HFM and DTM were significantly lower than that of any of the other ingredients. The results showed that all animal protein ingredients except HFM and DTM can be used as main protein sources for largemouth bass. HFM and DTM should only added as a part of a mix of protein sources in the diet, and essential amino acids must be added to achieve balanced composition. The requirement of phosphorus in fish must be noted, in view of the low values for ADC of P in the tested ingredients. In plant protein ingredients, the ADC of P was highly variable. ADC of P of PAF, SPC and SBM were not significantly different, while ADCs of FSM-TB, FSM-YH, CSM, DCP-TY and DCP-JL were significantly lower. Therefore, SPC and SBM can replace fish meal as the main protein source in largemouth bass diets, while the usage of other protein-rich ingredients should be limited. The absence significant difference of PAF in the reference diet tested in two experiments. This indicates that slightly different rearing conditions did not significantly affect the results, and that the results obtained in these experiments were repeatable and reliable
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Apparent Digestibility of key feed ingredients by largemouth bass (Micropterus salmoides)
Norwegian University of Life Sciences Ås, 2021Co-Authors: Zou YuanAbstract:The aim of this project was to determine apparent digestibility coefficients (ADC) of macronutrients, amino acids (AA), phosphorus (P) and energy (EN) in protein-rich ingredients in extruded diets for largemouth bass (Micropterus salmoides). Digestibilities were assessed by the ingredient replacement method. Yttrium oxide was used as inert marker and faeces was collected by manual stripping. Peruvian anchovy fishmeal (PAF) was the sole protein source in the reference diet. Each ingredient was examined in triplicate with 30% replacement. Animal protein ingredients included four fishmeals (Peruvian anchovy fishmeal PAF, three Chinese fishmeals made from sardine CSF, anchovy CAF or mackerel CMF), four sources of poultry by-Products (poultry by-product meal PBM, poultry carcass meal PCM, hydrolysed feather meal HFM, spray-dried granulated inedible egg product SGE) and two potential alternative animal protein ingredients (defatted Tenebrio molitor beetle larvae meal DTM, and hydrolysates of stickwater and soybean HSS). The results showed that the apparent digestibility coefficients (ADC) of dry matter (DM, ranging from 67.0 to 96.4% ), EN (75.6-98.6%) and crude protein (CP, 72.0-95.3%) for animal protein ingredients varied considerably. The ADC of SGE was significantly higher than others, while the ADCs of HFM and DTM were lowest. ADCs of DM (77.4-86.2%), EN (81.8-94.4%) and CP (84.7-88.9%) for other ingredients were quite close. ADCs of proteins in animal ingredients reflected the ADCs of total amino acids. The ADC of P showed no significant difference except for CMF (37.2%) and PAF (61.7%). All values for ADC of P were low. Plant protein ingredients included soybean Products (soybean meal SBM, soy protein concentrate SPC, two fermented soybean meals TB FSM-TB and YH FSM-YH), and Cottonseed Products (Cottonseed meal CSM, degossypolled Cottonseed protein TY DCP-TY, degossypolled Cottonseed protein JL DCP-JL). The results showed that ADCs of DM (55.0-78.0%) and EN (67.0-84.8%) in the plant ingredients varied greatly. Compared with PAF, DM and EN digestibility of SPC and SBM showed no significant difference, while that of other raw materials were significantly lower (P < 0.05). ADCs of DM was highly correlated (r = 0.95) with ADC of energy. ADC of CP for all plant ingredients were high and only varied moderately (83.1-96.5%). ADC of CP of the soy Products was significantly (P < 0.05) higher than that of the fish meal. No significant difference was seen among the Cottonseed Products. ADCs of total amino acids (AA) was highly correlated (r = 0.93) with the ADCs of CP. Overall, ADCs of DM, CP, AA and EN of SGE were highest in animal protein ingredients, followed by PBM and PCM. ADCs of four sources of fish meal and HSS were slightly lower (67.0-84.8%) than those of animal Products. The ADCs in HFM and DTM were significantly lower than that of any of the other ingredients. The results showed that all animal protein ingredients except HFM and DTM can be used as main protein sources for largemouth bass. HFM and DTM should only added as a part of a mix of protein sources in the diet, and essential amino acids must be added to achieve balanced composition. The requirement of phosphorus in fish must be noted, in view of the low values for ADC of P in the tested ingredients. In plant protein ingredients, the ADC of P was highly variable. ADC of P of PAF, SPC and SBM were not significantly different, while ADCs of FSM-TB, FSM-YH, CSM, DCP-TY and DCP-JL were significantly lower. Therefore, SPC and SBM can replace fish meal as the main protein source in largemouth bass diets, while the usage of other protein-rich ingredients should be limited. The absence significant difference of PAF in the reference diet tested in two experiments. This indicates that slightly different rearing conditions did not significantly affect the results, and that the results obtained in these experiments were repeatable and reliable.Målet med dette prosjektet var å bestemme fordøyelighet av makro-næringsstoff, aminosyrer (AA), fosfor (P) og energi (EN) i ekstruderte fôr til «largemouth bass» (Micropterus salmoides). Fordøyeligheter ble bestemt ved hjelp av utbyttingsmetoden. Yttriumoksyd ble benyttet som inert markør, og faeces ble samlet inn ved å stryke fisken. Peruansk fiskemel av ansjos (PAF) var eneste proteinkilde i referansefôret. Hver ingrediens ble bestemt med 3 gjentak med 30% utbytting.M-A
Rahman, Shaikh Mahfuzur - One of the best experts on this subject based on the ideXlab platform.
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A Bayesian Approach to Optimal Cross-Hedging of Cottonseed Products Using Soybean Complex Futures
'Morgan & Claypool Publishers LLC', 2017Co-Authors: Rahman, Shaikh Mahfuzur, Dorfman, Jeffrey H., Turner, Steven C.Abstract:Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of a viable futures contract for Cottonseed or Cottonseed Products. This study examines the feasibility of cross-hedging Cottonseed Products using the soybean complex futures. Different cross-hedging strategies are evaluated for eight time horizons relative to the expected profit and utility of the crusher. A Bayesian approach is employed to estimate both model parameters and optimal hedge ratios, allowing consistency with expected utility maximization in the presence of estimation risk. The results reveal that both whole Cottonseed and Cottonseed Products can be successfully cross-hedged using soybean complex futures. The profitability of cross-hedging Cottonseed Products depends on the size of the contract, the optimal choice of strategy, the time of hedge placement, and the hedging horizon
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A BAYESIAN APPROACH TO OPTIMAL CROSS-HEDGING OF Cottonseed Products USING SOYBEAN COMPLEX FUTURES
'Morgan & Claypool Publishers LLC', 2017Co-Authors: Rahman, Shaikh Mahfuzur, Dorfman, Jeffrey H., Turner, Steven C.Abstract:Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of viable futures markets for Cottonseed or Cottonseed Products. This study examines the feasibility of cross-hedging Cottonseed Products using soybean complex futures. Bayesian tests for market efficiency are performed on the cash and futures prices. The test results reject the presence of nonstationary roots, leading to the conclusion that the markets are not efficient. Different cross-hedging strategies are designed and analyzed for eight different hedging horizons in order to maximize the expected profit and utility of the crusher. A Bayesian approach is employed to estimate the parameters, which is consistent with expected utility maximization in the presence of estimation risk. The investigation reveals that both whole Cottonseed and Cottonseed Products can be successfully cross-hedged using soybean complex futures. The profitability of cross-hedging Cottonseed Products depends not only on the appropriate size of the contract but also on the optimal choice of strategy consistent with the time of placing and lifting hedge and the appropriate hedging horizon
J.t. Huber - One of the best experts on this subject based on the ideXlab platform.
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the effects of varying gossypol intake from whole Cottonseed and Cottonseed meal on lactation and blood parameters in lactating dairy cows
Journal of Dairy Science, 2004Co-Authors: H Mena, M Tarazon, J E P Santos, J.t. Huber, M C CalhounAbstract:Effects of varying amounts of gossypol from whole Upland Cottonseed (WCS) and Cottonseed meal (CSM) were evaluated in 40 midlactation Holstein cows. After 14 d of pretreatment, cows were assigned to 1 of the 5 treatments for 84 d: control (no gossypol), 931 mg/kg total gossypol (TG) and 850 mg/kg free gossypol (FG) from WCS (moderate TG and high FG); 924 mg/kg TG and 91 mg/kg FG from CSM (moderate TG and low FG), 945 mg/kg TG and 479 mg/kg FG with equal amounts of TG from WCS and CSM (moderate TG and FG), or 1894 mg/kg TG and 960 mg/kg FG with equal amounts of TG from WCS and CSM (high TG and FG). Concentrations of plasma gossypol (PG) and its isomers were directly proportional to FG intake. Concentrations of PG reached a plateau after 28 d on treatment, and they were highest in cows receiving a diet with high TG and FG. Erythrocyte fragility differed among treatments and increased with increasing FG intake. Plasma gossypol returned to negligible concentrations 28 d after withdrawal of Cottonseed Products from the high TG and FG diet. Serum vitamin A was similar among treatments, but vitamin E increased with increasing FG intake. Serum enzymes were generally unaffected by treatments, but urea N increased in diets higher in TG and FG. Intake of dry matter was higher for the diet high in TG and FG than for the control diet, but was similar for other treatments. Cows receiving the high TG and FG diet produced more milk and 3.5% fat-corrected milk, with no changes in milk composition. Feeding a diet containing 1894 mg/kg TG and 960 mg/kg FG for 84 d increased PG concentrations and erythrocyte fragility and resulted in minor changes in blood metabolites and enzymes, but no detrimental effect on lactation performance was observed. Indicators of liver, kidney, and muscle cell viability suggest that the higher amounts of gossypol consumed in this study had only minor effects on those tissues in lactating dairy cows.
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milk yield and composition of lactating cows fed steam flaked sorghum and graded concentrations of ruminally degradable protein
Journal of Dairy Science, 1998Co-Authors: Flavio Augusto Portela Santos, J.t. Huber, C B Theurer, R S Swingle, J M Simas, K H Chen, P YuAbstract:Abstract To determine the effect of various amounts of ruminally undegradable protein in the diets of lactating cows fed steam-flaked sorghum, 24 Holstein cows (90±50 d in milk) were assigned to three treatments: 0.8% urea, 6% soybean meal, or 5% fish meal. Respective percentages of ruminally undegradable protein in the diets (as a percentage of crude protein) were 30, 35, and 39%. All diets contained 37% alfalfa hay; 3 to 5% Cottonseed hulls; 10 to 13% whole Cottonseed; 39% steam-flaked sorghum (360g/L); 5% of a molasses, mineral, and vitamin supplement; and the different protein supplements. Intake of dry matter was higher for cows fed urea than for cows fed soybean meal or fish meal diets. In cows that yielded more than 40 kg/d of milk (4 cows per treatment), the soybean meal and fish meal diets resulted in higher yields of milk and 3.5% fat-corrected milk and a greater efficiency of conversion of feed to milk than did the urea diet. Cows that yielded less than 40 kg/d of milk (4 cows per treatment) at the beginning of treatment tended to yield more milk when fed urea than when fed the protein supplements. Nutrient digestibilities were not greatly affected by source of N, suggesting a beneficial effect of urea supplementation on nutrient digestibilities because replacement of protein supplements with Cottonseed Products caused the neutral detergent fiber content of the urea diet to be about 7% higher than that of the other diets. These data show that response to ruminally undegradable protein in diets of lactating cows fed steam-flaked sorghum was related to milk yield.
M C Calhoun - One of the best experts on this subject based on the ideXlab platform.
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the effects of varying gossypol intake from whole Cottonseed and Cottonseed meal on lactation and blood parameters in lactating dairy cows
Journal of Dairy Science, 2004Co-Authors: H Mena, M Tarazon, J E P Santos, J.t. Huber, M C CalhounAbstract:Effects of varying amounts of gossypol from whole Upland Cottonseed (WCS) and Cottonseed meal (CSM) were evaluated in 40 midlactation Holstein cows. After 14 d of pretreatment, cows were assigned to 1 of the 5 treatments for 84 d: control (no gossypol), 931 mg/kg total gossypol (TG) and 850 mg/kg free gossypol (FG) from WCS (moderate TG and high FG); 924 mg/kg TG and 91 mg/kg FG from CSM (moderate TG and low FG), 945 mg/kg TG and 479 mg/kg FG with equal amounts of TG from WCS and CSM (moderate TG and FG), or 1894 mg/kg TG and 960 mg/kg FG with equal amounts of TG from WCS and CSM (high TG and FG). Concentrations of plasma gossypol (PG) and its isomers were directly proportional to FG intake. Concentrations of PG reached a plateau after 28 d on treatment, and they were highest in cows receiving a diet with high TG and FG. Erythrocyte fragility differed among treatments and increased with increasing FG intake. Plasma gossypol returned to negligible concentrations 28 d after withdrawal of Cottonseed Products from the high TG and FG diet. Serum vitamin A was similar among treatments, but vitamin E increased with increasing FG intake. Serum enzymes were generally unaffected by treatments, but urea N increased in diets higher in TG and FG. Intake of dry matter was higher for the diet high in TG and FG than for the control diet, but was similar for other treatments. Cows receiving the high TG and FG diet produced more milk and 3.5% fat-corrected milk, with no changes in milk composition. Feeding a diet containing 1894 mg/kg TG and 960 mg/kg FG for 84 d increased PG concentrations and erythrocyte fragility and resulted in minor changes in blood metabolites and enzymes, but no detrimental effect on lactation performance was observed. Indicators of liver, kidney, and muscle cell viability suggest that the higher amounts of gossypol consumed in this study had only minor effects on those tissues in lactating dairy cows.
