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RISK REDUCTION THROUGH OPTIMAL GRAZING SCENARIOS FOR
LIVESTOCK/FORAGE SYSTEMS IN TEXAS PANHANDLE
Table 4. Net Returns Reflecting Market Risk and
Precipitation Risk, 1992-2009
WH SS BS RG
Net Return ($) 177.56 143.57 117.44 153.64
σ 38.3916 54.4320 46.3738 51.7540
COV 0.2162 0.3791 0.3949 0.3369
Net Return to Land, Labor, and
Management
Figure 1. Monthly Average Prices for Medium and Large 1 and
2 Steers, Amarillo, TX, 1992-2009
180
160
140
120 350-400
Dollars per cwt 100 450-500
550-600
80
60 650-700
750-800
40
20
0
Jan-92 Sep-92 May-93 Jan-94 Sep-94 May-95 Jan-96 Sep-96 May-97 Jan-98 Sep-98 May-99 Jan-00 Sep-00 May-01 Jan-02 Sep-02 May-03 Jan-04 Sep-04 May-05 Jan-06 Sep-06 May-07 Jan-08 Sep-08
Month
52
