Is the Australian wool futures market efficient as a predictor of spot prices?

Giles and Goss (1980) have suggested that, if a futures market provides a forward pricing function, then it is an efficient market. In this article a simple test for whether the Australian Wool Futures market is efficient is proposed. The test is based on applying cointegration techniques to test the Law of One Price over a three, six, nine, and twelve month spread of futures prices. We found that the futures market is efficient for up to a six-month spread, but no further into the future. Because futures market prices can be used to predict spot prices up to six months in advance, woolgrowers can use the futures price to assess when they market their clip, but not for longer-term production planning decisions. (C) 1999 John Wiley & Sons, Inc.

Effect of supplementation with a by-product of molasses fermentation or a non-protein nitrogen/mineral mix on feed intake and microbial protein supply in sheep consuming chopped oat (Avena sativa) hay

Crossbred ewes, weighing 30-40 kg, were assigned to three groups of six animals. One group of sheep was fed chopped oat hay (control), the second group was fed the control diet plus 30 g per head per day spray dried residue from the fermentation of molasses and the third group was fed the control diet plus 30 g per head per day of a non-protein nitrogen/mineral mix. Voluntary feed intake, digestibility of DM, OM and nitrogen, nitrogen balance and microbial nitrogen flow to the intestines were significantly increased by supplementation but efficiency of microbial protein production was not affected. (C) 2001 Elsevier Science BN. All rights reserved,

Effect of leucaena supplementation level, and provision of urea, on utilisation by sheep of Rhodes grass hay

Tarramba leucaena (Leucaena leucocephala cv. Tarramba) foliage had per kilogram dry matter, 169 g protein and 29.8 g condensed tannins. Its value as a supplement, given either with or without urea, to sheep given a low-quality Callide Rhodes grass (Chloris gayana cv. Callide) hay was studied. Six rumen fistulated sheep (mean +/- s.d. liveweight, 34 +/- 1.4 kg) were used to compare 6 dietary treatments in an incomplete latin square design. Rhodes grass hay was given ad libitum either alone, or with urea 7 g/day (U), or with leucaena 150 g/day (L150), or leucaena with urea (L150U), or leucaena 300 g/day (L300), or leucaena with urea (L300U). Digestible organic matter intake was increased significantly by leucaena supplementation although digestibility of the whole diet did not alter. Rumen fluid ammonia-N was not altered by leucaena supplementation, but was increased by urea. This suggests that Tarramba foliage protein has some resistance to ruminal degradation. Liquid and solids passage rates were not affected by the treatments. Microbial nitrogen supply to the intestine (g/day), and the efficiency of microbial nitrogen synthesis (g/kg organic matter apparently digested in the rumen), were increased by leucaena supplementation (P

Dermal deposition of diazinon on workers using various sheep ectoparasiticide application systems

This study measured the dermal deposition levels of diazinon on workers who apply the ectoparasiticide to sheep using one of five different application systems, namely, portable plunge dipping, fixed plunge dipping, shower dipping, hand jetting, and automatic jetting races. The highest level of dermal exposure occurred while hand jetting and a comparable level occurred in automatic jetting races. The next highest level of dermal exposure was while using the portable and the fixed plunge dipping systems. The shower dipping system appeared to expose workers to the least deposition of diazinon. The variability between the different methods was statistically significant, and the contrast between the three applications using dipping and the two using jetting was highly statistically significant. The variability between testing sessions was too great to allow the methods to be ranked as accurately as the authors would prefer. However, the differences between the methods were large enough to be of practical importance to OHS risk management. (author abstract)

Improving the economic decision making capability and viability of Chinese wool textile mills

The successful restructuring of Chinese industries is of immense importance not only for the continued development of China but also to the stability of the world economy. The transformation of the Chinese wool textile industry illustrates well the many problems and pressures currently facing most Chinese industries. The Chinese wool textile industry has undergone major upheaval and restructuring in its drive to modernize and take advantage of developments in world textile markets. Macro level ownership and administrative reforms are well advanced as is the uptake of new technology and equipment. However, the changing market and institutional environment also demands an increasing level of sophistication in mill management decisions including product selection, input procurement, product pricing, investment appraisal, cost analysis and proactive identification of new market and growth opportunities. This paper outlines a series of analyses that have been integrated into a decision-making model designed to assist mill managers with these decisions. Features of the model include a whole-of-mill approach, a design based on existing mill structures and information systems, and the capacity for the model to be tailored to individual mills. All of these features facilitate the adoption of the model by time and resource constrained managers seeking to maintain the viability of their enterprises in the face of extremely dynamic market conditions.