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Canada (508,866)
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GGR287H5 (33)
Lecture 4

Lecture 4 Notes.docx

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Pierre Desrochers

(Continuation of Lecture #3 - September 23rd) Modern AgriBusiness Key Characteristics: o < farmers o > Supporting infrastructure o As farms have become more specialized, the number of commodities produced per farm has decreased o As the number of farms declined, their average size increased (number of farmers decreased - "get big or get out") Vertical Coordination (Marketing contracts) • Synchronization of successive stages of production & marketing, with respect to: o Quantity o Quality o Timing of product flows • Pre-scheduled o Prices o Quantities o Time of delivery • (Mostly livestock) commodity buyer o sets input specifications Why Production Contracting? • To increase efficiency • To obtain (or reduce the cost of) financing • To reduce uncertainty • To gain market advantage Conclusion: Main Outcomes of ModernAgriculture • Monocultures • Higher yields • Decline in number of farms & farmers • Increase in size of operations • Lower prices • Lower agricultural pressures on land use Lecture #4 - September 30th Commodity • Physical substance (e.g.: grains) • Interchangeable with another product of same type • Investors buy or sell through different means • Price subject to supply & demand Landrace • Local variety of domesticated animal or plant species • Developed largely by natural processes (adaptation to its natural & cultural environment) Breed (formal) • Bred deliberately to conform to a particular standard type Key Point: Many formal breeds originated from landraces. (Sometimes, a particular type has both landrace & formal breed populations) "Improvements" • For everything: o Better taste o Better appearance o Great disease/weather resistance
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