Commodity pork price forecasting for Hormel fresh pork sales team

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dc.contributor.author Bally, Cortney en_US
dc.date.accessioned 2015-06-30T20:49:16Z
dc.date.available 2015-06-30T20:49:16Z
dc.date.issued 2011-05-01 en_US
dc.identifier.uri http://hdl.handle.net/2097/19762
dc.description.abstract To remain competitive in an ever changing pork industry, Hormel Foods required careful evaluation of advertising forecast accuracy. This study determines forecasting accuracy for bone-in loins, boneless loins, butts, and ribs pricing within Hormel Foods and determines the relationship between forecast horizon (how many weeks forward in pricing) and forecasting accuracy of these products. The challenge required the data collection of the advertising pricing quotes for the sale price in comparison to the forecasted price. Several different forecasting combinations were examined to determine the ideal combination. The focus of this research was to determine which forecast or combination of forecasts was preferable for Hormel Foods. Findings include that each commodity and weeks out front have a different preferred forecast or combination of forecasts when analyzing root mean square errors. Four forecasts (three forecast companies and the United States Department of Agriculture actual markets at the time of forecasts) were observed with one forecast company rarely utilized in the preferred forecasting combinations and therefore the potential exists for a cost savings that affect the bottom line profitability of the division. In addition, economic models presented in this study explain the errors (both raw and percentage based) in relation to the forecast companies, weeks out front forecasted, and specific commodity differences. en_US
dc.language.iso en_US en_US
dc.publisher Kansas State University en
dc.subject Agriculture en_US
dc.subject Economics en_US
dc.subject Pork en_US
dc.subject Forecasting en_US
dc.title Commodity pork price forecasting for Hormel fresh pork sales team en_US
dc.type Thesis en_US
dc.description.degree Master of Agribusiness en_US
dc.description.level Masters en_US
dc.description.department Department of Agricultural Economics en_US
dc.description.advisor Glynn Tonsor en_US
dc.subject.umi Economics, Agricultural (0503) en_US
dc.date.published 2011 en_US
dc.date.graduationmonth May en_US


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