- Strasburg, Virginia, United States
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Abstract Volatility in catfish pond bank and feed prices lead to profit uncertainty in the catfish industry. Analysis of the factors that affect those prices and development of a forecasting model would provide guidance to catfish farm... more
Abstract Volatility in catfish pond bank and feed prices lead to profit uncertainty in the catfish industry. Analysis of the factors that affect those prices and development of a forecasting model would provide guidance to catfish farm managers. Error-correction models (ECM) based on cointegrating relationships among variables were specified following development of a single-equation ARIMAX model. Factors identified as those that influence catfish price were: lagged value of catfish, feed and substitute product prices, while those that influenced feed price were: lagged value of feed, corn and soybean prices. ECM estimates implied that fish price adjusts approximately 6% and feed price 22% to the long-run equilibrium in 1 month. The analysis showed that it takes less than 17 months and 5 months to correct for long-run disequilibrium for catfish and feed prices, respectively. The ARIMAX model demonstrated a better fit for both in-sample and out-of-sample forecasting for catfish price and had better out-of-sample predictive ability for feed prices.
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This infographic accompanies "The Effects of Regulation on Ornamental Aquaculture Farms in Florida" (https://edis.ifas.ufl.edu/publication/FA248), an Ask IFAS factsheet that discusses the results of a study conducted to measure... more
This infographic accompanies "The Effects of Regulation on Ornamental Aquaculture Farms in Florida" (https://edis.ifas.ufl.edu/publication/FA248), an Ask IFAS factsheet that discusses the results of a study conducted to measure the impact of regulations on ornamental aquaculture farms in Florida using on-farm data from 2018. Florida’s diverse ornamental aquaculture industry has many unique challenges that set it apart from other aquaculture commodity groups. The numerous production techniques, diversity of species, and various market outlets make the ornamental aquaculture industry an intriguing study in how regulations impact the industry. By understanding regulatory impacts, we can streamline efforts to address them.
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Florida’s diverse ornamental aquaculture industry has many unique challenges that set it apart from other aquaculture commodity groups. The numerous production techniques, diversity of species, and various market outlets make the... more
Florida’s diverse ornamental aquaculture industry has many unique challenges that set it apart from other aquaculture commodity groups. The numerous production techniques, diversity of species, and various market outlets make the ornamental aquaculture industry an intriguing study in how regulations impact the industry. By understanding those regulatory impacts, we can streamline efforts to address them. A study was conducted to measure the regulatory impact on ornamental aquaculture farms in Florida using on-farm data from 2018. All farms were censused in the state and results covered 82% of the industry with a response rate of 41% of farms. This factsheet discusses the results of that study and the regulatory burden that the ornamental aquaculture industry in Florida endures.
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Regulatory costs on aquaculture farms have been shown to be of a magnitude that warrants additional analysis. The drivers of farm‐level costs of fish health inspections were identified in this study from national survey data on U.S.... more
Regulatory costs on aquaculture farms have been shown to be of a magnitude that warrants additional analysis. The drivers of farm‐level costs of fish health inspections were identified in this study from national survey data on U.S. salmonid farms. The greatest costs identified were related primarily to state fish health requirements for inspection and testing to certify that fish are free of specific pathogens prior to approval of necessary permits to sell and/or transport animals. Fish health inspection costs included laboratory testing, farm personnel time, veterinary fees, and shipping samples to laboratories, with laboratory testing and the value of farm personnel time being the most expensive components. Principal cost drivers were the number of tests and whether required sampling was farmwide or for each lot as identified by the collector. Farmers who primarily sold into recreational markets had greater fish health costs than farmers who primarily sold food fish because of th...
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This datasheet on Ictalurus punctatus covers Identity, Overview, Associated Diseases, Pests or Pathogens, Distribution, Dispersal, Diagnosis, Biology & Ecology, Environmental Requirements, Natural Enemies, Impacts, Uses,... more
This datasheet on Ictalurus punctatus covers Identity, Overview, Associated Diseases, Pests or Pathogens, Distribution, Dispersal, Diagnosis, Biology & Ecology, Environmental Requirements, Natural Enemies, Impacts, Uses, Prevention/Control, Management, Genetics and Breeding, Economics, Further Information.
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The ornamental aquaculture trade is a diverse sector of aquaculture and faces unique challenges that other commodity groups do not have to contend with. The various production techniques, species, and destination markets make ornamental... more
The ornamental aquaculture trade is a diverse sector of aquaculture and faces unique challenges that other commodity groups do not have to contend with. The various production techniques, species, and destination markets make ornamental aquaculture an interesting study in how regulations impact the industry. In Florida, aquaculture is primarily regulated under the Florida Department of Agriculture and Consumer Services, unique from other states. Regulatory costs and the value of lost production on ornamental farms in Florida were estimated to be $5.2 and $23.2 million, respectively. Results from an industry‐wide census have shown that there is a high regulatory burden on ornamental farmers for some regulatory categories. These include issues of legal control of fish‐eating predators, the restriction of drugs and chemicals, which would be beneficial to production, and the prohibition for farmers to raise species that have been restricted for culture at the national and state level. L...
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Abstract Catfish farming continues to be the largest segment of U.S. aquaculture, and U.S. catfish farmers have demonstrated resilience and resourcefulness in adapting to changing economic conditions. Commercial production began in the... more
Abstract Catfish farming continues to be the largest segment of U.S. aquaculture, and U.S. catfish farmers have demonstrated resilience and resourcefulness in adapting to changing economic conditions. Commercial production began in the 1950s–1960s, with growth leading to processing and marketing challenges in the 1970s. By the early 1980s, the key production, processing, and marketing pieces were in place to transform catfish farming into a major enterprise. Keys included development of efficient aerators, nutritionally complete feeds, multiple-batch production providing year-round supply of fish, processing innovations, and creation of The Catfish Institute (TCI) for marketing and public relations. The successful expansion into nontraditional catfish markets attracted competition of pangasius catfish imported from Vietnam by U.S. seafood importers, free riding on successful marketing programs. The 2003–2013 contraction of the U.S. industry was the combined effect of four external economic shocks; trough of price cycle; 2001 recession; September 11 terrorist attacks; and Vietnamese pangasius imports. Prices fell to historical lows and remained below production cost for 3 years. Adoption of intensive systems (split ponds, intensive aeration) that reduced costs led to steady growth from 2014 to 2019. Lessons for U.S. aquaculture include the importance of fingerling/seed technologies, farmer associations, research, Extension, marketing, and state/federal support.
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ONSUMPTION OF FISH and seafood products has increased in recent years. Since 1967, per capita consumption of fish in the United States has increased by 20 percent (10). Production of aquacultural products such as catfish has also... more
ONSUMPTION OF FISH and seafood products has increased in recent years. Since 1967, per capita consumption of fish in the United States has increased by 20 percent (10). Production of aquacultural products such as catfish has also increased dramatically. ...
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Research Interests: Business and Aquaculture
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Emerging research on aquaculture governance has pointed to the conundrum of negative global environmental effects from economic incentives for aquaculture production to shift from more highly regulated to less regulated countries. This... more
Emerging research on aquaculture governance has pointed to the conundrum of negative global environmental effects from economic incentives for aquaculture production to shift from more highly regulated to less regulated countries. This study has focused on examining whether regulatory costs on U.S. tilapia farms may have contributed to their contraction in contrast to the growth of global tilapia production that contributes to the volume of seafood imports into the U.S. A national survey (coverage rate = 75% of tilapia sold; response rate = 18%) found that on-farm regulatory costs accounted for 15% of total production costs on U.S. tilapia farms, the fifth-highest cost of production. The total direct regulatory costs nationally were $4.4 million, averaging $137,611/farm. Most problematic were regulations of effluent discharge, predatory bird control, international export, and water and energy policies. Manpower costs for monitoring and reporting were the greatest cost of regulatory ...
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One of the key underlying principles of sustainable food and agriculture systems is to enhance the resilience of people, communities, and ecosystems. This paper discusses broadly the intersection of community resiliency and sustainability... more
One of the key underlying principles of sustainable food and agriculture systems is to enhance the resilience of people, communities, and ecosystems. This paper discusses broadly the intersection of community resiliency and sustainability of our food system through the lens of positive and negative contributions of aquaculture within the context of the underlying environmental, economic, social, and governance dimensions. Aquaculture has been part of the food supply system for humans for millennia, and its contributions to the resiliency of communities and to sustainability is critical to meet the nutritional, economic, and ecological challenges of the world. Aquaculture, as any human endeavor, can result in negative impacts on the environment, economy, social structure, and resilience of communities. Recent work has reported continued progress in the sustainability of aquaculture and dispelled myths that have proliferated in public media. As a result, aquaculture is increasingly vi...
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The US catfish industry is evolving by adopting production-intensifying practices that enhance productivity. Catfish producers have increased aeration rates over time, and some now use intensive rates of aeration (>9.33 kW/ha). Costs... more
The US catfish industry is evolving by adopting production-intensifying practices that enhance productivity. Catfish producers have increased aeration rates over time, and some now use intensive rates of aeration (>9.33 kW/ha). Costs and production performance were monitored at commercial catfish farms using high levels of aeration (11.2–18.7 kW/ha) in Alabama, Arkansas, and Mississippi. A multivariate-cluster analysis was used to identify four different management clusters of intensively aerated commercial catfish farms based on stocking density, size of fingerlings at stocking, and feed conversion ratios (FCR). Breakeven prices of hybrid catfish raised in intensively aerated pond systems were estimated to range from $1.86/kg to $2.17/kg, with the lowest costs associated with the second greatest level of production intensity. The two medium-intensity clusters generated sufficiently high revenues for long-term profitability. However, the least-intensive and the most-intensive clusters were economically feasible only when catfish and feed prices were closer to less probable market prices. Feed price, FCR, and yield contributed the most to downside risk. Intensive aeration in catfish ponds, up to the levels analyzed in this study, appears to be economically feasible under the medium-intensity management strategies identified in this analysis.