The systematic downward bias in live cattle futures: an evaluation

In the last two years Congressman Neal Smith of Iowa has released a series of reports critical of the live cattle futures market. These reports, prepared by the staff of the House Committee on Small Business under the direction of Chief Economist Dr. John Helmuth, have received widespread coverage in the press. The press has also reported the response of the President of the Chicago Mercantile Exchange, denying Congressman Smith's various charges. However, the charges and denials have not received enough coverage to provide the readers with the data to evaluate the validity of Congressman Smith's charges or the...