Economic Research Institute Study paper
Utah State University
The markets for live cattle and hogs have several characteristics that are different from those of most commodities traditionally traded in futures markets. These differences influence the kind of market performance that can be expected and may limit the degree of price protection available through hedging. They relate to or affect such things as the comparability of cash and futures market positions, the pricequality relationship existing in the cash markets and concept of basis.
Snyder, Donald L., "The Importance of Basis in Marketing Decisions" (1985). Economic Research Institute Study Papers. Paper 418.