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USDA Announcement
USDA announces Fed Cattle Exchange transactions to be included in mandatory price reporting
In an important announcement, Superior Livestock Auction’s wholly owned subsidiary, Fed Cattle Exchange received good news yesterday when an announcement came from the USDA’s Agricultural Marketing Service (AMS) determining that livestock traded in this format meet the definition of a “negotiated purchase” since negotiation occurs as buyers can bid on the livestock offered and sellers can accept or refuse the final bid. Therefore, beginning October 5, 2016, the USDA’s Agricultural Marketing Service will begin including Fed Cattle Exchange transactions in National and Regional direct negotiated slaughter cattle reports.
The goal of the Fed Cattle Exchange is to provide the industry with more transactions to consider when determining the average cash price of market-ready fed cattle. By increasing transparency in the cash cattle market the industry hopes to reduce volatility in futures contracts. The need for assistance in fed cattle price discovery is very evident. Competitive bidding is the most effective means of determining market value and more open negotiated trading of fed cattle is beneficial to the entire beef industry.
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