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| affiliate |
With respect to a packer, means:
[1]
(1) A person that directly or
indirectly owns, controls, or holds with power to vote, 5 percent or more of
the outstanding voting securities of the packer;
(2) A person 5 percent or more of
whose outstanding voting securities are directly or indirectly owned,
controlled, or held with power to vote, by the packer; and
(3) A person that directly or
indirectly controls, or is controlled by or under common control with, the
packer. |
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| applicable reporting period |
The period of time prescribed by the prior day report, the
morning report, and the afternoon report, as provided in Sec. 59.202. |
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| average carcass weight |
The weight obtained by dividing the total carcass weight of
the swine slaughtered at the packing plant during the applicable reporting
period by the number of these same swine.[1] |
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| average lean percentage |
The value equal to the average percentage of the carcass
weight comprised of lean meat for the swine slaughtered during the
applicable reporting period. Whenever the packer changes the manner in which
the average lean percentage is calculated, the packer shall make available
to the Secretary the underlying data, applicable methodology and formulae,
and supporting materials used to determine the average lean percentage,
which the Secretary may convert either to the carcass measurements or lean
percentage of the swine of the individual packer to correlate to a common
percent lean measurement.[1] |
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| average net price |
The quotient (stated per hundred pounds of carcass weight of
swine) obtained by dividing the total amount paid for the swine slaughtered
at a packing plant during the applicable reporting period (including all
premiums and less all discounts) by the total carcass weight of the swine
(in hundred pound increments).[1] |
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| average sort loss |
The average discount (in dollars per hundred pounds carcass
weight) for swine slaughtered during the applicable reporting period,
resulting from the fact that the swine did not fall within the individual
packer's established carcass weight range or lot variation range.[1] |
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| B |
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| backfat |
The fat thickness (in inches) measured between the third and
fourth rib from the last rib, 7 centimeters from the carcass split (or
adjusted from the individual packer's measurement to that reference point
using an adjustment made by the Secretary) of the swine slaughtered during
the applicable reporting period.[1] |
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| barrow |
A neutered male swine, with the neutering performed before
the swine reached sexual maturity.[1] |
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| base market hog |
A hog for which no discounts are subtracted from and no
premiums are added to the base price.[1] |
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| base price |
The price paid for livestock, delivered at the packing
plant, before application of any premiums or discounts, expressed in dollars
per hundred pounds of hot carcass weight.[1] |
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| basis level |
The agreed on adjustment to a future price to establish the
final price paid for livestock.[1] |
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| boar |
A sexually-intact male swine |
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| C |
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| current slaughter week |
The period beginning Monday, and ending Sunday, of the week
in which a reporting day occurs.[1] |
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| D |
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| discount |
The adjustment, expressed in dollars per one hundred pounds,
subtracted from the base price due to weight, quality characteristics, yield
characteristics, livestock class, dark cutting, breed, or dressing
percentage.[1] |
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| F |
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| formula price |
A price determined by a mathematical formula under which the
price established for a specified market serves as the basis for the
formula.[1] |
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| G |
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| gilt |
A young female swine that has not produced a litter.[1] |
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| H |
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| hog class |
As applicable, barrows or gilts; sows; or boars or stags.[1] |
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| L |
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| loin depth |
The muscle depth (in inches) measured between the third and
fourth ribs from the last rib, 7 centimeters from the carcass split (or
adjusted from the individual packer's measurement to that reference point
using an adjustment made by the Secretary) of the swine slaughtered during
the applicable reporting period.[1] |
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| lot |
When used in reference to livestock, a group of one or more
livestock that is identified for the purpose of a single transaction between
a buyer and a seller.[1] |
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| N |
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| negotiated purchase |
A cash or spot market purchase by a packer of livestock from
a producer under which the base price for the livestock is determined by
seller-buyer interaction and agreement on a delivery day. The livestock are
scheduled for delivery to the packer not more than 14 days after the date on
which the livestock are committed to the packer.[1] |
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| net price |
The total amount paid by a packer to a producer (including
all premiums, less all discounts) per hundred pounds of carcass weight of
swine delivered at the plant. The total amount paid shall include any sum
deducted from the price (per hundredweight) paid to a producer that reflects
the repayment of a balance owed by the producer to the packer or the
accumulation of a balance to later be repaid by the packer to the producer.
The total amount paid shall exclude any sum earlier paid to a producer that
must be repaid to the packer.[1] |
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| noncarcass merit premium |
An increase in the base price of the swine offered by an
individual packer or packing plant, based on any factor other than the
characteristics of the carcass, if the actual amount of the premium is known
before the sale and delivery of the swine.[1] |
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| O |
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| other market formula purchase |
A purchase of swine by a packer in which the pricing
mechanism is a formula price based on any market other than the market for
swine, pork, or a pork product. The term ``other market formula purchase?
includes a formula purchase in a case which the price formula is based on 1
or more futures or options contracts.[1] |
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| other purchase arrangement |
A purchase of swine by a packer that is not a negotiated
purchase, swine or pork market formula purchase, or other market formula
purchase; and does not involve packer-owned swine.[1] |
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| origin |
The State where the livestock were fed to slaughter weight.[1] |
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| P |
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| packer |
Any person engaged in the business of buying swine in
commerce for purposes of slaughter, of manufacturing or preparing meats or
meat food products from swine for sale or shipment in commerce, or of
marketing meats or meat food products from swine in an unmanufactured form
acting as a wholesale broker, dealer, or distributor in commerce. For any
calendar year, the term ?packer? includes only a federally inspected swine
processing plant that slaughtered an average of 100,000 head of swine per
year during the immediately preceding 5 calendar years. Additionally, in the
case of a swine processing plant that did not slaughter swine during the
immediately preceding 5 calendar years, it shall be considered a packer if
the Secretary determines the processing plant should be considered a packer
under this subpart after considering its capacity.[1] |
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| packer-owned swine |
Swine that a packer (including a subsidiary or affiliate of
the packer) owns for at least 14 days immediately before slaughter.[1] |
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| packer-sold swine |
The swine that are owned by a packer (including a subsidiary
or affiliate of the packer) for more than 14 days immediately before sale
for slaughter; and sold for slaughter to another packer.[1] |
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| premium |
The adjustment, expressed in dollars per one hundred pounds,
added to the base price due to weight, quality characteristics, yield
characteristics, livestock class, and breed.[1] |
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| priced |
The time when the final price is determined either through
buyer-seller interaction and agreement or as a result of some other price
determining method. |
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| prior slaughter week |
The Monday through Sunday prior to a reporting day.[1] |
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| producer |
any person engaged in the business of selling livestock to a
packer for slaughter (including the sale of livestock from a packer to
another packer)[1] |
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| purchased |
the agreement on a price, or the method for calculating a
price, determined through buyer-seller interaction and agreement.[1] |
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| purchase data |
All of the applicable data,
including base price and weight (if purchased live), for all swine purchased
during the applicable reporting period, regardless of the expected delivery
date of the swine, reported by:[1]
(1) Hog class;
(2) Type of purchase; and
(3) Packer-owned swine. |
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| R |
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| reporting day |
A day on which a packer conducts business regarding
livestock committed to the packer, or livestock purchased, sold, or
slaughtered by the packer; the Secretary is required to make such
information available to the public; and the Department of Agriculture is
open to conduct business.[1] |
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| S |
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| slaughter data |
all of the applicable data for all swine slaughtered by a
packer during the applicable reporting period, regardless of whether the
price of the swine was negotiated or otherwise determined, reported by:[1]
(1) Hog class;
(2) Type of purchase; and
(3) Packer-owned swine. |
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| sow |
An adult female swine that has produced 1 or more litters.[1] |
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| swine committed |
Swine scheduled and delivered to a packer within the 14-day
period beginning on the date of an agreement to sell the swine.[1] |
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| swine or pork market formula purchase |
A purchase of swine by a packer in which the pricing
mechanism is a formula price based on a market for swine, pork, or a pork
product, other than a future or option for swine, pork, or a pork product.[1] |
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| T |
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| type of purchase |
With respect to swine, means:[1]
(1) A negotiated purchase;
(2) Other market formula
purchase;
(3) A swine or pork market
formula purchase; and
(4) Other purchase arrangement. |
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