| A |
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| Aged |
Cows that are over 8 years old. |
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| B |
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| Base Price |
Price paid for livestock before application of any premiums or discounts, expressed in dollars per hundred weight.
[1] |
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| Basis Level |
The agreed upon adjustment to a futures price to establish the final price paid for livestock.[1] |
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| Boner |
Slaughter cows expected to yield carcasses in the range of
80-85% lean. Typically a cow with between .15-.35 inches of backfat at the
12th rib. |
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| Brahman X |
Comment used to identify cattle that possess a noticeable
degree of the Brahman breed influence, usually 1/4 blood or greater. |
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| Breaker |
Slaughter cows expected to yield carcasses in the range of
75-80% lean. Typically a cow with more than .35 inch of backfat at the 12th
rib. |
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| Broken Mouth |
Aged cows that have one or more teeth missing. |
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| Bull |
A mature (approximately 24 months of age or older)
uncastrated, male bovine. However, for the purpose of these standards, any
mature, castrated, male bovine which has developed or begun to develop the
secondary physical characteristics of an uncastrated male also will be
considered a bull. |
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| Bullock |
A young (under approximately 24 months of age) male bovine
(castrated or uncastrated) that has developed or begun to develop the
secondary physical characteristics of a bull. |
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| C |
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| Calves |
Comment used to differentiate between calves and yearlings
weighing over 600 lbs. even when similar weights and grades are selling at
or near the same price level. The weight division between calves and
yearlings for market reporting purposes is 600 pounds. No comment is
required on calves weighing less than 600 pounds, but all calves weighing
more than 600 pounds must be identified as calves. |
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| Canadian Origin |
Used to identify cattle of Canadian origin on market
reports. |
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| Carcass Characteristics |
Range and average carcass weight in pounds, the quality and yield grade (if applicable), and the average dressing percentage.[1] |
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| Cattle Committed |
Cattle that are scheduled to be delivered to the packer.[1] |
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| Cattle Delivered |
Cattle that have been delivered to the packing plant for slaughter.[1] |
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| Confidentiality Guideline |
In order for Livestock Mandatory reports to be published they must meet the 3/70/20 confidentiality guideline which states
that in order for a report (regional or national) to be published, at least 3 companies have to submit data 50% of the time or more over a 60-day period. No one company can account for 70% or more of the cumulative market volume for any report over a 60-day period. In cases where only one company submits data for individual reports, the same company can not be the sole reporting entity more than 20% of the time during a 60-day period. |
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| Cow |
A female bovine that has developed through reproduction or
with age, the relatively prominent hips, large middle, and other physical
characteristics typical of mature females. |
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| CME Settlement Price |
Livestock products are settled to the midpoint of the trades
or the last valid price in the pit (including trades, higher bids, lower
offers, or nominal close based on prior settle if no activity) between
12:59:30-13:00:00 CT. |
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| D |
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| Delivered |
Price of a trade including freight overages. |
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| Discount |
Adjustment, expressed in dollars per hundred weight, subtracted from the base price due to weight, quality characteristics, yield characteristics, livestock class, dark cutting, breed, dressing percentage, or other factors.[1] |
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| F |
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| Fancy |
Used to identify cattle on market reports that typically
sell at a premium, cattle denoted with this comment possess superior
genetics or other known factors that allow for a higher price to be paid. |
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| Fleshy |
Typical fleshy feeder cattle are beginning to show moderate
fat deposits in the cod, flanks, brisket, and around the tail head. The rib
bones and hooks and pins in the pelvic region are barely visible if
distinguishable at all. The animal has a smooth appearance including, the
curvature over the loin. Feeder cattle fleshier than typical may have fat
cover more associated with slaughter cattle and show indications of being on
a silage and/or grain ration. Fleshy cattle often sell at a discount, due to
the expected weight loss upon change of environment. |
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| F.O.B. |
Free on board, regardless of the mode of transportation, at the point of direct shipment by the seller to the buyer (e.g. F.O.B Feedyard).[1] |
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| Formula Marketing Arrangement |
Advance commitment of cattle for slaughter using a method for calculating price. For slaughter cattle the base price is not negotiated but is based on some other price (such as plant average or weighted average price) or value determining mechanism that may or may not be known at the time the deal is struck. The final net price is determined after application of premiums and discounts.[1] |
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| Forward Contract |
An agreement for the purchase of cattle, executed in advance of slaughter, under which the base price is established by reference to prices quoted on the Chicago Mercantile Exchange. In regards to slaughter cattle, premiums and discounts may be applied to the forward contract base price in order to determine the final net price.[1] |
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| Full |
Used to identify cattle on market reports that exhibit
excessive fill (water/hay weight). Cattle have the appearance of
disproportionally large mid-section (belly). Typically full cattle sell at a
discount. |
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| G |
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| Gaunt |
Used to identify cattle on market reports that are emaciated
(expressing the lack of fill). Typically gaunt cattle sell at a premium. |
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| Guaranteed Open |
Comment used to identify heifers that are guaranteed open
(not bred) by the seller. |
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| H |
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| Heifer |
A young female bovine that has not had her first calf. |
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| Heiferette |
A female bovine, 2 ? years old or younger that exhibits cow
characteristics, that has not had her first calf or recently lost her first
calf. |
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| I |
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| Inferior |
Cattle which suffer from disease, parasitism, severe
emaciation, or any condition that must be corrected before they can be
expected to perform normally, are considered unthrifty and graded U.S.
Inferior. Double-muscled cattle are also graded U.S. Inferior because they
do not deposit marbling normally. |
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| L |
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| Lean |
Slaughter cows expected to yield carcasses in the range of
85+% lean. Typically a cow with less than .15 inch of backfat at the 12th
rib. |
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| Load |
Comment used for video auction and direct reporting to
segregate sales that are full semi load lots. |
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| M |
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| Mexican Origin |
Used to identify cattle of Mexican origin on market reports. |
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| N |
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| Negotiated |
Cash or spot market purchase by a producer of livestock to a packer under which the price for the livestock is determined by seller-buyer interaction. The livestock are usually scheduled for delivery to the packer not more than 14 days after the date on which the livestock are committed to a packer. However for slaughter cattle, delivery can be extended up to 30 days.[1] |
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| Negotiated Grid |
Agreement under which the base price for the livestock is determined by buyer-seller interaction. The livestock are usually scheduled for delivery within 14 days. The final net price will be determined after application of premiums and discounts to the net price.[1] |
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| Net Price |
Price paid for livestock after application of any premiums or discounts, expressed in dollars per hundred weight.[1] |
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| P |
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| Packer Owned |
Cattle that a packer owns for at least 14 days immediately before slaughter.[1] |
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| Per Head |
Comment used to denote cattle that were sold a per head
basis, instead of being sold on a per cwt. basis. Per head basis selling
usually occurs when quoting replacement or bred females. |
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| R |
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| Replacement |
Comment used to describe mature cows or heifers that are
being purchased to be placed in a cow/calf operation. |
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| S |
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| Source Verified |
Term used to describe cattle that qualify for a Process
Verified Program (PVP) or Quality System Assessment. |
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| T |
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| Thin Fleshed |
Typical thin feeder cattle are angular in appearance. Their
rib bones and the hooks and pins in the pelvic region are plainly visible.
There is also a definite ridge formed by the dorsal processes in the short
loin region. Various regions of the body such as the round, loin, rib cage,
shoulder, etc. are plainly visible, and the muscular nomenclature is easily
distinguishable. There is no evidence of smoothness associated with fat
deposits. Thin cattle have a loss of flesh to the point that they are
showing signs of muscle loss. These cattle often sell at a premium, because
of compensatory gain (the expected efficient and speedy weight gain
experienced when these cattle are given a proper ration). |
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| V |
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| Vaccinated |
Term used to describe cattle that have received a known
vaccination regiment, usually part of a total pre-conditioning program. |
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| Value Added |
Used to identify cattle on market reports that typically
sell at a premium, cattle denoted with this comment have a combination of
several of following quantifiers: source and aged verified, all-natural,
non-hormone treated, a known vaccination program, being weaned more than 30
days, or superior genetics. |
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| W |
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| Weaned |
Term used to describe feeders that have been weaned for an
extended period of time (typically 30+ days). Feeders that are described as
weaned typically bring a significant premium over those that are not weaned
or that have been weaned for just a short time. |
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| Y |
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| Yearlings |
Yearlings are cattle that are 12 months of age. Market
reporters usually do not know the exact age of the cattle and must rely on
the physical appearance of the animal to determine the age or in the case of
direct cattle the information provided by the contact. The weight division
between calves and yearlings for market reporting purposes is 600 pounds. No
comment is required on yearlings weighing more than 600 pounds, but all
yearlings weighing less than 600 pounds must be identified as yearlings. |
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| Young |
Replacement cows that are 4 years old or less that have had
at least one calf. |
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