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.

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.

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]

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]

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.

Gaunt

Used to identify cattle on market reports that are emaciated (expressing the lack of fill).  Typically gaunt cattle sell at a premium.