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]

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]

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]

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.

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

Comment used to identify heifers that are guaranteed open (not bred) by the seller.

When the volume of supplies is above average for the market being reported.  See related terms supply/offering, moderate, and light for those definitions.

A young female bovine that has not had her first calf.

A female bovine, 2 ½ years old or younger that exhibits cow characteristics, that has not had her first calf or recently lost her first calf.

Market Channel type.

A marketing channel which includes dairy products purchased as an ingredient in the production of food and nonfood products.