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]

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]

Price paid for livestock after application of any premiums or discounts, expressed in dollars per hundred weight.[1]

Prices that reflect buyers’ and sellers’ opinions of current values (e.g., bids, offers, grade, and regional differentials, etc.) when there is limited trading of a commodity.  Ordinarily, published prices are based on three or more separate, actual spot transactions.  However, because of the practical uses made of pricing information by buyers and sellers, nominal prices are used to indicate where spot trades would occur.  If a reporter is unable to gather enough information for nominal prices, then prices are reported as too few to report (TFEWR).

See USDA standards.

Organic is a labeling term that indicates that the food or other agricultural product has been produced through USDA approved methods that integrate cultural, biological, and mechanical practices that foster cycling of resources, promote ecological balance, and conserve biodiversity.  Synthetic fertilizers, sewage sludge, irradiation, and genetic engineering may not be used.  To be labeled as “Organic,” food must be certified to USDA standards.

Livestock that a packer owns for at least 14 days immediately before slaughter.[1]

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.

With regards to hay reporting, Per Point means that the price of hay is sold based on the protein level.  Instead of being sold per ton, for example, it is sold per protein point. This unit of measurement is most commonly used by dairies and exporters.

The direction in which prices are moving in relation to trading in the previous reporting period(s).  There are five types:

HIGHER – The majority of sales are at prices measurably higher than the previous trading session.

FIRM – Prices are tending higher, but not measurably so.

STEADY – Prices are unchanged from the previous trading session.

WEAK – Prices are tending lower, but not measurably so.

LOWER – Prices for most sales are measurably lower than the previous trading session.