At the end of May, something groundbreaking occurred for the livestock industry as Superior Livestock Auction conducted the first online fed cattle sale.
“I would say it was a very successful day,” said Ed Greiman, chairman of the National Cattlemen’s Beef Association’s (NCBA) Cattle Marketing and International Trade Committee. “There were 1,600 head of cattle sold, which is where many sellers thought the market was going to be.”
The bigger news is that a lot of people were watching, so much so that the website hosting the sale went down as a result of too many people logging on.
“This is all about price discovery — showing people that there is a cash market out there and adding to the fundamentals,” Greiman said. “We’re not worried about how much volume is on the sale, it’s really all about moving some cattle.”
The glitches, that can be expected any time something new like this is attempted, will be worked out and Greiman said with each week that goes by, the online sales will go more smoothly.… Continue readingRead More »