Fed Cattle Exchange Announces the Debut of Its Newly Redesigned On-Line Auction PlatformFri, 02 Jun 2017 10:36:40 CDT
The Fed Cattle Exchange is pleased to announce the release of its redesigned website, which will feature a reduced PO fee of $1 per head and a rollback function to help quickly establish trade. The rollback function was developed to aid in creating more competitive bidding and robust data points for the industry to view during trading sessions.
The first three lots will be the only lots implementing the rollback and all listings from now on will benefit from the reduced PO fee of $1 per head. The “Rollback” will work as follows:
- Cattle will be placed with a base price similar to current FCE format
- If the cattle do not receive a bid for 10 seconds, the price will decrease by $1 every 10seconds until a maximum of $3 has been reduced on the base price.
- If the price reduces by a total of $3 and an additional 15 seconds has passed without a bidarriving, the cattle will not be sold and the next lot will be offered.
- If a bid arrives at any time during the rollback process, the floor will be set and the pricemay increase until no more bids arrive.
- All sellers have the right to PO the sale of their listing, by clicking the “PO” button in thegrid.
The Fed Cattle Exchange was created to not only increase price discovery and frequency of trade in fed cattle, but to also assist cattle feeders in achieving greater exposure to buyers. Most of our consigners benefit from having multiple buyers bid on their cattle on a weekly basis.
This can especially be a benefit to producers who feed in areas where the number of field buyers has decreased in recent years. Some of the areas with the best cattle often have fewer buyers present. This is an issue we would like to help you with.
Click or tap the PLAYBOX below to watch a video clip featuring a demo of the new FedCattleExchange.com
Source - Fed Cattle Exchange
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