Grower and Finish = crecimiento y finalizacin Cattleman's Guide to Feedlot Lingo

AS-1161, January 1999 Dr. Greg Lardy, Beef Specialist, North Dakota State University

This circular is intended to familiarize cow-calf producers with the lingo and jargon which may be used by feedlot managers when discussing custom feeding and feedlots. Portions adapted from: Albin, R.C. and G.B. Thompson. 1996. Cattle Feeding: A Guide to Management. Trafton Printing, Inc. Amarillo, TX.

Acidosis An acute or chronic disease condition in feedlot cattle. Results from over-consumption or too rapid consumption of grain (starch). Acute cases generally result in death. Chronic cases are common, resulting in erratic intakes and/or reduced feed intake, but are probably hidden by pen intakes which tend to make average consumption look normal. It is one of the most costly problems in the feedlot industry. Sub-acute cases are difficult to diagnose, but symptoms include poor performance and poor conversions. ADG Average daily gain. The amount of gain divided by the number of days in the feeding period. As Is Basis Feed is sold `as is,' with no adjustments for moisture content. See also: Dry Matter Basis. Bawling Calves Calves which are taken directly off the cow and weaned at the feedlot, requiring additional labor and a greater degree of health management by the feedlot. Breakeven The sale price ($/cwt) at which the customer or owner of the cattle does not make or lose money. Buller(s) Steers which are ridden by other steers in the pen (as with cows or heifers that are `bulling'). If problems persist, animals are usually removed from the pen to prevent bruising, injury, and reduction in performance of the other cattle. Buller Pen Pen in which bullers are kept. Bunk Call or Bunk Reading Deciding how much feed should be fed and when it should be fed. Bunk Management The philosophy the feedlot manager uses to determine the amount of feed to offer. See also: Slick Bunk Management. Bunk Reader The person at the feedlot who is responsible for deciding the daily amount of feed the cattle are fed. This person is critical to the successful feeding of high concentrate diets. See also Bunk Call, Feed Call, Missing the Call. Byproducts Feed ingredients which are produced during the production of human food products (e.g. corn sweetener, flour, cooking oils, sugar) or industrial products (e.g. ethanol, industrial oils). These byproducts are used as ingredients in some growing and finishing diets. See also: Wet Distillers Grains, Wet Corn Gluten Feed. Calf-Feds Cattle which are placed on feed as calves and finished at less than 16 months of age. Usually on feed for 150 to 200 days. These cattle are usually placed in the feedlot directly following weaning. See also: Yearlings. Carry Cattle Cattle which are held at the packing plant over a holiday or weekend. These cattle may be penned at the plant for 36 to 84 hours before being slaughtered. These cattle are generally offered feed and water if held for more than 36 hours. Charging the Bunk Condition resulting from errors in bunk calls, feed delivery, or inclement weather. Cattle will rush to the bunk when the feed truck comes because they are hungry and overeat, resulting in problems such as acidosis, founder, and other digestive disturbances. Chronic(s) Cattle which fail to respond to treatment. See also: Realizer and Railer. Chute Charges A fee charged by some feedlots each time cattle are worked through the chute. Clean Bunk Management Refers to the bunk management style in which cattle clean up all the feed offered every day. Feed call is increased if cattle have `slicked the bunk.' See also: Charging the Bunk, Bunk Management, and Slicked Up. Close-Outs A detailed description of pen performance, feed intake, death loss, and profit or loss. A close-out is generated each time a pen of cattle is sold. Can be calculated on a `deads-in' or

`deads-out' basis. Company Cattle Cattle which are owned and fed by the feedlot. See also: Customer Cattle. Consulting Nutritionist, Feed Company A nutritionist employed by a feed company who assists the feedlot with professional opinions on rations, supplements, feed additives, and management practices. The feed company provides these services when the feedlot purchases supplements or other feed ingredients from the feed company. See also: Consulting Nutritionist, Private. Consulting Nutritionist, Private A private nutritionist hired by the feedlot to give professional opinions on rations, supplements, feed additives, and management practices. Usually paid on a retainer plus a per head fee. See also: Consulting Nutritionist, Feed Company. Consulting Veterinarian A veterinarian hired by the feedlot to consult on animal health related issues such as vaccines, treatments, etc. Usually paid on a retainer plus a per head fee. Cost of Gain Total of all feedlot-related costs (feed, yardage, processing, medicine, death loss) divided by total gain during the feeding period. Can be calculated on a `deads-in' or `deads-out' basis. Custom Feedyard A feedyard which feeds, manages, and markets cattle for customers. Fees are charged for materials and services. Customer Cattle Cattle which are owned by an investor, rancher, or other client of the feedlot and fed and managed for a fee. See also: Company Cattle. Dark Cutter(s) Carcasses which have muscle tissue which is dark colored rather than the desirable cherry red. Usually the result of depletions in muscle glycogen stores. Can be influenced by implant strategy, cattle handling techniques, weather, and sex of cattle. Days on Feed The number of days the cattle are fed. Deads In/Deads Out Lingo which refers to the methods used to calculate closeouts, cost of gains, and breakevens. These can be calculated with 'deads in' or with `deads out' of the calculations. `Deads in' refers to leaving the dead cattle in the calculations, while `deads out' refers to leaving the dead cattle out of the calculations. Digestive A death resulting from a digestive disorder. Dressing Percent Carcass weight divided by final live weight times 100. Drunk Cattle Cattle which are experiencing acidosis due to over consumption or too rapid consumption of high grain diets. Dry Matter Basis Feed is sold on a `dry' basis following adjustments for variations in moisture content. See also: As Is Basis. Dry Rolling Grain processing method in which grain is rolled without steaming. Dry Supplement Supplement which is generally pelleted and fed in a dry form in a mixed ration. Eared Cattle Cattle with significant Bos indicus (Brahman) breeding. Feed Alley The road used by the feed trucks to deliver feed to the pen. Feed Call The amount of ration which is fed to a particular pen. See also: Missing the Call, Bunk Call. Feed Conversion The amount of feed consumed by an animal per unit of body weight gain. Expressed as pounds of feed per pound of gain. See also: Feed Efficiency. Feed Cost of Gain Total feed costs divided by total pounds of gain. See also: Cost of Gain. Feed Efficiency The amount of feed consumed by an animal per unit of body weight gain. See also: Feed Conversion. Feed Markup The amount that the feed charges are marked up by the feedlot. Charges vary with each lot. Feed markup charges are usually inversely related to the yardage charges. Charges for

feed markup plus yardage are usually similar. Feed markup can be charged as a percentage of the feed bill or as a flat fee per ton of feed. Finisher or Final Finisher The final diet cattle will be on during the feeding period. Usually contains 5-10% roughage, but may be an all-concentrate (no roughage) diet, depending on the feedlot. Flaker A mill which steam flakes grain. Gluten or Gluten Feed See Wet Corn Gluten Feed. Grass Cattle Cattle which were grown on pasture prior to placement in the feedlot. See also: Yearlings. Green Cattle Cattle which are relatively thin with only small amounts of body condition. See also: Soggy Cattle. Grid(s) A method of pricing slaughter cattle which offers premiums and discounts for cattle. Cattle which are leaner and have a higher quality grade receive the premiums. Grids generally have other specifications for carcass weight and dark cutters as well. Grow Yard An operation which grows or backgrounds cattle for a period of time before entering the feedlot for finishing. May be used to wean calves since the operations generally have a higher ratio of employees to cattle and can give sick calves extra attention. Heiferettes Heifers placed on feed following the loss of a calf or open heifers placed on feed following the breeding season. High Moisture Corn Corn which is harvested when moisture levels are 22-28%. Generally, this corn is ground or rolled and stored in pit or bunker silos. It can also be stored whole and processed before feeding. See also: Pit Corn. Hospital Pen Place where sick cattle are treated before being returned to the home pen. See also: Sick Pen. In the Beef Method of sale which refers to selling the cattle on a carcass weight basis rather than live weight. Usually carcass weight times carcass price with no discounts for Choice or Select. See also: Live. Ionophore Antibiotic which enhances feed efficiency in cattle by altering ruminal fermentation. (Rumensin , monensin; Bovatec approved ionophores used in diets for finishing cattle). Inventory Gain/Loss The amount of gain or loss in feed inventory due to storage, milling, and processing feed. Limit Feeding Limiting feed intake in order to achieve a desired rate of gain during the growing period. Used in growing and backgrounding situations to have cattle ready for market at a specific point in time. See also: Programmed Feeding. Liquid Supplement Liquid supplement based on molasses which contains urea or another non-protein nitrogen (NPN) source. Used to provide supplemental protein in a finishing diet. May also contain supplemental phosphorus, salt, ionophores, and other feed additives. Live Method of sale in which the cattle are sold to the packer `live' at the feedlot. The packer is responsible for transporting the animals to the slaughter facility. See also: In the beef. Liver Abscesses Disease condition of the liver in which rumen microflora infect the liver due to breaks in the rumen wall caused by acidosis. In severe cases, liver function is impaired and performance reduced. Long Yearlings Yearlings which have had an extended period of grazing. Usually placed on feed in the fall following a full summer grazing season. Fed for 120 days or less. See also: Short Yearlings or Yearlings. Melengesterol Acetate (MGA) A steroidal feed additive that is used to suppress estrus or cyclic activity in feedlot heifers. Micro Machine Machine which adds micro ingredients such as ionophores, antibiotics and other ingredients to the diet in a water based slurry. Mill Man Employee in charge of the feed mill. Missing the Call , lasalocid; and Cattlyst , laidlomycin propionate are the

Making a mistake in reading the bunk. See also: Bunk Call, Feed Call. NPN Abbreviation for non-protein nitrogen. Urea is a common source of NPN. See also: Liquid Supplement. Overeaters Cattle which eat too much on a high grain diet. Pay Weight Shrunk live weight of an animal at the time of sale. Usually 4%. See also: Pencil Shrink. Pen Deads Cattle which are found dead in the pen. Cause of death is usually unknown. Pen Rider Employee who rides through the pens to look for sick cattle. Pencil Shrink An arithmetic deduction of weight from the live weight of an animal to account for fill, usually 3% for cattle off pasture and 4% for off-feed weights of fed cattle. See also: Pay Weight. Pit Corn High moisture corn which has been ground and stored in a bunker or pit silo. See also: High Moisture Corn. Processing Vaccinating, treating for internal and external parasites, ear tagging, and other procedures such as implanting, dehorning, and castration which are done soon after cattle arrive at the feedlot. Programmed Feeding A feeding routine which is used to achieve a specific rate of gain and limit feed intake. Used in growing and backgrounding situations which want to have cattle ready for market at a specific date. See also: Limit Feeding. Projections Projecting the days on feed, cost of gain, and breakeven for a particular pen of cattle. This is done when the pen is placed in the lot. Generally this is the responsibility of the manager or assistant manager. Pulls Cattle which have been pulled from their home pen for treatment. See also: Pulling Cattle. Pulling Cattle Removing cattle from the pen for treatment. See also: Pulls. Put-Together Cattle Cattle which have been assembled by an order buyer from small lots. Quality Grade A grade placed on each carcass by the USDA inspector at the packing plant. Quality grade is based on the degree of marbling and degree of maturity. Color, texture, and firmness of lean are also used in the final quality grade determination. Rail-Out A carcass which has been placed on a special rail in the packing plant so that the USDA inspector can make a more detailed inspection of the carcass. Railer(s) Cattle which fail to respond to treat-ment. See also: Chronic or Realizer. Realizer(s) Cattle which fail to respond to treat-ment. See also: Chronic or Railer. Receiving Getting new cattle into the feedlot. Reimplanting Giving cattle their second implant (usually done only with calf-feds or long-fed yearlings). Respiratory A death resulting from pneumonia or related respiratory disease. Short Yearlings Cattle placed on feed after being weaned. Usually placed on feed during months of March through July. Fed for 120-160 days. See also: Yearlings or Long Yearlings. Show List The pens of cattle which the manager is offering for sale to packer buyers during a particular week. Shrink See Pencil Shrink or Inventory Gain/Loss. Sick Pen

Pen where sick animals and animals recovering from treatment are kept. See also: Hospital Pen. Slicked Up Refers to the fact the cattle have cleaned up their feed or `slicked the bunk.' Cattle have `slicked the bunk' with saliva. Bunks which are `slick and wet' have just been slicked. Bunks which are `slick and dry' have been slicked for some time. See also: Bunk Management or Clean Bunk Management. Soggy Cattle Cattle from a backgrounding or growing operation which are fleshy or overly conditioned. See also: Green Cattle. Steam Flaker Grain processing method in which grain is subjected to steaming before rolling or flaking. Step-Ups The rations used to acclimate cattle to high grain diets. Length of time that cattle are fed these diets varies. Generally the amount of concentrate is increased gradually. The first week in the feedlot the cattle may be fed a 45% roughage diet, the second week a 35% roughage diet, etc. until the cattle are on the final finisher. Storm Diet A diet fed during periods of stormy weather to help keep cattle on feed. Usually contains more roughage. Surfactant An additive used to aid in grain processing. Trenbolone Acetate (TBA) Active ingredient in some implants approved for use in feedlot cattle. Warmed Up Cattle Cattle which have been grown in a backgrounding yard prior to being placed on feed. Wet Corn See High Moisture Corn or Pit Corn. Wet Corn Gluten Feed A byproduct of the wet corn milling industry which is made by blending corn bran and corn steep liquor. A common ingredient in finishing rations in Iowa, eastern Nebraska, southeast South Dakota, and southern Minnesota. See also: Byproducts. Wet Distillers Grains A byproduct of the dry milling (ethanol) industry. Commonly used as an ingredient in feedlots in close proximity to dry milling plants. Can be produced from a variety of grains (corn, milo, barley, wheat). See also: Byproducts. Yardage Charges incurred each day that the cattle are in the feedlot. These charges vary depending on the lot. Usually on a cents per head per day basis. Yearlings Cattle which are placed on feed at greater than one year of age. Generally fed for 80 to 150 days. See also: Calf Feds, Short Yearlings, or Long Yearlings. Yield Grade A numerical grade placed on each carcass by the USDA inspector at the packing plant which estimates differences in the yield of boneless, closely trimmed retail cuts from the round, rib, loin, and chuck. Factors determining yield grade include: fat thickness at the 12th rib, ribeye area, hot carcass weight, and the amount of kidney, pelvic, and heart fat. Lower yield grades (1.0) indicate leaner carcasses, while higher yield grades (5.0) indicate fatter carcasses.

AS-1161, January 1999

County Commissions, North Dakota State University and U.S. Department of Agriculture cooperating. North Dakota State University does not discriminate on the basis of age, color, disability, gender expression/identity, genetic information, marital status, national origin, public assistance status, sex, sexual orientation, status as a U.S. veteran, race or religion. Direct inquiries to the Vice President for Equity, Diversity and Global Outreach, 205 Old Main, (701) 231-7708. This publication will be made available in alternative formats for people with disabilities upon request, 701 231-7881.

Information for Prospective Students

Deads-out = incluye el peso de los animales muertos al momento de la muerte Deads-in= el peso de salida del lote de engorda usado para los animales muertos es cero

Glossary
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A B C D E F G H I J K L M N O P Q R S T U V W XYZ

Abattoir: A plant or factory where cattle are slaughtered for food (also known as a processing plant, slaughterhouse, or meatworks).

A/kg FAS: Australian cents per kilogram free alongside ship.

Agent: Sells and buys cattle on behalf of clients. (See also 'livestock agent' and 'stock and station agent').

Arbitrage: Simultaneous purchase and sale of two different contracts (or a combination of cash and futures) to take advantage of perceived mispricing. In a pure arbitrage, mispricing is locked in and a risk-free profit made through trades.

Ask: See Offer.

AuctionsPlus: An internet based livestock auction system (see www.auctionsplus.com.au).

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Backgrounder: A cattle producer who produces young cattle ready for lot feeding.

Backgrounding: Growing program for feeder cattle from the time calves are weaned until they enter a feedlot to be finished on a high protein ration. (See 'weaner' and 'feedlot').

Basis: The difference between the price on the physical market and the futures price.

Basis risk: The risk that basis moves in an unexpected manner.

Bear market: A market in which prices are in a declining trend.

Blue tag: A tail tag on a cow at a physical market (store or prime) that is in calf less than four months. Bid: An indication to buy at a given price. A bid on the futures market is the price at which participants can sell futures contracts.

Bobby calf: A calf that has been removed from its mother. (In the case of a dairy cow, this generally happens when the calf is only a few days old so it doesnt deplete the cows milk supply).

Boning room: Area of an abattoir where the carcase is cut into smaller portions.

Bos indicus: The breeds of cattle that are referred to as tropical or humped breeds, eg Brahman, Sahiwal and other Zebu breeds.

Bos taurus: The temperate, British or European breeds of cattle, eg Angus, Poll Hereford, Charolais and Limousin.

Bovine: Animals of the ox family, commonly referred to as cattle.

BSE: Bovine spongiform encephalopathy (also known as 'mad cow disease'). This is a slow progressing degenerative and fatal disease affecting the central nervous system of adult cattle.

Boxed beef: Cuts of beef put into boxes, for shipping from processor, to wholesalers or retailers. The primals (round, loins, ribs and chuck) and sub-primals are between the carcase cuts and retail cuts.

Bruising: Caused by live animal handling issues and negatively impacts on the value of the carcase.

Bull: A male bovine with sexual organs intact and that is capable of reproduction. A mature male animal used for breeding.

Bull market: A market in which prices are in an upward trend.

Buyer: Purchases stock at physical markets (prime and store). Buyers fall into two groups: commission (works for many different clients) or salary (works for one company only), eg processor, feedlot, restocker and backgrounder.

By-product: Product of considerably less value than the meat of the carcase, eg hide and offal.

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/kg: Cents per kilogram. Units which cattle are sold in at a physical prime market.

C&F: Cost and freight refers to the quoted price for the goods, including freight to the delivery point, but not insurance. Also written as CandF.

Calf: A bovine no permanent incisor teeth, can be a male or a female with no secondary sex characteristics.

CALM: Computer Aided Livestock Marketing (the previous name for AuctionsPlus).

Carcase: The body of an animal after being dressed (removal of head, feet, hide and internal organs)(See 'dressed').

Carcase price: Expression of the meat value of sheep and lambs after internal organs, head, feet and skin are removed. Carcase weight prices are calculated by the following formula:($/head value skin value)/carcase weight

Cash market: The market where cattle/sheep/lambs are physically bought and sold. (See also 'AuctionsPlus', 'saleyard', 'direct sale' and 'physical market').

Cash settlement: In relation to the futures market, where settlement involves payment or receipt of the difference between the settlement price and the agreed future price.

Carcase weight: The weight of an animal's carcase. Generally refers to price quotes (eg: /kg cwt cents per kilogram carcase weight) where the price for the animal is quoted per kilogram for the animal is quoted per kilogram for the animal's carcase. (See also 'liveweight' and 'dressing percentage').

Carcase weight equivalent: A term used to demonstrate an estimate of the carcase weight has been made. Generally used when estimating carcase weight from 'shipped weight'.

Certified grainfed: Cattle sold with a statutory declaration to verify 70 days minimum at a registered feedlot.

CIF: Cost, Insurance, Freight the quoted price for the goods including freight and insurance costs delivered to final destination.

CL: Chemical lean.

Compensatory growth: Rapid growth that occurs on high grain feed, after an animal has experienced weight loss due to a period of under-nourishment.

Competition: Level of activity between buyers to secure supply at a physical market (prime and store). (See 'buyer' and 'competition').

Composite: A stabilised or synthetic crossbred breed established from the mating of progeny of two or more existing breeds, eg Belmont Red and Droughtmaster.

Conditioning: See 'backgrounding'.

Contract month: The month in which cash settlement or delivery is to be made in accordance with a futures contract

Co-product: Another description for by-products including hide and offal.

Cow:

A mature female used for breeding with eight permanent incisor teeth.

Close: The last traded price for the day, usually in respect of the futures market.

Close out: To undertake a trade to offset an original futures trade eg a trade opened through buying futures contracts would be closed out by selling the same quantity of futures contracts (and vice versa)

Crossbred: Animal produced by crossing two breeds.

Crossbreeding: Mating animals from different breeds to utilise hybrid vigour (heterosis), breed complimentary and characteristics.

Custom feeding service: A service provided by feedlots to producers. Producers can pay to have their cattle finished on grain before they are sold.

cwe: See 'Carcase weight equivalent'.

cwt: See 'Carcase weight'.

cwt price: Carcase weight price the price of a live animal expressed in carcase weight (see 'carcase weight') or the price of animals carcase (per kilogram). (See 'liveweight price').

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Dam: Mother of a particular calf. (See 'cow').

Damara: South African fat-tailed meat breed of sheep.

Dark cutter(s): Carcases which have muscle tissue that is dark coloured rather than the desirable cherry red. Usually the result of the depletions in muscle glycogen stores. Can be influenced by implant strategy, handling techniques, weather and sex of the animal.

Day order: An order in the futures market that automatically expires if it is not executed on the day it is entered. All orders are assumed to be day orders unless otherwise specified.

Deliverable (physical) settlement: Where settlement involves delivery and receipt of the underlying commodity.

Demand: Level of interest by buyers to purchase supply at physical market (prime and store). (See 'competition' and 'buyer').

Dentition: Number of permanent incisor teeth an animal has; relates to age.

Direct sale: The sale of cattle on-farm, direct to a lotfeeder, processor, backgrounder or restocker, where there has been no intermediary party or process.

$/head: Dollars per head of livestock. Units by which cattle are sold at store sale.

Domestic market: Also called the trade market. Cattle are consumed in the country they are produced in. Generally this will be young and lighter cattle compared to the export market. (See 'trade market').

Drafts: Term applied to a group of lambs marketed by a producer.

Draw: The number of cattle rostered for sale at a physical market (auction). Usually made available the day before the sale is conducted.

Dressed: The removal of an animals head, feet, hide and internal organs during processing. The carcase is now ready for further processing, which will be dependant on its market destination.

dcw: Dressed carcase weight, also called carcase weight.

dwt: Dressed weight.

Dressed weight price: Also called carcase weight price.

Dressing percentage: The percentage of an animals liveweight that is its carcase weight. Used to estimate a live animals carcase weight from its liveweight: carcase weight / final liveweight x 100.

Dry season: The low rainfall season across northern Australia running from May to September. In southern Australia, this is from December to March. (See also 'wet season').

Drought: Below average rainfall for an extended period of time.

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Expiry Date: Settlement date (in respect to the futures market).

Export market: A market that a country directs product to. For example, in Australia this might be Japan, the US or European Union (EU).

EU: The European Union an international organisation of European nations formed after World War Two to reduce trade barriers and increase co-operation among its members.

Ewe: A female sheep with more than two permanent teeth.

Exporter: An accredited export abattoir or boning room which slaughters and or prepares stock for export markets.

EYCI: Eastern Young Cattle Indicator (EYCI), which is used as a general cattle market benchmark.

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FAS: Free alongside ship refers to export price quotes where the seller is obliged to pay warehouse services, packing, inland freight and port charges, but not placement of goods onto the ship. The buyer is obliged to pay overseas freight, charges in foreign port, customs duties, quarantine and delivery to final destination. (See also 'FOB').

Fat: A slang term previously used to describe animals suitable for slaughter. This term has been removed from terminology due to the perception by consumers as 'unhealthy'.

Fat score: The measure of fat cover across an animals ribs and rump. Ranging from 1 (very lean) to 6 (very fat).

Feeders: Lambs that are bought by graziers to be fed with grain and/or some other type of supplementary feeding.

Feeder steer: A steer purchased by a lotfeeder to be placed in a feedlot. Cattle specifications (entry weight, muscle and fat score, breed, age etc) are dependant on the market the animal is destined for.

Feedlot: Where cattle are fed a high protein grain based diet to reach exact market specifications.

Finished: Once cattle reach market specifications and are ready for processing, they are described as 'finished'. Cattle can be either grass or grainfed.

First-cross: Type of lamb developed by mating a British bred ram (ie Border Leicester) with a Merino ewe.

FMD: Foot and mouth disease a highly contagious disease that does not affect humans. FMD causes severe blistering in the mouth and inflammation of the hoof of the infected animal.

FOB: Free on board the quoted price for the goods delivered to the ship for shipment. (See also 'FAS').

Fresh: Term used to describe the appearance of young, clean and sappy lambs.

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Good till cancelled (GTC) order: An order that is held by the broker on behalf of the client until it is filled or cancelled. (See also Open Order).

Grade score: The combination of fat and muscle scores used in assessing the quality of an animal. Gives an indication of the quality of the carcase. (See also 'muscle score' and 'fat score').

Grainfed: An animal which has been fed on grain in a feedlot. Also used to describe the carcase when it is being sold. Cattle sold under this description in NLRS market reports must be tendered with a statutory declaration confirming that they are from a registered feedlot.

Grassfed: An animal which has been fed on pasture (grass). Also used to describe the carcase when it is being sold.

Grazier: A farmer which raises livestock such as sheep or cattle. Also known as a producer or pastoralist.

Grown heifer: A female showing no more than seven permanent incisor teeth. Can be up to 42 months. Usually having not produced a calf. (See also 'heifer').

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Heavy mutton: Sheep weighing over 24kg cwt.

Heavy export: Lambs weighing over 26kg.

Heavy trade: Lambs weighing between 2022kg cwt, also known as a supermarket lamb.

Heifer: A female bovine that has not produced a calf and is under 42 months of age. (See also 'grown heifer').

Herd: A group of cattle or goats.

Hide: The skin of the animal. A by-product on the animal post slaughter.

High: The top price at which a contract was traded during the trading period.

HGP: Hormone growth promotant, which is used to stimulate growth and improve feed conversion in cattle above what they would normally be able to do.

Hogget: Castrated male and female sheep with no 'ram like' characteristics and up to two permanent teeth.

HSCW: Hot standard carcase weight used to describe the weight of an animal, particularly when the animal is sold over the hooks. (See 'carcase weight' and 'over the hooks').

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Indicator: Gives a snapshot of the market to indicate which way it is moving. In the cattle market there is an indicator for trade cattle, feeder cattle, export cattle, as well as cows.

Intermuscular fat: Fat located between muscle fat; sometimes called seam fat.

Initial margin: A small percentage of the trade value to be paid to the broker upon the purchase or sale of futures contracts. This will be the minimum balance of your trading account.

Intramuscular fat: Fat within a muscle; more commonly know as marbling. (See 'marbling').

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Japan ox: A grown steer, weighing in excess of 500kg lwt or weighing 320 to 400kg cwt. Such animals are predominantly destined for the Japanese market.

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Killing floor: Area of an abattoir where the live animal is slaughtered.

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Lambs: Male and female lambs with no 'ram like' characteristics. Generally weaned, shorn with no permanent teeth and normally older than five months of age.

Last trading day: The final day during which trading may take place in a specified contract month.

Light mutton: Sheep weighing 018kg cwt.

Light rams: Rams weighing 026kgcwt.

Light lambs: Lambs weighing between 2224kg cwt.

Light export: Lambs weighing between 2224kg cwt.

Light trade: Lambs weighing between 1618kg cwt.

Limit order: An order to buy or sell futures that can be executed only at a specified price or better.

Live export: Stock that are bought for the purpose of a live export shipment.

Live exporter: A buyer who is looking to source stock bound for a live boat order.

Livestock: Live animals includes cattle, sheep, goats.

Livestock agent: A livestock broker. (See also 'agent' and 'stock and station agent').

lwt: Liveweight the weight of a live animal. Generally refers to price quotes (eg /kg lwt) where the price for the animal is quoted per kilogram for the live animal.

Liveweight price: The price of a live animal (per kilogram). (See 'carcase weight price' and 'liveweight').

LMO: Livestock market officer.

Longfed: An animal that is grainfed, in a feedlot, for an extended period of time. Usually refers to cattle that are fed for over 200 days (up to 550 days) for the top Japanese markets. (See 'shortfed' and 'medium fed').

Lotfed: An animal that is fed in a feedlot.

Lotfeeding: The process of feeding cattle/sheep/lambs on grain in a feedlot. (See also 'feedlot', 'lotfed' and 'grainfed').

Low: The lowest price at which a contract was traded during the trading period.

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Marbling: Refers to the intramuscular fat content of beef. Usually evaluated in the rib eye between the twelfth and thirteenth ribs. Strong marbling is highly valued by Japanese consumers. Refers to the intramuscular fat content of beef. Usually evaluated in the rib eye between the twelfth and thirteenth ribs. Strong marbling is highly valued by Japanese consumers. Refers to the intramuscular fat content of beef. Usually evaluated in the rib eye between the twelfth and thirteenth ribs. Strong marbling is highly valued by Japanese consumers.

Market order: An order to buy or sell futures to be executed immediately at the current market price.

Marking-to-Market: The practice of crediting or debiting a trading account based on the daily closing prices of the futures contracts that the account is long or short. (Also often used by companies to account for market movements in price of physical commodities).

MSA: Meat Standards Australia a meat grading system designed in Australia. Used to describe the guaranteed eating quality of Australian beef.

Meatworks: See 'abattoir'.

Medium mutton: Sheep weighing between 18 24kg cwt.

Medium trade: Lambs weighing between 18 20kg cwt.

Medium steer: An indicator steer weighing between 400500kg lwt or 260300kg cwt. Such animals are predominantly destined for the Japanese and Korean markets. (See 'indicator').

Medium fed: An animal that has been fed, in a feedlot, on grain for a period of time. Usually refers to cattle that are fed for 150 to 200 days, generally for the Japanese or Korean market.

MLA: Meat & Livestock Australia.

Muscle score: Used to describe the muscularity of cattle. Measured in a 15 point scale, however for reporting purposes, NLRS use the five distinct categories (see below).

Muscle score description A: Very heavy B: Heavy C: Medium D: Moderate E: Light

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New season lambs: Another term for young lambs.

NLIS: National Livestock Identification System.

NLRS: National Livestock Reporting Service.

NSM: Non-station mated refers to when a cow or heifer has not been intentionally exposed to a bull. Mainly used in store market reports.

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OTH: Over the hooks refers to the marketing of cattle/sheep/lambs directly from the farm to an abattoir where a producer is paid for the value of the carcase based on a sliding grid. The skin is also evaluated for length and quality and is purchased by the processor. The seller generally pays for the animal's transport from the farm to the abattoir. The grazier generally gets paid within a 7 day to 14 period.

Operating: Another name for actively participating in the buying of stock in a saleyard.

Over-The-Counter (OTC): A product tailored to meet the individual users requirements.

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P8 site: An abbreviation for 'Position 8' for fat assessment on cattle. The P8 site is on the rump, forward of the tail head above the short ribs.

Pastoralist: A cattle or sheep farmer in northern and western regions of Australia. (See also 'grazier' or 'producer').

Pasture fed: Cattle that have grazed on pastures or crops rather than grains.

Physical market: Refers to the cash market where cattle are bought and sold. (See also 'saleyard' and 'direct sale').

PTIC: Pregnancy Tested in Calf used to describe cows at a store or prime market.

PTNIC: Pregnancy tested not in calf.

Primal: Major component of carcase. For beef these include ribs, butts, chuck and rumps, and loins.

Prime: Stock that are said to be well finished enough to be ready for slaughter, ie stock that have adequate fat cover and general body shape and composition.

Prime sale: A regular (often weekly) physical market auction. (See also 'saleyard' and 'physical market').

Processor: An abattoir operator.

Processing: The process of taking a live animal, slaughtering it and then breaking down into saleable beef/sheepmeat.

Producer: A sheep or cattle farmer. (See 'grazier' or 'pastoralist').

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Quality: A descriptive word used for cattle referring to its condition, eg poor, plain, good. Is generally used in market reports when describing fat cover, muscularity etc.

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Ram: Ram and castrated male sheep with 'ram like' characteristics.

Red tag: A tail tag on a cow at physical market (store or prime) that is in calf more than four months.

Restocker: A producer or agent who purchases cattle/sheep/lambs and returns them to the farm.

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Saleyard: A physical auction market where buyers and sellers trade cattle/sheep/lambs. Physical and store markets are conducted at a saleyard.

Saleyard auction: See 'saleyard'.

Second-cross (2X): The breed developed by mating a meat breed ram with a first-cross ewe.

Selling centres: Saleyards.

Shortfed: An animal that has been fed on grain, in a feedlot, for a short period of time. Usually refers to cattle that are fed for 70150 days generally for the domestic market.

Sire: Father of a particular calf (see 'bull').

Slaughter: Usually anything purchased by a supermarket operator, exporter or wholesaler (any sheep sold to slaughter is sold to the trade, regardless of whether they trade weights or not).

Slaughter floor: (See 'killing floor').

Sold to the trade: Stock that is sold to domestic and export processors.

Steer: A castrated male bovine showing no secondary sex characteristics.

Stock and station agent: (See 'livestock agent').

Stocking density: Refers to the number of cattle/sheep/lambs a farm or feedlot can or will run per area of land (eg DSE, cattle per hectare or per square kilometre).

Store condition: Lambs that are dry and lacking finish.

Store type drafts: Lambs of store description.

Store sheep: A physical auction where normally store sheep and lambs are bought and sold. Most of the stock offered are for breeding or future finishing.

Store sale: A physical auction where normally cattle/sheep/lambs are bought and sold. Most of the stock offered are for breeding or future finishing.

Supermarket: Large domestic processors buying stock for domestic supermarkets like Coles and Woolworths.

Supplementary fed: Cattle that have been mainly grazed on pasture, but also have access to a feed bin containing grain or hay or both.

Supply: Number of cattle/sheep/lambs penned at a physical market.

Supply and demand: Used to describe the majority of market forces that impact on prices within in a physical market.

Supply area: The region within which the yarding has been drawn from. (See 'yarding').

sw: Shipped weight refers to the weight of a shipment of beef.

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Trade buyers: Buyers representing local butchers, wholesalers and other domestic processors.

Trade market: (See 'domestic market').

Trade steer: A yearling steer weighing between 300400kg lwt or between 170230kg cwt. It is used as the indicator grade for cattle destined for the domestic market.

Temperate breed: Used to classify cattle that originate from the temperate regions. (See 'Bos Taurus').

Tropical breed: Used to classify cattle that originate from the tropical regions. (See 'Bos Indicus').

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Unfinished: Lambs that are lacking fat cover and have an appearance which suggest they could use some more feeding.

Unjoined: Heifers and cows that have not been exposed to a bull in the past nine months.

USC: United States cents.

USD: United States dollars.

Useful: Slang term often used to describe a well presented and finished draft of particular grades of stock.

US cow: An indicator cow grade, weighing between 400520kg lwt or between 200240kg cwt. Such animals are predominantly cull animals (cows no longer required for breeding or milking). Their meat is generally used to as manufactured beef, which primarily includes hamburger patties, in the US and also Australia.

US/lb CIF: United States cents per pound Cost, Insurance and Freight.

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Vealer: Female or castrated male with no evidence of eruption of permanent incisor teeth. Not weaned for more than seven days. (See 'weaner').

Volume: The number of futures contracts traded (one side of each trade, only either buys or sells) during the trading period.

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Weaner: A young animal that has been weaned from its mothers milk to live completely on pasture. (See 'vealer').

Weaning: Separating calves from their dams so that the offspring can no longer suckle.

Well conditioned: When a lamb or sheep has an adequate fat covering on the ribs and hips.

Well finished: Similar to well conditioned but more often used with cattle.

Wether: Castrated male sheep with no 'ram like' characteristics and with more than two permanent teeth.

Wet season: The high rainfall season. In northern Australia this runs from October to April, while in southern Australia it runs from April to November. (See also 'dry season').

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Yarding: Number of cattle offered for sale at a saleyard auction.

Yardings: Refers to the number of sheep and lambs penned at an auction sale.

Yearling: Young animal, fully weaned without permanent incisor teeth. Animal does not show any secondary sex characteristics. Approximately 12 to 18 months of age.

Young cattle: The vealer and yearling component of cattle. Includes both steers and heifers.

Young lamb: Male and female lambs with no 'ram like' characteristics. Generally suckers, unshorn