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General Terms and Abbreviations

WEIGHTED AVERAGE
A method of averaging price or weight where all variables including head count are included in the calculations in order to give emphasis to where the numbers are. Example: 10 head weigh 1000 pounds, 100 head weight 1200 pounds; the simple average weight is 1100 pounds while the weighted average weight is 1181.8 pounds.

DIRECT
Referring to marketing of livestock through buyer/seller interaction without necessarily relocating those livestock at that time. Direct is commonly referred to as "country sales" as opposed to auction, terminal, plant delivered or buying station type marketing.

FOB
Meaning the purchase price was "at the feed yard" or location of the livestock. The plant or purchaser is responsible for the freight to get the stock to the plant.

DELIVERED
Meaning the purchase price was "delivered to the plant", including the freight. The producer or seller is responsible for the freight.

LIVE
Referring to a purchase of an animal on a live basis and weighed live.

DRESSED
Referring to the purchase of an animal on a dressed basis. After slaughter the carcass is weighted and payment is based on this weight.

BASE
The starting point price for formula and contract type marketing arrangements. This may be negotiated or arrived at in a variety of ways but normally will change after slaughter when adjustments are made.

NET
The final price paid to the producer after any adjustments to the base price.

PREMIUM/DISCOUNT
Adjustments made to the base price of livestock based on carcass characteristics such as weight, grade, yield grade, loin size, age and other value determining factors.

DOMESTIC
Referring to livestock purchased for slaughter located in the United States.

IMPORTED
Referring to livestock purchased for slaughter located the United Sates, currently Canada.

REGION
One or more states comprising an area of the country where livestock covered in a given report are of a comparable type and are normally traded in fairly narrow price range. See the individual reports for a listing of states included in each region.

AVG
Average

WT
Weight

MPR
Mandatory Price Reporting

USDA
United States Department of Agriculture

AMS
Agriculture Marketing Service