The following was released July 31, 2019:
5150 Productions an Affiliate of Arcadia Asset Management to Purchase Fed Cattle Exchange
The announcement has been made today that an agreement has been reached for the transition of the Fed Cattle Exchange, the online live cattle trading platform formerly owned by Superior Livestock Auction. With the sale of this platform the goal of the Fed Cattle Exchange remains the same, to provide the industry with more transactions to consider when determining the average cash price of market-ready fed cattle. By increasing transparency in the cash cattle market the industry hopes to reduce volatility in futures contracts. The need for assistance in fed cattle price discovery is very evident. Competitive bidding is the most effective means of determining market value and more open negotiated trading of fed cattle is beneficial to the entire beef industry; Fed Cattle Exchange brings both of these components to the marketplace and the team behind this effort remains dedicated to that cause.
Jordan Levi, Manger of 5150 Productions and Managing Member of Arcadia Asset Managment, said "We are excited to take on the responsibility of facilitaiting the Fed Cattle Exchange. We are eager to launch an updated business strategy to help increase broad industry participation. We are thankful for all that Superior Livestock has done with their investment in the Fed Cattle Exchange and look forward to transition".
Danny Jones, President of Superior Livestock Auction, commented that “The Fed Cattle Exchange was established to bring increased price discovery and transparency to live cattle trade. Our goal for the platform is, and always has been, that it would benefit the industry. We believe that 5150 Productions is uniquely positioned to make the most of the potential of the platform, so we look forward to seeing it taken to the next level”.
5150 Productions is expected to complete the purchase and take over operations on August 1.