How it works (The Exchange) is a fee based internet platform that is licensed to an approved user.  

Approved users are referred to as Licensees. A seller or buyer of market ready fat/fed cattle may obtain a license to use the platform.

The platform allows buyers to procure market ready fat/fed cattle from commercial feedyards using an automated electronic method that matches buyers with sellers.  The Exchange allows buyers to view cattle offered by sellers and allows sellers to list cattle for sale.

The Exchange does not warrant the accuracy of listings posted by sellers.  It is the responsibility of buyers to ascertain the accuracy of such information.


Who we are is an internet based technology platform owned by 5150 Productions. 

Fed Cattle Exchange is not registered with the Grain Inspection, Packers and Stockyards Administration and is not acting as a dealer or as an agency that is selling on commission.  Fed Cattle Exchange is not bonded for the protection of the seller or buyer of cattle on the Exchange.  Fed Cattle Exchange does not collect money from buyers on behalf of sellers and makes no representation or warranty about the financial soundness or prospects of payment from the buyer.


How does a Feedyard use The Exchange?


Feedyards wanting to offer cattle for sale may sign up for a License with at no cost to the feedyard

Once the feedyard is approved as a user, cattle can be listed on the site at any time.  The feedyard can choose the sale date for the cattle on any available dates offered by The Exchange.  The offering feedyard must have the show list entered each week by no later than Thursday at 5:00 PM CT in order to have their cattle included in the show list published to buyers on Thursday evening.  Cattle listed after 5:00 PM CT but before Friday at 5:00 PM CT will be included in the show list provided to buyers Friday evening.  Other cattle listed before Monday at 12:00 noon CT will be included in the final show list provided to buyers Monday afternoon.

A fee for the use of the Exchange platform of $1.00 per head will be charged to the listing feedyard by 10:00 a.m. CT following the listing deadline in the form of an ACH transaction initiated by the Exchange.  The Exchange reserves the right to cancel the sale of listed cattle if the license fee is not received by the published deadline.


How does a Buyer use The Exchange?


Potential buyers wishing to procure cattle on a sale day must first contact us to register for a user account with The Exchange.  The Exchange will provide a User Agreement and a Privacy Policy to registrants.

The Exchange will also require an incumbency certificate from the buyer that will provide evidence of authority to buy.  User agreements will be active through December 31, 2017 but will automatically renew for a two year period unless terminated in writing.  The Exchange or the User may terminate the agreement at any time with written notice.

Show lists will be published for the buyers Thursday evening after the 5:00 PM CT deadline for the earliest show list, Friday evening after the 5:00 PM CT deadline for the second show list, and Monday afternoon after the 12:00 noon CT deadline for the final show list.  Buyers wanting to visually inspect cattle or ask questions about a listing may contact the listing feedyard at any time before the scheduled sale to obtain additional information.

The Exchange will generate a seller and buyer trade confirmation at the conclusion of each sale that will be automatically sent to each listing feedyard and each buyer via email.  If there are any discrepancies on the seller or buyer trade confirmations, the listing feedyard and the buyer must be in contact with each other as soon as possible after the conclusion of the sale.  Both sellers and buyers must reply by email to The Exchange by the end of the business on sale day with an acceptance of the confirmations.


How will Cattle be offered for Sale?


Cattle will be offered for a sale on a lot by lot basis.  Lots within one feedyard with common ownership may be grouped for sale at the discretion of the owner and listing feedyard.

Each individual pen of cattle will be offered in an order determined Monday evening when the final show lists is published.  The order will be determined by an automated and computerized lottery system. Bidding will commence with an Exchange generated opening price or with a price set by the sellers prior to the sale.  Sellers can modify their opening price via the exchange up until the lot goes up for sale.  Bidders may increase a bid in increments of 25 cents by clicking a bid now button, or they may enter a proxy bid where The Exchange software will automatically increment their bids by 25 cents until either they are the winning bidder or the current asking price exceeds their proxy bid.  If a user's proxy bid is exceeded by another user, he/she may either enter a higher proxy bid, or use the bid now button to bid 25 cents higher than the current highest bidder.

The first round in each sale will be a practice round to allow buyers to test that their bid buttons are working.  Buyers are encouraged to make practice bids during this practice round.  After the practice round, lots will be offered one after the other in 30 second timed electronic sales.  The sale will end when the countdown timer reaches zero.  Any bids received within the last 15 seconds of the sale will automatically restore the countdown timer to approximately 15 seconds.  There will be approximately 20 seconds between each sale before the next sale’s countdown timer begins.

Feedyards, on behalf of the lot's owner, can reject a sale by clicking on the lot just sold and selecting to reject that sale by hitting the PO Lot button.  However, they must do so before the sale of the next lot has concluded.  If the feedyard rejects the sale, the feedyard will be responsible for paying the winning bidder of that lot a $1.00 per head fee.  The Exchange will communicate to the bidder who had won the lot that was rejected on the buyer’s confirmation email.  The high bidder is responsible for collecting the rejected bid fee from the listing feedyard. 


Important Dates and Times of Weekly Sales


Second Listing Deadline

Final Listing Deadline

Sale Time

5:00 pm CT Friday

12:00 noon CT Monday

10:00 am CT Wednesday


The Exchange will publish the show lists to potential buyers Thursday evening, Friday evening, and Monday evening.

The feedyard manager will be contacted by the potential buyers by traditional means with questions about cattle listed on The Exchange.  Since The Exchange does not warranty the accuracy of any listing, feedyard managers may need to provide additional information to potential buyers. The Exchange will publish the show lists to potential buyers by after each listing deadline.

The final show list will be published on Monday evening in the order of sale for the upcoming Wednesday sale.  Based on the speed of the sale, sellers should be attentive to the progress of the sale.  On the day of the sale, feedyard managers must be logged into The Exchange site to represent their customers during The Exchange sale so that buyers will know immediately if a bid to buy cattle has been accepted or rejected by the seller.  The Exchange will provide technology that allows the feedyard manager to reject the sale of lot so long as the rejection occurs before the next sale of a lot has concluded.


What is The Exchange Schedule?


The Exchange will be held each week on Wednesday beginning at 10:00 am CT. 

All lots will be listed for sale in a multi-regional sale starting at 10:00 am CT.


When the number of lots is sufficient as decided by The Exchange, cattle will be offered in separate regional sales in regions now used for Mandatory Price Reporting.  Following are the expected regional sale times:



Start Time



10:00 am

Region 1

Iowa and Minnesota

10:30 am

Region 2


11:00 am

Region 3


11:30 am

Region 4


12:00 pm

Region 5


12:30 pm

To be determined

Other States

If a regional sale runs longer than 30 minutes, the next regional sale will start 5 minutes after the conclusion of that sale.