ABERDEEN, S.D. (AP) – A South Dakotan has created a new online site where livestock producers can contract to sell their cattle.
Kim Ulmer owns a livestock and machinery marketing company in Huron. Ulmer says he created the American Mercantile Exchange in response to volatile market conditions.
The first contract sales on the American Mercantile Exchange were Sept. 3. Ulmer says four loads of cattle were up for sale and all four sold.
Ulmer says sales will be limited to cattle that are close to sale weight until the mercantile has a larger database of buyers and sellers.
He says selling cattle through his exchange is different from an auction barn because it eliminates the need for farmers to take the cattle to auction and sell on a particular day.