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In livestock auctions, sheep, cattle, pigs and other livestock are sold. Sometimes very large numbers of stock are auctioned, such as the regular sales of 50,000 or more sheep during a day in New South Wales. [106] In timber auctions, companies purchase licenses to log on government land.
The word livestock was first used between 1650 and 1660, as a compound word combining the words "live" and "stock". [6] In some periods, "cattle" and "livestock" have been used interchangeably. Today, [specify] the modern meaning of cattle is domesticated bovines, while livestock has a wider sense. [7]
The difference between the selling price for live cattle and the costs of purchasing feeder cattle and feed (usually assumed to be corn, regardless of actual mix of feed used) is referred to as livestock gross margin (LGM), feeding margin, or cattle crush (as opposed to production margin, which also includes other production costs). [18]
Feeder cattle or store cattle are young cattle soon to be either backgrounded or sent to fattening, most especially those intended to be sold to someone else for finishing before butchering. In some regions, a distinction between stockers and feeders (by those names) is the distinction of backgrounding versus immediate sale to a finisher.
The difference between the selling price for live cattle and the costs of purchasing feeder cattle and feed (usually assumed to be corn, regardless of actual mix of feed used) is referred to as livestock gross margin (LGM), feeding margin, or cattle crush (as opposed to production margin, which also includes other production costs). [21]
Isidore of Seville (560–636) distinguished between "cattle", a term for animals that had been domesticated, and "beasts" or wild animals, as did Thomas Aquinas (1225–1274). [17] The English jurist William Blackstone (1723–1780) wrote of domesticated animals, in Commentaries on the Laws of England (1765–1769):
It uses between 20 and 33% of the world's fresh water, [81] Livestock, and the production of feed for them, occupy about a third of the Earth's ice-free land. [82] Livestock production contributes to species extinction, desertification, [83] and habitat destruction. [84] and is the primary driver of the Holocene extinction.
Cattle are not often kept solely for hides, and they are usually a by-product of beef production. Hides are used mainly for leather products such as shoes. In 2012, India was the world's largest producer of cattle hides. [114] Cattle hides account for around 65% of the world's leather production. [115] [116]