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The cost for beef "on the hoof" is on a per pound basis, in other words in the symbol of $/lb. A lot of cattle, however, are sold on a per hundred-weight basis, or $/cwt. The "c" is originally the acronym for "cent" which is the French word for "hundred"; "wt" is an acronym for "weight." In all auction marts in North America (United States and Canada), everything is in imperial weight, or in pounds, not kilograms. Also, most costs are put in terms of live-weight.

Thus if you see, for example, $70/cwt for 700 lb steers, this means that you will be paying $70 per one hundred pounds for those steers, which adds up to $490 in total for one 700 lb steer. On a per lb basis, that's $0.70/lb for each 700 lb steer. Currently (as of December 19, 2012), and fortunately, prices for a 700 lb beef steer are much higher than that right now. The Triple J Livestock report puts steers in the 700-800 lb category at an average of $1.34/lb live-weight. See the related link below.

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Q: How do you understand the cost for beef on the hoof?
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