The new platform aims to provide farmers with greater access to information and regularly updated prices
The Livestock Auctioneersâ Association has provided an outline of how a new service for livestock market prices will look and the benefits it will provide.
It follows the LAA's announcement in October of a change to the current system of providing livestock market sales prices to the farming industry.
It will go live on the 1 January 2024, followed by the official launch on 9 January, with a virtual launch event hosted by the LAA across social media channels.
Ahead of the official launch, the LAA has outlined the key features and packages that the platform will provide.
The Market Prices platform has been built on a system that delivers the equivalent of the current service provided by AHDB, with LAA saying data quality and reporting efficiency will be improved..
The new platform will provide enhanced and additional services under a new tiered range of subscription plans, tailored to meet specific industry needs.
LAA executive secretary, Chris Dodds said: âWe recognise the importance of this vital tool, and the need to support the industry, through the provision of the most up-to-date and accurate data, to enable informed decision making.
"This is why we have designed the subscription plans, enabling users to select a package depending on the level of insight and information required."
While both buyers and vendors using the livestock market will continue to benefit from free access to daily price updates, the LAA has also developed additional subscription plans.
What are the subscription plans?
All users will need to subscribe and register to access free of charge data, with a series of enhanced plans available as detailed below.
⢠Weekly Prices â free of charge
The âWeekly Pricesâ plan provides users with a free of charge weekly round-up of live store and finished prices across England and Wales, based on the previous weekâs prices, with a two-week look back.
⢠Daily Prices â free of charge to mart customers (sellers and buyers) or ÂŁ4.99 p/m
The âDaily Pricesâ plan is free of charge to livestock market users, providing an equivalent to the current service, with essential daily livestock prices updated every lunchtime, alongside the data provided within the Weekly subscription plan. Users can compare by region and country, with a monthly look back.
⢠Real-Time Prices - £10.99 p/m
This new premium service offers a step-up over anything previously available to industry, providing real-time trade updates and livestock insights. With everything in the Daily and Weekly subscription plans, as soon as a member market completes and submits a sale, the reports will immediately appear on the platform.
A brand-new feature is the inclusion of breeding prices, on top of store and finished prices, enabling users to gain insights on breeding categories for sheep and cattle. Full comparison facilities are available, enabling the options to compare from market to market, as well as regions and country, with a 12-month look back.
⢠Enterprise â price on application
The most advanced service, built for use by large-scale processors and livestock businesses requiring all of the data available via the Real-Time subscription plan, but with additional access.
The Enterprise plan is a bespoke service that will facilitate multi-user access, provide the functionality to download data straight into client systems, with an unlimited look back to historical sales price data.
This plan will be built with bespoke services, depending on the requirements of the client, and will be priced on application.