SellMyLivestock (SML), the online livestock marketplace, will launch ‘Primestock’ – a new online market for farmers to sell their finished stock direct to processors across the UK.

Primestock has been developed to give farmers and processors greater transparency, as well as save them time and money, while digitally connecting the livestock and finished stock supply chain.

The new marketplace has been developed following an analysis by SML, which found that around 70% of the platform’s 36,000 farmers also produce finished stock.

Using Primestock, Farmers will be able to list their finished stock – lambs initially, with cattle to follow soon – into one of two online trading periods each week.

Buyers will then put forward their best and final offer during the trading period, after which the farmer must decide whether to accept any of the offers made.

If accepted the deal is binding and payment guaranteed using the company’s unique FarmPay system.

The new platform can be accessed via SellMyLivestock’s website.

Andrew Loftus, commercial director at Hectare Agritech, the parent company of SellMyLivestock, said: “Greater transparency is a key issue within the primestock market. We’re committed to providing more transparent solutions so that farmers are rewarded for producing stock that meet clear market requirements; and to making the whole process as efficient as possible. This is the only way UK agriculture can compete in the future - clear market signals, more stock within specification and lower transaction costs.

“With Primestock, we’re reinventing farm trading between farmer and processor. Our new platform ensures deadweight specifications are clear and payment is guaranteed. With around 25% of UK beef and lamb producers already signed up, there has never been more potential for improved market efficiency. It’s a win-win situation for farmers and processors."