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A livestock exchange, often referred to as a livestock market or auction, is a vital component of the agricultural industry, facilitating the buying and selling of various farm animals. These exchanges serve as central hubs where farmers, ranchers, and buyers gather to trade livestock such as cattle, sheep, goats, and pigs.

At a typical livestock exchange, animals are presented for sale in pens or holding areas. Sellers bring their livestock, and potential buyers inspect the animals to assess their health, size, and quality. The livestock are then auctioned off to the highest bidder, with prices determined by market demand, the animal's attributes, and prevailing market conditions.

These exchanges play a crucial role in price discovery, helping establish fair market values for livestock. Additionally, they provide a social and networking platform for agricultural communities and contribute to the local and regional economies. In recent years, technology has also started to play a role, with online livestock auctions becoming increasingly common, offering convenience and expanding market reach.