Online cattle auction site closes after a few sessions

Just a month after holding its first auction, the online Fed Cattle Exchange has ceased holding auctions.  “Effective June 29th, 2016, the Fed Cattle Exchange website will not be hosting auctions for an indefinite period of time,” said a posyed notice.   “We encountered some technology obstacles that were in part, due to our attempt to quickly address a long recognized need of cattle producers. We have also received valuable input from buyers, sellers, and registered sellers that have not yet sold through the Exchange, which we will be sorting through and implementing,” the website notice explained. “The Exchange will be back in a stronger and more reliable format in the future.”  Producers had hoped the online auction would add liquidity to a diminished cash market for fed cattle, which has been cited by some as a reason for increased volatility in the cattle futures markets.