Thanks to four successful junior market auctions in March, the Houston Livestock Show and Rodeo awarded $2,570,298 in additional premiums to nearly 2,000 2016 Houston Livestock Show junior exhibitors.
Based on placing, the Houston Livestock Show and Rodeo establishes a guaranteed minimum payment for each exhibitor who qualifies for a junior market auction. The Show also sets a cap amount above the guaranteed minimum for each auction lot. When bidding exceeds the cap amount, the additional funds go into the Show’s Educational Fund to be used for scholarship and grant recipients. Amounts bid between the guaranteed minimum and the cap are accumulated in the bonus pool for that auction and are then distributed through additional premium checks in September.
“Because not all education happens in the classroom, we are excited to further reward the hard work of the exhibitors who qualified for our junior auctions,” said Joel Cowley, president and CEO of the Show. “Through the generosity of our auction buyers and the dedication of our volunteer committees, the Show provides the incentive for thousands of young Texans to participate in an activity that teaches valuable life skills while educating them about agriculture.”
Before additional premiums are awarded, the bonus pool funds are used to cover any lots that did not bring the guaranteed amount, as well as auction expenses and auction committees’ operations.
The following was distributed to each exhibitor in the respective auctions, in addition to the guaranteed amount that each exhibitor has already received:
- Junior Market Steer Auction: $3,457.95
- Junior Market Lamb and Goat Auction: $812.40
- Junior Market Poultry Auction: $747.96 (record additional premium)
- Junior Market Barrow Auction: $657.87
For additional information, visit rodeohouston.com/Visit-the-Show/Livestock-Horse-Show/Auctions-Sales, to view a video on how the auctions work.