One of the largest livestock auctions in the country, the Oklahoma National Stockyards (ONSY), has been placed under contract for purchase by a group of investors, according to a release.
The buyer group, led by Oklahoma farmer, rancher and cattle feeder, Chris Franklin, plans to ensure continued operation of the livestock market with possible development of adjoining properties. Around 350,000 head of feeder cattle flow through the auction annually, averaging 7,000 to 8,000 head per week and has been a major contributor to the livestock industry in the region for more than 100 years.
“We are excited about this new chapter for the Oklahoma National Stockyards,” Franklin shared in a statement. “Our focus remains on supporting our customers, preserving the stockyards’ vital role in Oklahoma’s and the nation’s agricultural economy, and fostering a thriving marketplace for the livestock industry.”
ONSY is a publicly traded company with the majority of the shares held by members of the same family. Without any heirs interested in operating the facility, it was offered for sale in the fall of 2024 in hopes of finding a buyer committed to continuing on the legacy of the stockyards since its inception in 1910.
Jerry Reynolds, president of ONSY, says a lot still has to happen before the purchase would be finalized. The closing date has been set for October and could be extended, but producers can expect the same service the auction has always offered customers.
“It’s business as usual,” he says. “Until there’s a need for something to transition or change, customers can have the assurance to show up every week we have a sale and our commission firms are going to work to get the best value they can. We are seeing record prices and a phenomenal market.”
Ben Hale, owner of Western Livestock Commission Company and president of the Oklahoma City Livestock Exchange, says he is optimistic about the future of the ONSY after meeting with Franklin.
“It’s an honor for our team at Western to play a role in preserving such a historic market,” he shared on social media. “There’s still work ahead, but we’re committed to seeing it through — for the good of our industry and everyone it serves.”
Western Livestock Commission Company is one of nine commission companies representing cattle at the stockyards, which is a unique business structure compared to other livestock auctions around the country.
“It’s the only one that I know of in the country, and it really speaks to the history of Oklahoma National Stockyards because as long as it continues to operate, it is technically the only remaining of the original terminal cattle markets in the country,” says Derrell Peel, Oklahoma State University extension livestock marketing specialist.
Future plans
The buyer group says it’s committed to maintaining ONSY’s legacy of excellence and plans to actively engage with leading agricultural organizations in Oklahoma, including the Farm Bureau, Oklahoma Cattlemen’s Association, American Farmers and Ranchers, and the Oklahoma Department of Agriculture, to strengthen partnerships and support the state’s agricultural ecosystem, according to the statement.
Peel is hopeful the auction will continue into the future, but says it will face challenges, including with water, urban pressure and facility improvements to make.
“They are located right at the edge of Oklahoma City, and have faced increasing challenges over the years because of that location,” he says. “The city’s grown up around them. They’re sitting right next to the Oklahoma River. It’s a very expensive place to operate, and their facilities are not new. They’ve got continuing needs for reinvestment if they’re going to continue to operate as an auction.”
History of the stockyards
Historically, packing plants were in areas with terminal markets located next to them where producers brought in cattle and consigned them for sale private treaty and were represented by commission companies. Chicago, Kansas City and Denver all had terminal livestock markets, which have been closed for decades.
“In the early 1960s it switched to a livestock auction, but the commission companies continue to be the ones that represent all the cattle that go through there,” Peel explains. “Oklahoma National doesn’t represent any cattle. They own the facilities, provide the auctioneer and run the sales.”
Cattlemen consigning to Oklahoma National choose one of the nine companies to represent their cattle in the sale.
“Each company has its list of customers, they bring cattle in, taking turns selling them,” Peel explains. “They start every week and each one of them sells so many pens of cattle, rotating through and repeating the list until everybody’s sold out of cattle. It’s a very unique setup, but it really speaks to the history and the legacy of Oklahoma National as the last remaining terminal market in the country.”
Business as usual
Hale and Reynolds admit numbers were down in April, but that was likely weather related as Oklahoma has seen record rainfall for this time of year. They both noted cattlemen were having a harder time getting cattle out, but there are lots of cattle ready to be sold.
“What makes a good sale barn is having a good amount of cows and calves to sell, and you got to have yearlings to sell,” Hale says. “With that you have a year round market. That’s what we have. We sell a lot of calves off the cow, and we sell a lot of yearlings off grass and wheat. We stay pretty consistent year round. It sits on I-35, I-40 and I-44 so it’s easy to get to.”
The impact the stockyards is not only felt by producers, but the city benefits economically as well. Hale notes the area is extremely busy Sunday through Tuesday with sales of fuel, hotels and shopping.
“There’s even the tire shop down here on the south end of town where we’re at, which is extremely busy on Monday and Tuesday,” Hale says. “There’s also lots of shopping that takes place. It’s a lot of people coming in every week and would be millions of dollars that it brings in throughout the year.”
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