kavdiv, <br /> <br /> I am not 100% certain, but I believe that the farmer provides the cattle. SJAP does not sell cattle to a farmer on credit. SJAP specifies that they will only buy a few types of cattle from the farmers (Simmental, Charolais and another). SJAP prescribes what type of grass must be eaten and requires the farmers to fertilize it with their fertilizer and feed the cows their livestock feed. Those are the items that are sold on credit, recovered when SJAP buys the cow. I'm pretty sure of that. Without any idea of the price of fertilizers and feed versus the price of a calf or young cow, it seems likely to me that SJAP has less AR exposure than you suggest.