JD - I'm having a hard time seeing how you can fit a steer into your "new stainless steer fermenter". As a former rancher myself, I'm sure you can understand the dilemma. I think you need a bigger pot than that or some other compression method that I'm just not thinking about at the moment. I bet it would be even better as a conical fermenter for mead. Just a thought and trying to be helpful.
Yes, the valve is about 4 or 5 inches from the bottom. Once you insert it and tighten the nut, turn it clockwise so the tube is pointing to the side or down. I usually put it to the side (quarter turn), that way sediment won't fill the tube. When you get ready to rack, twist tyhe valve assembly clockwise again so the tube it pointing up.
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