WASHINGTON – President Obama has signed into law bipartisan legislation cosponsored by Sen. Thad Cochran (R-Miss.) to extend a program that helps producers find the best prices for their livestock.
The Livestock Mandatory Price Reporting Act (PL.111-239) includes a five-year reauthorization of the U.S. Department of Agriculture (USDA) federal mandatory price reporting program that guarantees greater transparency within the livestock and dairy marketing sector. The reauthorization extends to 2015.
The new law makes two notable changes to the existing price reporting program, including requiring greater transparency within the Mandatory Reporting of Wholesale Pork. It also directs the Secretary of Agriculture to establish an electronic reporting system for dairy products within one year.
In general, the Livestock Mandatory Price Reporting Act requires meat packers to report to the USDA Agricultural Marketing Service daily price and volume information on purchases of cattle and boxed beef sales, as well as beef exports and imports. This information serves as an asset to producers negotiating the sale of their meat products by improving market transparency.