Obama signs livestock bill co-sponsored by Cochran
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Chris McDaniel gets a thank you note from Travis Childers
- Senate passes teacher pay raise legislation
- Lawmakers debating alternative to Medicaid expansion
- Pickering collects more money from failed beef plant project
- The First acquiring Alabama bank in cash/stock deal
- Todd Smith's Spin Cycle — Not milk! It’s end of era for milk industry’s iconic ‘Got Milk?’ campaign
- States settle with manufacturers in DRAM price-fixing case
- District at Eastover takes shape with financing in place, tenant signings under way
- MBJ's Businesswoman of the Year never expected her career to take this path
- Mississippi ag aviation plays a critical role in production and profitability