Groups support renewal of mandatory price reporting

Groups support renewal of mandatory price reporting

Current Livestock Mandatory Price Reporting Act expires Sept. 30

Representatives of producer and packer organizations told the House Agriculture Committee’s Livestock and Foreign Agriculture Subcommittee that Congress needs to renew mandatory price reporting.

Representatives of the National Pork Producers Council, National Cattlemen’s Beef Association, American Sheep Industry and North America Meat Institute testified as to its importance for price transparency, price discovery and marketing plans. The NPPC recommended that changes be made to price reporting for pork – add a purchase category for negotiated formula sales and purchases, and include late-day purchases in subsequent day purchased swine reports.

All of the organizations support mandating that price reporting is an essential government service. This would avoid the situation of no price reporting during a government shutdown that was experienced in 2013. Price reporting currently covers 80% of slaughter cattle; 94% of slaughter hogs; 56% of slaughter sheep; 93% of boxed beef; 87% of wholesale pork cuts; and 46% of boxed lamb meat. The current Livestock Mandatory Price Reporting Act expires on Sept. 30.

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