June 15, 2015
The House of Representatives passed legislation to renew mandatory price reporting which will continue price transparency, price discovery and marketing plans. The bill makes no changes from the current requirements for beef. It does contain changes suggested by the National Pork Producers Council for pork – add a purchase category for negotiated formula sales/purchases and include late-day purchases in subsequent day purchased swine reports. The bill mandates 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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