The Senate Agriculture Committee passed legislation to renew mandatory price reporting for five years for beef, pork and lamb. The bill makes various changes advocated by the pork industry.
This includes a new “Negotiated-Formula” price category to better reflect the total number of hogs negotiated each day regardless of how buyers and sellers arrive at the prices. Another provision requires that pigs sold after 1:30 p.m. be included in the next morning’s price report.
The bill requires the USDA to complete a study on livestock reporting. The study is to:
- Analyze current marketing practices in cattle, swine and lamb markets;
- Identify legislative or regulatory recommendations made by cattle, swine and lamb producers, packers and other market participants to ensure that information provided can be readily understood by producers, packers and other participants; reflects current marketing practices; is relevant and useful; and analyze the price and supply information for reporting services of the USDA related to cattle, swine and lamb.
Congress first established mandatory price reporting in 1999. The current mandatory price reporting authority expires on Sept. 30.