The Senate has approved legislation reauthorizing the livestock mandatory price reporting law, which is set to expire Sept. 30. The statute requires meat packers to report to the U.S. Department of Agriculture the prices they pay for cattle, hogs and lambs and other information. USDA publishes twice-daily reports with information on pricing, contracting for purchase, supply and demand conditions for livestock, livestock production and livestock products.
Similar to legislation passed by the House in early June, the Senate's five-year reauthorization measure includes new provisions sought by the U.S. pork industry, including one that establishes a '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 will require that pigs sold after 1:30 p.m. be included in the next morning's price report.
Wednesday September 23, 2015/ USAgNet/ United States.