President Obama Wednesday signed into law legislation reauthorizing the livestock mandatory price reporting act. The House earlier this week approved a Senate-passed reauthorizing the measure for another five years. 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. The reauthorization legislation 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. Not included in the final bill was language to amend the definition of “reporting day” to ensure that price reports are available during government shutdowns or emergency furloughs of federal employees. While NPPC is disappointed that the language wasn’t included, the organization is confident that USDA will continue to publish price reports during any government shutdown.
President signs bill reauthorizing price reporting act for another 5 years