WASHINGTON, D.C. – The National Pork Producers Council praised the Senate for its passage today of 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.
“America’s pork producers are grateful to the Senate for approving legislation to reauthorize the mandatory price reporting law, which provides them and meat packers transparent, accurate and timely market information to make knowledge-based business decisions about selling and buying hogs,” said NPPC President Dr. Ron Prestage, a veterinarian and pork producer from Camden, S.C.
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.