Mandatory Price Reporting Programs Extended

by 5m Editor
6 December 2004, at 12:00am

WASHINGTON - The U.S. Department of Agriculture today announced continuation of livestock mandatory price reporting as required by the Livestock Mandatory Reporting Act of 1999. The program's authority has been extended through Sept. 30, 2005.

This program requires that packers electronically submit purchase and sale information to USDA's Agricultural Marketing Service. AMS is currently releasing over 100 daily, weekly or monthly reports under the program covering market transactions for fed cattle, swine, lamb, beef and lamb meat.

The program extension was passed by Congress as an amendment to the Livestock Mandatory Price Reporting Act of 1999 to modify the termination date for mandatory price reporting, and was signed by President Bush today. The extension also affects USDA's swine contract library. The Act required the department to establish a library or catalog of the types of contracts offered by packers to swine producers for the purchase of swine (including swine that are purchased for future delivery). USDA's Grain Inspection, Packers and Stockyards Administration maintains the swine contract library which is intended to aid in the price discovery process and provide equal access to market information for all market participants.

Most plants continued to provide this market data and information on a voluntary basis during the cessation of authority, which originally expired on Oct. 22. These voluntary efforts allowed for uninterrupted publication of meaningful market information.

Source: Agricultural Marketing Service (AMS) - 3rd December 2004

5m Editor