WASHINGTON, D.C. (NAFB) – Farm and livestock groups this week welcomed introduced of the Cattle Market Transparency Act.
Senators Deb Fischer, a Nebraska Republican and Ron Wyden, an Oregon Democrat, introduced the legislation. The bill establishes regional mandatory minimum thresholds of negotiated cash and negotiated grid trades to enable price discovery in cattle marketing regions. The legislation would also require USDA to create and maintain a publicly available library of marketing contracts between packers and producers in a manner that ensures confidentiality.
Finally, the bill mandates that packers report to USDA the number of cattle scheduled to be delivered for slaughter each day for the next 14 days and require USDA to report this information daily.
The National Cattlemen’s Beef Association, U.S. Cattlemen’s Association and American Farm Bureau all responded favorably to the bill. NCBA welcomed a discussion on market transparency, stating, “We have worked and will continue to work alongside our affiliates, Congress, and USDA toward regionally robust negotiated trade.”