Livestock reporting law reauthorized
President Obama has signed a measure reauthorizing the Livestock Mandatory Reporting law, which requires meat packers to report to USDA the prices they pay for cattle, hogs and lambs. Ron Prestage, president of the National Pork Producers Council (NPPC) says the law provides transparent, accurate and timely market information to all stakeholders.
Enacted in 1999, the law requires packers to submit to USDA regional and national data on a daily and weekly basis for hogs and similar information for cattle and lambs. It also requires USDA to establish a library of the types of contracts offered by packers to pork producers for the purchase of hogs, including future delivery purchases.