IARN — The Cattle Market Transparency Act introduced this week seeks to restore transparency and accountability in the cattle market. Senator Deb Fischer, a Nebraska Republican, introduced the bill. Fischer says, “The past few years have been very difficult for producers.” Fischer noted the Tyson Foods plant fire in Kansas, and supply chain challenges due to COVID-19.
The bill would establish regional mandatory minimum thresholds of negotiated cash trades to enable price discovery in cattle marketing regions. It requires the Secretary of Agriculture to establish regionally sufficient levels of negotiated cash trade, seek public comment on those levels, then implement. The legislation also requires USDA to create and maintain a library of marketing contracts between packers and producers, and require packers to supply the information to USDA.
The bill also would mandate that a packer report the number of cattle scheduled to be delivered for slaughter each day for the next 14 days. This requirement already exists for the swine industry.
Story courtesy of the Iowa Agribusiness Radio Network.
Photo by Anna Hastert
