Updated: Wednesday, July 28, 3:20 p.m. CDT

U.S. Senator Blanche Lincoln (D-Ark.), Chairman of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, joined Ranking Member Saxby Chambliss (R-Ga.), in introducing bipartisan legislation that would reauthorize mandatory price reporting for five years. The bill will guarantee transparency of the livestock marketing sector and help improve producers’ ability to access fair market prices.

“Congress needs to act and approve this legislation quickly in order to maintain transparency and certainty in our livestock markets,” Lincoln said. “This will ensure that family farmers and ranchers in Arkansas can have confidence that they are receiving fair market value when they go to sell the livestock they have worked hard to bring to market.”

“We are very pleased that the Agriculture Committee approved legislation reauthorizing the mandatory price reporting law,” said National Pork Producers Council President Sam Carney, a pork producer from Adair, Iowa. “The addition of export and wholesale cuts reporting will further help producers like me make business and production decisions.”

“Mandatory reporting has proven to be a valuable tool for the livestock industry,” said Sen. Chambliss.  “The Senate Agriculture Committee worked to reauthorize the Livestock Mandatory Price Reporting Act in 2006, and I am pleased to cosponsor this legislation with Chairman Lincoln to ensure continued transparency and improve openness in the marketplace.”

This legislation will extend reporting requirements of livestock daily markets for five years and makes two significant changes from existing law. The bill calls for Mandatory Reporting of Wholesale Pork cuts in order to expand transparency to the pork industry and further protect producers.  The bill also instructs the Secretary of Agriculture to establish within one year an electronic price reporting system for dairy products.

Organizations in support of the legislation include American Farm Bureau Federation, National Pork Producers Council, American Meat Institute, National Cattlemen’s Beef Association, National Farmers Union, National Meat Association and the United States Cattleman’s Association.

Source: Sen. Blanche Lincoln