The U.S. House of Representatives has unanimously passed the bill that would reauthorize the Livestock Mandatory Reporting Act of 1999. If the Senate follows suit, the amendment would extend the price reporting for five years. It also would include the following provisions specific to the pork industry:
Include more sows in the reports to more accurately reflect the sales and prices paid in that market.
Alter report timing to balance out USDA workload and increase report accuracy and efficiency.
Enable USDA to publish distributions for net prices and to provide more useful information than the report now provides, while maintaining confidentiality requirements.
The mandatory price reporting is vital to U.S. pork producers, says Jim Quackenbush, who heads the National Pork Producers Council task force on mandatory price reporting. “It is a valuable component in terms of increasing transparency in the marketplace. This information is critical in today’s competitive
Environment,” he notes. “We are hopeful that lawmakers will see the importance of reauthorizing mandatory price reporting to benefit all U.S. livestock producers and to provide them with timely and effective information necessary to make business decisions.”
The fate of Mandatory Price Reporting is now the Senate’s hands. The law is set to expire on Sept. 30.