The reauthorization of the Livestock Mandatory Price Reporting Act, which would extend and expand the reach of the law, passed the full Senate late last week, according to Meatingplace.com. The House ag committee passed its version of the bill (H.R. 5852) on July 28. The bill still awaits a vote by the full House.

The legislation reauthorizes the law requiring meat packers to report to USDA the prices they pay producers for animals under the Livestock Mandatory Reporting Act. The bill, which is set to expire Sept. 30, would be reauthorized for five years.

The bill gained the approval of the National Pork Producers Council. “NPPC is grateful that the Senate has approved extension of this important law on mandatory price reporting,” said NPPC President Sam Carney, a pork producer from Adair, Iowa. “We implore the House to act swiftly on its bill reauthorizing the price reporting law, which will help producers make business and production decisions.”

“The reauthorized price reporting law will bring even more transparency and certainty to the livestock markets,” said Carney. “This is the way – Congress working with the industries rather than bureaucrats dictating to them through regulations – to bring about competition and fairness.”

Also last week, NPPC chief executive officer Neil Dierks testified on the efficacy of the livestock mandatory price reporting law before the U.S. Commodity Futures Trading Commission’s Agricultural Advisory Council Thursday in Washington, D.C.

Dierks told the council that NPPC supports accurate, timely and robust price reporting and additional opportunities that will allow choices if options are needed by producers and others in the market to accurately determine value.

Others testifying focused on cotton and on wheat convergence. View a transcript of the testimonies.

The Livestock Mandatory Price Reporting has been in effect for the processors, packers and importers of many meat products for 10 years, requiring them to report certain sales and contract data, including prices, in order to make the market more transparent. The current bill expands the law to include pork cuts and dairy products.

Source: Meatingplace, NPPC