Sen. Blanche Lincoln (D-Ark.) Chairman of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, announced Monday that the Mandatory Price Reporting Reauthorization legislation has been signed into law, extending reporting requirements of livestock daily markets for five years.
In addition to current law, Lincoln’s bill calls for reporting on Mandatory Reporting of Wholesale Pork meat cuts. This new provision will improve 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 which will make it easier for milk producers to obtain current milk prices. MRWP is a critical in protecting livestock producers as they take their commodity to market.
“We are very pleased that the Agriculture Committee approved legislation reauthorizing the mandatory price reporting law,” said NPPC 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.”
Other advocates for reauthorization expressed support and praise for the effort when it originally passed the Senate in August, calling the victory an important step toward enhancing transparency and competitiveness for the industry.
"Given current economic instability, reauthorization of mandatory price reporting is vital to U.S. farmers and ranchers to provide market tools essential to the livestock sector,” said National Farmers Union President Roger Johnson. “NFU supports the language included that would aid in the dairy crisis, providing for more certainty and transparency in the volatile marketplace. NFU commends the leadership of Sen. Lincoln on this issue.”
“Farm Bureau appreciates the efforts of Chairman Lincoln and Ranking Member Chambliss to reauthorize the Mandatory Price Reporting law which provides necessary transparency in livestock pricing information critical to producers' marketing opportunities,” said President Bob Stallman.
Source: Sen. Blanche Lincoln