USDA announced continuation of the livestock mandatory price reporting as required by the Livestock Mandatory Price Reporting Act of 1999. The program’s authority has been extended through Sept. 30, 2005.
This program requires that packers electronically submit purchase and sale information to USDA’s Agricultural Marketing Service. AMS is currently releasing over 100 daily weekly or monthly reports under the program covering market transactions for fed cattle, swine, lamb, beef and lamb meat.
The program extension was passed by Congress as an amendment to the Livestock Mandatory Price Reporting Act of 1999 to modify the termination date for mandatory price reporting, and was signed by President Bush.
The extension also affects USDA’s swine contract library. The Act required the department to establish a library or catalog of the types of contracts offered by packers to swine producers for the purchase of swine (including swine that are purchased for future delivery). USDA’s Grain Inspection, Packers and Stockyards Administration maintains the swine contract library, which is intended to aid in the price discovery process and provide equal market access to market information for all market participants.
USDA’s Agricultural Marketing Service