National Pork Producers Council President Keith Berry today commended Congress for passing legislation to extend the Mandatory Price Reporting provision contained in the 1999 Livestock Mandatory Reporting Act, for one-year. The one-year extension expires Sept. 30, 2005.
“While pork producers are pleased by today’s action, we call on members of Congress to take the lead in the reauthorization of this important tool which helps producers make knowledge-based decisions and to have a better understanding of the marketplace,” said Berry, a pork producer from Greencastle, Ind.
According to Berry, Mandatory Price Reporting is an important tool for pork producers. “Timely and accurate market information is important to producers throughout the country, including the fact that today 53 percent of hogs sold in the U.S, are priced by using this system,” Berry said. “By using this tool, producers are able to obtain more transparent and timely market information on pricing, contracting for purchase and supply and demand conditions for hogs.”
NPPC’s Competitive Markets Task Force has established a Mandatory Price Reporting Working Group charged with evaluating the current Mandatory Price Reporting program and developing program enhancements which will become the basis of a proposed reauthorization package during the 109th Congress – or prior to the current program’s extension deadline of Sept. 30, 2005.
Berry says this one-year extension allows time for thoughtful and informed discussion amongst various stakeholders as Congress considers reauthorization. “We look forward to bipartisan support for the continued use of this key tool for producers,” Berry said.
National Pork Producers Council