 |
||||
|
||||
|
|
||||
President Clinton on Oct. 22 signed the USDA and FDA Appropriations Act for fiscal year 2000, which includes mandatory price reporting. The effort to pass the new law was launched two years ago by Colorado beef producers. "I'm happy to see that policy which Colorado Cattlemen's Association started advocating two years ago has finally been passed by Congress and signed into law by the president," said Curt Russell, chairman of the CCA Marketing Committee. CCA members passed a resolution two years ago supporting price reporting, according to a CCA news release. The state-drafted policy was endorsed by the NCBA, which subsequently made the recommendation to Congress. "With the passage of this provision, I hope that a little more light will be shone on the process of price discovery in the market for fed cattle in the U.S.," Russell said. The bill establishes mandatory price reporting for certain meat processors. It will increase transparency in the marketplace by requiring hog and cattle processors to submit information daily to the USDA about the price that they paid for livestock. "Price discovery provides cattle producers more insight on what the market is doing and how to price our cattle," said Clarence Newcomb, chairman of the CCA Cattle Feeder Committee. "It gives us a more strengthened, stable position in this market, especially as the corporate segment gets bigger and bigger. "With fewer and fewer numbers of cattle determining the cash price basis, it's crucial for producers to have a better understanding of what this price is and how it is determined." The USDA will be able to collect information on about 90 percent of all transactions. |
||||
|
|
||||
|
|
||||
|
All information is copywrited by Feed Lot magazine and cannot be printed or re-printed
without the publishers express consent. Please contact
Feed Lot Magazine for reprint and copy authorization.
|
||||