WASHINGTON, D.C. – U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, released the following statement today after the U.S. Department of Agriculture (USDA) announced its intent two publish two new Market News reports to enhance price transparency in cattle markets:
“I’ve led the push to enhance transparency in cattle markets, and I’m pleased USDA is taking these steps. These reports will ensure that cattle producers will have access to additional pricing information enabling them to make more informed marketing decisions. However, more must be done. I’ll continue to work to advance policies that ensure a robust cash market so all segments of the cattle market can thrive,” said Senator Fischer.
More information:
Beginning August 9, USDA will issue two new Market News reports based on Livestock Mandatory Reporting data to provide insight into cattle markets and promote fair competition. The first report, the National Daily Direct Formula Base Cattle, will provide greater information into the foundational prices used in cattle market formulas, grids and contracts. The second report, the National Weekly Cattle Net Price Distribution, will show the volume of cattle purchased at each different level of pricing within those formulas, grids, and contracts.
In March, Senator Fischer and Senator Ron Wyden (D-Ore.) introduced the Cattle Market Transparency Act of 2021. The legislation would restore transparency and accountability in the cattle market by establishing regional cash minimums and equipping producers with more market information. The bill also requires USDA to create and maintain a publicly available library of marketing contracts between packers and producers in a manner that ensures confidentiality, and a pilot program of this library was included in the recent agriculture appropriations bill passed by the full Senate Appropriations Committee. Senator Fischer continues to work toward advancing these priorities ahead of a reauthorization of the Livestock Mandatory Reporting Act.
Senator Fischer, an advocate for robust cash sales and more transparency in the cattle market, urged Senate Agriculture Chairman Debbie Stabenow (D-Mich.) and Ranking Member John Boozman (R-Ark.) to hold a hearing on this issue, which occurred last month. Click here for video and transcript of Senator Fischer’s questions at that hearing.
