Compromise Reached in New Cattle Price and Discover Transparency Act

A compromise has been reached on improvement measures to the cattle market as four U.S. Senators have announced a new Cattle Price Discovery and Transparency Act, through a combination of components from previous bills. Senators Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), Jon Tester (D-Mont.), and Ron Wyden (D-Ore.) announced the compromise ahead of the Dec. 3 expiration of the Mandatory Price Reporting. Measures outlined in the new bill include:

• Establishing regional mandatory minimum thresholds of negotiated cash and grid trades
• The requirement of USDA to create and maintain a publicly available library of contracts
• Prohibiting USDA from using confidentiality as a justification for withholding reporting
• Requiring more timely reporting of carcass weights and scheduled number of cattle to be slaughtered

The American Farm Bureau, U.S. Cattlemen’s Association and the National Farmers Union support the legislation, according to a press release from the senators. Read more on the legislation here.