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TSCRA Daily News Update, May 23, 2008
Mandatory price reporting rule to take effect July 15 The final rule implementing a law requiring meat packers to report prices paid to livestock producers was issued last week by USDA. This rule facilitates open, transparent price discovery, and provides all market participants with comparable levels of market information for cattle, swine, sheep, beef, and lamb meat. The Livestock Mandatory Reporting Act was initially approved in 1999, and reauthorized in October 2006. Its purpose was to establish a program regarding the marketing of livestock that provides information that can be readily understood by producers; improves the price and supply reporting services of the Department of Agriculture; and encourages competition in the marketplace for livestock and livestock products. Packers have been voluntarily reporting livestock prices since the law expired in 2005, but NCBA policy strongly supports the reauthorized price reporting law and the rule completing implementation. The new rule appeared in the May 16 Federal Register and will take effect July 15.
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