U.S. Senators Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, and Ron Wyden (D-Ore.) introduced the bipartisan 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.
Senator Fischer stated “It will help facilitate price discovery and provide cattle producers with the information they need to make informed marketing decisions”.
Major points of the bill include:
1. Establish regional mandatory minimum thresholds of negotiated cash and negotiated grid trades to enable price discovery in cattle marketing regions.
2. Require USDA to create and maintain a publicly available library of marketing contracts between packers and producers in a manner that ensures confidentiality.
3. Mandate that a packer report to USDA the number of cattle scheduled to be delivered for slaughter each day for the next 14 days and require USDA to report this information on a daily basis.
4. Prohibit the USDA from using confidentiality as a justification for not reporting and makes clear that USDA must report all LMR information, and they must do so in a manner that ensures confidentiality.