Both Sen. Ben Nelson and Sen. Mike Johanns are supporting bipartisan legislation to reauthorize Livestock Mandatory Price Reporting for five years and establish similar systems for pork cuts and dairy products. 

The bill would guarantee transparency and help improve producers’ ability to access fair market prices, Nelson said.

 “This bill brings certainty and transparency so that producers are paid fair prices for the livestock they raise,” he said.  “Without tools like mandatory price reporting, producers face uncertainty trying to find clear pricing information for their livestock.  This bill will help continue a program that has wide support from producers across Nebraska.”

Johanns said the current law, set to expire at the end of September, requires packers, processors, and importers to provide to the U.S. Department of Agriculture (USDA) information on the price, contracting, and supply and demand of livestock and many meat products. The goal, he said, is to help stabilize livestock prices by ensuring accurate and complete market information.

 ”The Livestock Mandatory Reporting Act has benefitted producers in Nebraska and across the country for ten years, and I fully support extending it another five,” Johanns said. “This legislation is essential for Nebraska’s livestock producers who deserve timely and complete information. Transparent and fair markets are important to our country’s farmers; USDA’s price reporting requirements are a vital part of this system.”

 Nebraska Pork Producers Association’s President-Elect Dave Harrington, said in support of the legislation, that  “Each of our individual businesses need transparency in order to make intelligent, conscious planning and marketing decisions.”

 “Nebraska Farm Bureau strongly supports extending the Mandatory Price Reporting law for livestock sales another five years,” said Keith Olsen, President of Nebraska Farm Bureau.  “The law has made market activity more transparent for Nebraska livestock producers, by providing them with information about prices, contracts, and supply and demand conditions. This information has helped them to take better advantage of market opportunities. It’s important that livestock price reporting continue.”

 “Mandatory Price Reporting is one important tool to insure that cattle producers have access to accurate and timely information that will allow them to make informed short-term and long-term marketing decisions,” said Michael Kelsey, Executive Vice President of Nebraska Cattlemen.

 The legislation extends reporting requirements of livestock daily markets for five years.  Additionally, the bill includes requirements for Mandatory Reporting of Wholesale Pork cuts in order to expand transparency to the pork industry and further protect producers.  The bill also instructs the Secretary of Agriculture to establish within one year an electronic price reporting system to publish the prices of dairy products.  Published reports will be required on a weekly and monthly basis.  The all-milk price reporting system, currently in place, would remain unchanged.

 Organizations in support of the legislation include the Nebraska Farm Bureau, Nebraska Farmers Union, Nebraska Cattlemen, Nebraska Pork Producers, American Farm Bureau Federation, American Meat Institute, American Sheep Industry Association, National Cattlemen’s Beef Association, National Farmers Union, National Pork Producers Council, National Meat Association and the United States Cattleman’s Association.