Groups like the National Cattlemen’s Beef Association are pleased the House of Representatives passed two bills that provide producers with greater transparency in the cattle markets. The House voted 418-9 to advance legislation that would extend the authorization for Livestock Mandatory Reporting through September 30, 2022.
The authorization for LMR is the most important tool cattle producers have for understanding transactions and trends in the cattle markets. By a 411-13 vote, the House also passed the Cattle Contract Library Act.
“LMR is absolutely essential to fair, competitive, and transparent cattle markets,” says NCBA President Jerry Bohn. “We’re also grateful that producers will have access to vital market data through the cattle contract library.”
NCBA also says the creation of a cattle contract library and reauthorization of LMR are both widely supported across the cattle and beef industry. The organization appreciates the heavy engagement of lawmakers from both sides of the aisle on the transparency issue.
American Farm Bureau President Zippy Duvall said in a release, “American Farm Bureau appreciates the House of Representatives taking positive steps toward ensuring fairness and transparency in America’s cattle industry. The Livestock Mandatory Reporting Act and the Cattle Contract Library Act both provide crucial information, which is needed now more than ever as prices skyrocket at the grocery store while payments to farmers lag behind.”