US meat packers are now required by federal law to report price data to the USDA’s Agricultural Marketing Service, in a move towards greater transparency in the livestock market.
The National Pork Producers Council (NPPC) has applauded the release of a final rule to implement the wholesale pork reporting provision of the federal mandatory price reporting law, which requires meat packers to report price data to the US Department of Agriculture’s Agricultural Marketing Service (AMS).
The rule outlines what information packers will be required to submit to AMS, how the information should be submitted and other requirements.
Packers will be required to submit the price of each sale, quantity and other characteristics, such as the type of sale, item description and destination of the product. AMS will use the data to produce timely, meaningful market reports.
“America’s pork producers are grateful for USDA’s cooperation in helping develop this valuable tool for pork producers since it is becoming increasingly common to sell hogs based on the cutout price,” said NPPC President R.C. Hunt, a pork producer from Wilson, N.C. “This important addition to the price reporting law allows for a more competitive market and will provide greater transparency in the livestock market.”