10/25/2021 | News release | Distributed by Public on 10/25/2021 08:35
The House Agriculture Committee recently passed the Farm Bureau-backed Cattle Contract Library Act of 2021 (H.R. 5609), which would create a library for cattle contracts within USDA's Agricultural Marketing Service. Though a similar library exists for the pork sector, cattlemen are currently unaware of contract terms being offered by packers.
The bill would require packers to report terms of alternative marketing agreements between packers and producers, equipping ranchers with additional market data needed to make informed marketing and business decisions. The USDA library would provide producers with key details on cattle contracts, including the type and duration.
"In meetings with ranchers and feeders across the state, there is agreement that we need cattle market transparency, including reporting details of all cattle marketing arrangements," said South Dakota Farm Bureau President and American Farm Bureau Federation Vice President Scott VanderWal. "The Cattle Contract Library is common sense and I hope we can get it quickly moved out of committee and passed in the House."
The bill would require USDA to issue weekly or monthly reports that include:
The Cattle Contract Library Act of 2021 was introduced by Reps. Dusty Johnson (R-S.D.) and Henry Cuella (D-Texas).