Senate Approves Livestock Price Reporting Funds

June 30, 2000

The Senate Thursday approved more money to pay for a new program that reports price, volume and terms of sale for cattle, hogs and sheep. The increase was needed because USDA had underestimated by more than $1 million the cost of operating the program. The action Thursday brings the total level of funding to $6 million for this fiscal year. The money was included in a military spending bill.

"I worked to create the price reporting program to help make the market more competitive and give independent producers access to information about the volatile market they've endured over the last three years," said Sen. Charles Grassley (R-IA). who pushed hard for the appropriation, "Accurate and reliable market information is critical for independent operators to stay competitive. Transparency can help prevent insider deals that undercut fair competition."

The Livestock Mandatory Price Reporting Act sponsored by Grassley and Sen. Tom Daschle (D-SD) was passed last year. It requires USDA’s Agriculture Marketing Service to collect the market data and make it immediately available via the Internet.

Approved Thursday was an additional $1.35 million to be distributed as follows:

--$550,000 to the Economic Research Service to improve reports on retail purchase prices;

--$200,000 to the Foreign Agricultural Service for reports on export markets;

--$400,000 to the National Agricultural Statistics Service for reports on monthly inventories of hogs and pigs;

--$200,000 to the Grain Inspection, Packers and Stockyards Administration for reports on swine packer marketing contracts.