USDA launches Cattle Contracts Library pilot
|The Agriculture Department launched its pilot Cattle Contracts Library today on the Agricultural Marketing Service (AMS) Cattle Contract Library webpage.|
“The Consolidated Appropriations Act of 2022 directed USDA to create a pilot library to increase market transparency for cattle producers,” USDA noted.
“This pilot library will provide new disclosure to the industry and public regarding the key terms, conditions, and volumes under which cattle are contracted, bringing sunshine to practices in what is now the largest part of the cattle market. This will empower cattle producers to negotiate better terms, more carefully monitor risks relating to marketing preferences and pricing practices, and ultimately take better advantage of market opportunities to produce cattle that the market demands.”
“USDA is committed to creating a more level playing field for cattle producers and a more balanced, equitable economy for everyone working in food and agriculture,” Agriculture Secretary Tom Vilsack said.
“The Cattle Contracts Library Pilot Program supports this commitment by providing producers with the market information they need to make informed production, marketing, and business decisions.”
“With this Cattle Contract Library pilot, America’s ranchers will enjoy an exciting new window into market opportunities and trends in cattle contracts, one of the most critical parts of the cattle marketplace,” said USDA Undersecretary for Marketing and Regulatory Programs Jenny Lester Moffitt.
“Transparency is the foundation of fair and competitive markets and critical for producers seeking to grow economic opportunities. As we continue to lay the groundwork for more and better markets, USDA looks forward to working with all stakeholders and Congress to enable this pilot library to deliver meaningful and lasting value to producers.”
Sen. John Hoeven, R-N.D., the ranking member on the Senate Agriculture Appropriations Subcommittee, said, “With the cattle contract library now live, ranchers will be better positioned to market and sell their livestock, securing a better price for their high-quality products. This library comes as part of our ongoing efforts to ensure livestock producers can access fair and competitive markets.
”National Cattlemen’s Beef Association Senior Director of Government Affairs Tanner Beymer said, “We have been looking forward to the launch of the Cattle Contract Library pilot program and will review the product to determine if its current format provides value to cattle producers. We will continue engaging with officials at the U.S. Department of Agriculture and providing feedback on this resource.”
–The Hagstrom Report