Mandatory Price Reporting Reauthorisation legislation has been signed into law by President Obama, according to media reports.
The bill extends reporting requirements of livestock daily markets for five years and adds pork and dairy requirements. U.S. Senator Blanche Lincoln (D-Ark.), Chairman of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, said the legislation will ensure that family farmers and ranchers will receive fair market value for their livestock.
In addition to current law, the bill calls for reporting on Mandatory Reporting of Wholesale Pork meat cuts. This new provision is designed to improve transparency to the pork industry and further protect producers.
The bill also instructs the Secretary of Agriculture to establish within one year an electronic price reporting system for dairy products which will make it easier for milk producers to obtain current milk prices.