Four U.S. Senators have struck a deal on a livestock price discovery bill to expand negotiated cash trade for cattle. The Cattle Price Discovery and Transparency Act would establish regional mandatory minimum thresholds for negotiated cash and grid trades. Brad Kooima with the Iowa Cattlemen’s Association led the efforts on the bill and says each region’s 18-month average negotiated cash trade volumes will be used to set the mark.

He says for cattle producers that means more robust competition in every major feeding area.

Kooima says the compromise bill would also set up a contract library, plus mandate timely reporting of carcass weights and 14-day slaughter schedules.

There is also language to prohibit USDA from using confidentiality as a reason for not reporting information on livestock price reports. The bill has widespread support from farm groups and there is optimism about passage.