South Dakota Congressman Dusty Johnson is pleased the USDA Ag Marketing Service has announced two new reports to enhance price discovery under mandatory price reporting for cattle. The two are the National Daily Direct Formula Base cattle report which will be given in the morning, as a summary and an afternoon version. The second is the National Weekly Cattle Net Price Distribution report. South Dakota Stock Grower’s Association Executive Director James Halverson says the move to those are positive.
He says the two reports are a good initial move in helping improve the transparency and competitiveness of the cattle markets.
Halverson says having the National Weekly Cattle Net Price Distribution Report available will help show what levels the weekly weighted average price will be for negotiated, negotiated grid, formula and forward contracts.
Halverson says his group continues to work with Congressman Dusty Johnson on his PRICE Act bill which calls for creation of a Beef Cattle Contract Library.
