Beef Buzz News
Marathon Live Cattle Committee Meeting At NCBA Summer Conference Yields Compromise on Price Discovery Policy
Thu, 30 Jul 2020 09:42:04 CDT
After a six-hour marathon meeting of the NCBA’s live cattle committee Wednesday it was obvious more price discovery for the fed cattle market is an absolute necessity. Ron Hays, Radio Oklahoma Ag Network Farm Director attended that committee meeting during the NCBA summer business conference in Denver and talked with Mike Deering, executive director of the Missouri Cattlemen’s Association.
Ron Hays Beef Buzzes With Mike Deering and Colin Woodall
There were two distinct sides divided along the lines of wanting a legislative regulatory solution or a voluntary market driven concept for more robust price discovery.
Deering, along with others from Iowa, Nebraska and Texas, supports a legislative regulatory solution because the voluntary market driven approach has not worked.
We were really trying to put some teeth in the policy, Deering said, in order to give NCBA direction to purse a mandatory effort to get robust price discovery.
We came together with a compromise as the grassroots policy development process worked, he said.
The compromise includes triggers or specific points that need to be met or the full weight of the NCBA membership will be brought to bear on all fronts.
Triggers include meeting the minimums as specified in the Colorado State study which outlines the minimum levels packers need to buy enough cattle on cash trade.
Meeting participants also passed the “LMR policy,” which stated the data is important as we need formula transactions to allow us to truly know what the value of cattle are and the price distribution, Deering said.
Also, in the LMR policy is the removal of the confidentiality guidelines.
This is huge for NCBA to have this in there, he said.
The LMR or Livestock Mandatory Reporting Act was passed by Congress in 1999 and reauthorized numerous times since, specifies mandated price reporting for live cattle, boxed beef, and live swine.
The LMR is set to be reauthorized by Congress this fall.
Colin Woodall, NCBA chief executive officer, watched the proceedings and said the group’s grassroots policy process worked.
This was one of the longest and most contentious committee meetings we’ve had in my 17 years with NCBA, he said.
We agreed that we need more cash trade to have more robust price discovery, he said. Now, we just need to find the mechanism to make that happen.
A lot of times when you look at mandates in the past if they don’t work it takes years to fix them, for example, Country of Origin labeling, he said.
It looks like we have found a compromise with triggers and if those are not met, we will look at a bigger hammer to bring to the discussion, Woodall said.
Click on the LISTEN BAR below to hear more of comments from Mike Deering and Colin Woodall.
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