Beef Buzz News
LMA's Chelsea Good Talks About How Auction Markets Have Handled This Challenging Year
Mon, 30 Nov 2020 08:10:47 CST
This has been a challenging year for many people including the nation's livestock auction markets, said Chelsea Good, vice president of government and industry affairs for the Livestock Marketing Association.
Ron Hays Beef Buzzes With Chelsea Good
Looking back on that March timeframe when it seemed the world was coming apart, Good said a priority for the auction markets was worker safety.
We were working to get the markets exempt as a critical part of the food supply and we wanted to make sure our member markets had all the tools necessary to minimize risk, she said.
Good noted concern about safety of auction workers, livestock producers and other livestock handlers required extra effort.
A big part of that was reducing the number of people in the auction barns, she said, trying to make sure it was just the necessary staff and buyers at the auction.
More online and phone bidding was seen at many of the markets, she said.
Price discovery and transparency were hot topics at the time and continue to be a major discussion point.
We were one of the first groups to call for the investigation of price manipulation, Good said.
We've seen the USDA report and it sums up there are economic reasons but as an industry we need to look at ways we can shift the leverage so we can make sure we're not so vulnerable when these things happen, Good said.
The LMA official said the investigation is still going on but it would take more concrete evidence under the Sherman Act to show any charges from the Justice Department.
Some people are suggesting we need to adjust the Packers and Stockyards Act.
It turns 100 years old next year and dates to a different business model than what we have today, Good said.
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