Senior Farm and Ranch Broadcaster, Ron Hays, is talking with the Executive Vice President of the Oklahoma Cattlemen’s Association, Michael Kelsey, about the prompt payment conversation and more at the 2023 Cattle Industry Summer Business Meeting.
Our coverage from the 2023 Cattle Industry Summer Business Meeting in San Diego is powered by Farm Data Services of Stillwater.
“There was a resolution process regarding prompt payment,” Kelsey said. “This deals with, under Packers and Stockyards Act, when a person sells cattle at a livestock market or to a packer or to an entity, there are rules regarding how soon they have to pay- prompt payment.”
Many know, Kelsey said, that when cattle are sold at the sale barn, there must be a check issued by the next business day. With new technology such as direct deposit, Kelsey said the Packers and Stockyards Act would have to be amended to utilize these different methods of payment.
“Our policy is, we want to help our members get their money as quickly and efficiently as possible,” Kelsey said.
The debate about this policy at the summer business meeting, Kelsey said, was extremely robust as there was plenty of disagreement.
“The votes were very close, and we wound up having two policies,” Kelsey said. “One was a resolution, and one was a directive that were in contradiction. The board had to deal with those, and at the end of the day, wound up sending them back to the committee.”
Through the voting process at the meeting, Kelsey said he was reaffirmed in his opinions of how well cattle producers are able to have their voices heard within the National Cattlemen’s Beef Association.
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