A US senator said he would propose legislation that would oblige meatpackers to acquire 25% of their daily supplies from open livestock markets in order to improve the accuracy of USDA price data.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Republican Sen. Charles Grassley said in a statement: “This legislation would improve price transparency and bring more accurate mandatory price reporting data so independent producers can have a fair marketplace to sell their livestock.”
The bill proposed by the Iowa senator would require meatpackers to buy a minimum of 5% of its daily meat supplies from the spot market starting in 2004, with this increasing to 25% by 2008.
The senator’s statement comes just weeks after a class action lawsuit was filed against the four largest US meatpackers, Tyson Foods, Cargill’s meat division Excel Corp, ConAgra Foods’ beef company and Farmland Industries. The lawsuit alleged the companies had manipulated the price of live cattle by submitting falsified reports of daily purchase prices.
To read more on this lawsuit, just-food.com members click here.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTo find out about the benefits of full membership of just-food.com, please click here.
