The U.S. Department of Agriculture (USDA) announced they will start two new market news reports this week. They are designed to provide additional insight into formula cattle trades and help promote fair and competitive markets. Gary Crawford has more details.
The National Daily Direct Formula Base Cattle report is being released today, and it will enable producers to see the correlation between the negotiated trade and reported formula base prices. The weekly and monthly formula base reports will be both national and regional in scope and include forward contract base purchase information.
The National Weekly Cattle Net Price Distribution report will be released Tuesday, and it will show at what levels, price and volume, trade occurred across the weekly weighted average price for each purchase type, negotiated, negotiated grid, formula and forward contract.
The new reports stems from a recent executive order on competition based on Livestock Mandatory Reporting data.