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USDA Market News the Bellwether for Pricing Livestock and Meat World Wide
Dr. Craig Morris - USDA's Agricultural Marketing Service

Farmscape for June 23, 2016

The Deputy Administrator with USDA's Agricultural Marketing Service says market news information provided by the U.S. Department of Agriculture has become the bellwether for pricing livestock and meat world wide.
Revisions to USDA's Mandatory Price Reporting Program are expected to be implemented this fall.
Under the proposed changes more trades will fall into the morning and afternoon hog reports making the data more representative of current market conditions and new categories will be created to provide producers a better understanding of the value of their particular livestock.
Dr. Craig Morris, the Deputy Administrator with USDA's Agricultural Marketing Service, says the market news reports are relied on world wide.

Clip-Dr. Craig Morris-U.S. Department of Agriculture:
We're very fortunate here in the United States that we have a program as robust as the Mandatory Price Reporting Program is for livestock.
Certainly producers, as mandatory price reporting has been in existence, have become more reliant on market news information because they've entered into contracts, long term purchase agreements, sales agreements where they're essentially selling off of a contract that's using the data we publish on a given day to really determine the value of their livestock or the value of the meat.
Countries around the world certainly do use the data.
I've been invited to markets as far away as China and Europe to talk about how the program was established and exactly what it does.
It serves as the bellwether of information in terms of the health of the U.S. market, what the prices are and, because it's a mandatory program, it is literally the depth of the ocean in terms of the data.
It's not a subset or a sampling as we get under a voluntary system.
It's literally everything.
It's every purchase by the major packers and every sale by the major packers so the data that we're publishing is very representative of what is going on within the U.S. market and, because markets like Canada and the U.S. are so intertwined it really helps producers in markets like Canada better understand the value for their livestock as well.

Dr. Morris notes the comment period on the proposed rule has closed and there were no comments in opposition to proposals on the swine side.
For Farmscape.Ca, I'm Bruce Cochrane.


       *Farmscape is a presentation of Sask Pork and Manitoba Pork

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