Yesterday, USDA released the regulation for the Cattle Contract Library pilot program, a provision that was included in the 2022 appropriations bill which Congress passed in March. That legislation directed USDA to create a cattle contract library similar to the swine contract library established in 2003. Under the library, USDA will collect and report contract terms - not entire contracts. The contract provisions to be collected, and therefore submitted by packers, include:
Whether the contract is written or oral Start and end dates Base price source (livestock reporting prices, negotiated price, futures, beef cutout, etc.) Selling basis (live, carcass) Delivery terms Premiums and discounts Carcass and cattle at...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...