Effective August 9th, following Executive Order 14017 on supply chains, the USDA Market News initiated the issue of two new reports:-
- The National Daily Direct Formula Base Cattle report will provide data on negotiated trade and base prices in addition to premiums and discounts. The Daily Formula Base Price report will be released each morning and afternoon. Weekly and monthly base reports will be both national and regional and will include forward contract base information.
- The National Weekly Cattle Net Price Distribution report will document trade including weekly weighted average price for each purchase type including negotiated, formula and forward contract.
Tom Vilsack secretary of the USDA stated, “During the past five years stresses and disruptions caused by concentration in livestock markets have hurt producers, workers and consumers and highlighted vulnerabilities in America’s food system supply chain.” He added, “Current negotiated cattle trade is approximately 13 percent less than it was in 2005 while formula transactions have increased at the same rate.”
The USDA intend introducing producer-focused outreach to help understand how data can lead to improved marketing decisions at the farm and feed-lot level.
The Supply Chain Disruptions Task Force introduced by the Administration includes Secretary Vilsack. The Task Force will evaluate and diagnose problems and develop and implement solutions to alleviate bottlenecks and enhance the economy stressed by COVID restrictions.