Just as the Cattle Industry Convention and NCBA Trade Show was getting underway last week, USDA launched its pilot Cattle Contracts Library on the Agricultural Marketing Service (AMS) Cattle Contract Library webpage.
That provided a timely opportunity for USDA AMS Administrator Bruce Summers and Associate Deputy Administrator Taylor Cox to update the cattle industry during an early morning session at the convention.
The Consolidated Appropriations Act of 2022 directed USDA to create a pilot library to increase market transparency for cattle producers. This pilot library will provide new disclosure to the industry and public regarding the key terms, conditions, and volumes under which cattle are contracted, bringing sunshine to practices in what is now the largest part of the cattle market. This will empower cattle producers to negotiate better terms, more carefully monitor risks relating to marketing preferences and pricing practices, and ultimately take better advantage of market opportunities to produce cattle that the market demands.
USDA Pilot Cattle Contracts Library
USDA AMS Administrator Bruce Summers and Associate Deputy Administrator Taylor Cox
2023 CattleCon USDA Pilot Cattle Contracts session (30:08)
2023 Cattle Industry Convention and NCBA Trade Show Photo Album