Mandatory Dairy Price Reporting Becomes Law
October 4, 2010
Mandatory Dairy Price Reporting Becomes Law
President Barack Obama signed a new mandatory price reporting bill into law last Monday. The bill reauthorizes mandatory price reporting programs run by the U.S. Department of Agriculture for five years, and more importantly, it launches a new mandatory, electronic reporting system for dairy products.
While dairy price reporting was authorized in the 2008 Farm Bill, it was never funded by USDA. Now USDA has 12 months to implement the electronic system to collect the data that is currently surveyed. The law directs the Secretary to publish the information reported through the electronic reporting system by 3:00 PM ET, each Wednesday.
NMPF thanks Congress and the Administration for quickly passing the law to increase transparency and efficiency in the price reporting system.
