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Support for the Livestock Industry Amidst Marketplace Challenges

U.S. Department of Agriculture (USDA) Under Secretary for Marketing and Regulatory Programs Greg Ibach is highlighting three USDA initiatives that build upon the considerations included in USDA’s July 2020 Boxed Beef and Fed Cattle Price Spread Investigation Report—risk management education funding, updates to livestock market reporting and producer training opportunities.
Recently, USDA announced two competitive funding opportunities for educational projects designed to help livestock producers and other agricultural producers improve their economic viability through targeted risk management strategies. The application deadline is November 19, 2020, and awards will be announced on February 12, 2021.
“USDA is committed to transparency, accountability and resolving ongoing challenges in the cattle market by equipping producers with information to help make business decisions. I encourage livestock organizations to look at these funding opportunities, as well as other existing resources available from USDA,” Under Secretary Greg Ibach, said.
This newly announced funding is available from the National Institute of Food and Agriculture’s (NIFA) Extension Risk Management Education (ERME) Program, which is operated through four regional risk management education centers. The program provides funding for results and outcome-based risk management education projects designed to help producers learn and use tools and approaches that can reduce the adverse effects of the uncertainties of weather, yields, prices, credit, government policies, global markets and other factors, including human resources and legal issues – all of which may result in wide swings in farm income or threaten the economic viability of the farm or ranch.
USDA will also update its daily national livestock slaughter report by removing the word “estimated” from the title in order to encourage the market’s immediate use of the information.
USDA’s Agricultural Marketing Service (AMS) collects daily data from meat packers and currently publishes the Estimated Daily Livestock Slaughter under Federal Inspection report to provide industry stakeholders with information on supply and volume of several species. Two weeks later, USDA’s Food Safety and Inspection Service (FSIS) publishes the Actual Slaughter Under Federal Inspection which includes the actual weights for cattle, steers, heifers and other livestock.
“Because a majority of meat packers are included in the data collected by AMS, the accuracy of the AMS estimated slaughter report is high with usually only a 0.5% differential compared to the FSIS actual slaughter data. We believe dropping ‘estimated’ from the title of the AMS report will provide more timely information without sacrificing accuracy,” Under Secretary Ibach, said.
Also in an effort to increase engagement with producers, in the next few weeks USDA will announce a series of webinars hosted in partnership with the CME Group and the three USDA Cattle and Carcass Grading Correlation Training Centers.
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