Collapse to view only § 1635. Purpose
§ 1635. Purpose
The purpose of this subchapter is to establish a program of information regarding the marketing of cattle, swine, lambs, and products of such livestock that—
(1) provides information that can be readily understood by producers, packers, and other market participants, including information with respect to the pricing, contracting for purchase, and supply and demand conditions for livestock, livestock production, and livestock products;
(2) improves the price and supply reporting services of the Department of Agriculture; and
(3) encourages competition in the marketplace for livestock and livestock products.
(Aug. 14, 1946, ch. 966, title II, § 211, as added Pub. L. 106–78, title IX, § 911(2), Oct. 22, 1999, 113 Stat. 1188.)
§ 1635a. Definitions
In this subchapter:
(1) Base price
(2) Basis level
(3) Current slaughter week
(4) F.O.B.
(5) Livestock
(6) Lot
(7) Marketing
(8) Negotiated purchase
The term “negotiated purchase” means a cash or spot market purchase by a packer of livestock from a producer under which—
(A) the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and
(B) the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.
(9) Negotiated sale
The term “negotiated sale” means a cash or spot market sale by a producer of livestock to a packer under which—
(A) the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and
(B) the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.
(10)
(11) Producer
(12) Reporting day
The term “reporting day” means a day on which—
(A) a packer conducts business regarding livestock committed to the packer, or livestock purchased, sold, or slaughtered by the packer;
(B) the Secretary is required to make information concerning the business described in subparagraph (A) available to the public; and
(C) the Department of Agriculture is open to conduct business.
(13) Secretary
(14) State
(Aug. 14, 1946, ch. 966, title II, § 212, as added Pub. L. 106–78, title IX, § 911(2), Oct. 22, 1999, 113 Stat. 1188.)