Sec. 2. Definitions
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Section 212 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635a ) is amended— in paragraph (5), by striking cattle, and inserting cattle (including fed cattle), ; by redesignating paragraphs (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and
(14)as paragraphs (5), (6), (7), (8), (10), (11), (12), (13), (15), (16), and (17), respectively; by inserting after paragraph
(3)the following: The term fed cattle means a steer or heifer that has been finished on a ration of roughage and feed concentrates, such as grains, protein meal, grass (forage), and other nutrient-rich feeds, prior to slaughter. ; by inserting after paragraph
(8)(as so redesignated) the following: The term negotiated grid purchase means a purchase of fed cattle by a packer from a producer under which— the buyer-seller interaction results in a negotiated base price, which may be adjusted by premiums and discounts; and the fed cattle are scheduled for delivery to the packer not more than 14 days after the date on which the agreement for purchase is made. ; and by inserting after paragraph
(13)(as so redesignated) the following: The term regional mandatory minimum means, for each reporting region (as designated by the Agricultural Marketing Service), of the quantity of cattle purchased for slaughter by a packer (as defined in section 259(a)) in that region each current slaughter week, the minimum percentage of such cattle that are required to be purchased through negotiated purchases or negotiated grid purchases from producers. . Section 221 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635d ) is amended— by striking paragraph
(3)and inserting the following: The term formula marketing arrangement means the advance commitment of cattle for slaughter— by any means other than through a negotiated purchase, negotiated grid purchase, or forward contract; and using a method for calculating price— under which the price is determined at a future date; and the basis of which is a price established for a specified market, which may be based on any publicly reported price, including plant average price, regional price, downstream price, or some other mutually agreeable price source. ; in paragraph (8)(B), by striking market and inserting marketing ; by redesignating paragraphs (3), (4), (5), (6), (7), and
(8)as paragraphs (4), (5), (7), (8), (10), and (12), respectively; by inserting after paragraph
(2)the following: The term contract means any agreement, written or oral, between a packer and a producer for the purchase of fed cattle for slaughter. The term contract does not include a contract for a negotiated purchase. ; by inserting after paragraph
(5)(as so redesignated) the following: The term heifer means a bovine female that has not given birth to a calf. ; by inserting after paragraph
(8)(as so redesignated) the following: The term ‘steer’ means a bovine male castrated before reaching sexual maturity. ; and by inserting after paragraph
(10)(as so redesignated) the following: The term type of contract means the classification of a contract for the purchase of cattle— into 1 of the categories described in subparagraph (B); and by determining the base price of the cattle. The categories for classification of a type of contract are the following: Formula marketing arrangement. Forward contract. Negotiated grid purchase contract. .
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