54-2623. Sales of cattle; packer; reporting requirements.
228 words·~1 min read·
/ne/chapter-54/54-2623A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Beginning February 15, 2000, a packer shall, two times each day during which cattle are purchased, report to the department and to the United States Department of Agriculture, agricultural market service livestock news branch, all cattle that are purchased in the cash, spot, or direct market since the last report. A packer shall, one time each day during which cattle are purchased, report to the department and to the United States Department of Agriculture, agricultural market service livestock news branch, all cattle that are purchased by contract that day.
Such reports shall be completed on forms prepared by the department, in consultation with the agricultural market service livestock news branch, and shall include:
(1)The cash price paid and the number of cattle purchased at price intervals representative of the day's trade;
(2)Quality characteristics, including sex of the cattle, estimated percentage of the meat which will be graded choice or better upon inspection based upon the United States Department of Agriculture official grades, and estimated live weight, as well as premium and discount factors that may apply to these characteristics;
(3)Base price and premium and discount factors for cattle purchased using a formula or grid pricing mechanism; and
(4)The delivery month, volume, and applicable basis level for all cattle purchased under basis contract.
The report shall not include information regarding the identity of a seller.