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Beef Buzz News


Widespread Industry Support Helped Get The Livestock Dealers Statutory Trust Law Passed Says LMA's Chelsea Good

Wed, 03 Feb 2021 09:14:09 CST

Widespread Industry Support Helped Get The Livestock Dealers Statutory Trust Law Passed Says LMA's Chelsea Good Widespread industry support for the Livestock Dealers Statutory Trust law helped get it passed before the end of 2020 said Chelsea Good, vice president of government and industry affairs for the Livestock Marketing Association.

The Livestock Dealers Statutory Trust was signed into law as part of the Covid relief legislative package and during a conversation with Radio Oklahoma Ag Network Farm Director Ron Hays Good explained how the law will work.

The LMA was a major player promoting it but not the only group, Good said.

We had good support from the livestock industry as a whole, she said.

From a big picture perspective, we had a great coalition but there were some concerns out of Texas that the USDA wanted to look into, she said.

The USDA wanted to study the issue for a year to make sure it was well vetted, she said.

They wanted to make sure it wouldn’t hamper the credit availability for livestock dealers, she said.

The law went into effect end of 2020 and is now in place to protect cattle producers.

The way it works is if within 30 days of not receiving a check or if a bad check is received within 15 days, they would need to file a claim with the USDA to preserve their statutory trust rights, Good said.

The LMA official said there are several other issues the group is watching.

Covid is not over so we need to make sure processors are open and operational, she said.

We need to make sure people get vaccinated so we can keep the supply chain moving and have the restaurants open, she said.

She said this is especially necessary for the higher end cuts normally sold in restaurants.

I think we also need to have some additional conversations about our tight packing capacity, Good said.

Also, price discovery, especially for fed cattle need to be addressed, she added.

I think these are going to be pretty big topics going forward this year, she said.

Click on the LISTEN BAR below to hear more of Ron’s interview with Chelsea Good.

The Beef buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.


   
   

Ron Hays Beef Buzzes With Chelsea Good
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