This is a very short rule-making process, Meyer says, with enactment coming only about a year after the law was passed. You ve got to remember, though, that we wrote a very specific law. That specific law includes a number of provisions. It, of course, features mandatory price reporting by packers. For hogs, packers must report actual previous-day prices and slaughter information by 7 a.m.
Additional reports are due mid-morning and in the afternoon.
The part that was most troubling to packers, Determan says, was the 7 a.m. report of actual figures. That one requires the most work and could require packers to make the most changes. Some packers might not finish slaughter until late at night, Caspers explains. Of course, he says, as a farmer he has heard for years that some packers weren t honest with their early-morning voluntary price estimates. Those prices affected various contracts based on price estimates paid to independent producers.