The Senate Agriculture Committee explored the issue of U.S. cattle markets and as expected, did not come to any conclusions about what needs to be done to address market conditions.
The panel heard testimony from cattlemen and academics who focused on the need for price discovery improvements with some pushing for livestock price reporting requirements to be tweaked to improve market clarity.
There was also considerable discussion about processing capacity in the U.S., with lawmakers hearing about the costs involved in setting up new slaughter facilities.
This is why Senate Agriculture Chair Debbie Stabenow, D-Mich., will take more time for the industry to reach agreement, something that will take a major effort and time. Expect any plan from Congress to likely come about later rather than sooner given the breadth of issues.