As long as cattle producers’ demands for the restoration of honest price discovery in the fed cattle market was still just that, a demand, we did not need to come to a consensus about how this could actually be accomplished. In an advanced notice of rulemaking, “Price Discovery and Competition in Fed Cattle Markets,” USDA has finally acknowledged that price discovery is indeed broken and has, in essence, put the baby back into our hands. It is now up to cattle producers to tell USDA just exactly how fed cattle markets should be structured so that they are accurate, honest,...

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