Part A - Purpose; Definitions

7 USC 1635 - Purpose

The purpose of this subchapter is to establish a program of information regarding the marketing of cattle, swine, lambs, and products of such livestock that
(1) provides information that can be readily understood by producers, packers, and other market participants, including information with respect to the pricing, contracting for purchase, and supply and demand conditions for livestock, livestock production, and livestock products;
(2) improves the price and supply reporting services of the Department of Agriculture; and
(3) encourages competition in the marketplace for livestock and livestock products.

7 USC 1635a - Definitions

In this subchapter:
(1) Base price 
The term base price means the price paid for livestock, delivered at the packing plant, before application of any premiums or discounts, expressed in dollars per hundred pounds of carcass weight.
(2) Basis level 
The term basis level means the agreed-on adjustment to a future price to establish the final price paid for livestock.
(3) Current slaughter week 
The term current slaughter week means the period beginning Monday, and ending Sunday, of the week in which a reporting day occurs.
(4) F.O.B. 
The term F.O.B. means free on board, regardless of the mode of transportation, at the point of direct shipment by the seller to the buyer.
(5) Livestock 
The term livestock means cattle, swine, and lambs.
(6) Lot 
The term lot means a group of one or more livestock that is identified for the purpose of a single transaction between a buyer and a seller.
(7) Marketing 
The term marketing means the sale or other disposition of livestock, livestock products, or meat or meat food products in commerce.
(8) Negotiated purchase 
The term negotiated purchase means a cash or spot market purchase by a packer of livestock from a producer under which
(A) the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and
(B) the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.
(9) Negotiated sale 
The term negotiated sale means a cash or spot market sale by a producer of livestock to a packer under which
(A) the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and
(B) the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.
(10) Prior slaughter week 
The term prior slaughter week means the Monday through Sunday prior to a reporting day.
(11) Producer 
The term producer means any person engaged in the business of selling livestock to a packer for slaughter (including the sale of livestock from a packer to another packer).
(12) Reporting day 
The term reporting day means a day on which
(A) a packer conducts business regarding livestock committed to the packer, or livestock purchased, sold, or slaughtered by the packer;
(B) the Secretary is required to make information concerning the business described in subparagraph (A) available to the public; and
(C) the Department of Agriculture is open to conduct business.
(13) Secretary 
The term Secretary means the Secretary of Agriculture.
(14) State 
The term State means each of the 50 States.