LAMB PRICE AND SUPPLY REPORTING SERVICES REPORT AND SYSTEM.

SEC. 124. LAMB PRICE AND SUPPLY REPORTING SERVICES REPORT AND SYSTEM. (a) Report.— Not later than 90 days after the date of enactment of this Act, the Secretary of Agriculture shall submit a report to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate on measures that are necessary to improve the lamb price and supply reporting services of the Department of Agriculture, including recommendations to establish a complete information gathering system that reflects the market structure of the national lamb industry. In preparing the report, the Secretary shall examine measures to improve information on— (1) price reporting series of wholesale, retail, box, carcass, pelt, offal, and live lamb sales in the United States, including markets in— (A) California (including San Francisco); (B) the East Coast region (including Washington, D.C.); (C) the Midwest region (including Chicago, Illinois); (D) Texas; (E) the Rocky Mountain region; and (F) Florida; (2) sheep and lamb inventories, including on-feed reports; (3) the price and supply relationships between retailers and breakers; (4) the viability of voluntary or mandatory reporting for sheep prices; and (5) information on the import and export of sheep, analyzed by cut, carcass, box, breeder stock, and sex. (b) Price Discovery and Reporting System.— (1) System required.— Based on the report required under subsection (a), the Secretary shall— (A) develop a price discovery system formula for the lamb market, such as carcass equivalent pricing; and 105 STAT. 1845 (B) establish a price discovery and reporting system for the lamb market to assist lamb producers to better allocate their resources and make informed production and marketing decisions. (2) Implementation.— The price discovery and reporting system for the lamb market shall be implemented by the Secretary not later than 180 days after the date of the submission of the report. (3) Authorization of Appropriations.— There are authorized to be appropriated such sums as may be necessary to develop and establish the system required under this subsection. (c) Consultation.— In preparing the report required under subsection (a) and establishing the price discovery and reporting system required under subsection (b), the Secretary shall consult with lamb producers and other persons in the national lamb industry.