1. Short title This Act may be cited as the Cattle Market Transparency Act of 2020 . 2. Cattle contract library Title II of the Packers and Stockyards Act, 1921, is amended by inserting after section 223 ( 7 U.S.C. 198b ) the following: C Cattle contracts 231. Definitions In this subtitle: (1) Base price The term base price means the price paid for cattle delivered to a packer, before application of any premiums or discounts, expressed in dollars per hundred pounds of carcass weight. (2) Contract (A) In general Subject to subparagraph (B), the term contract means any agreement, written or oral, between a packer and a producer for the purchase of fed cattle for slaughter. (B) Exclusion The term contract does not include a contract for a negotiated purchase. (3) Fed cattle The term fed cattle means a steer or heifer that has been finished on a ration of roughage and feed concentrates, such as grains, protein meal, grass (forage), and other nutrient-rich feeds, prior to slaughter. (4) Formula marketing arrangement The term formula marketing arrangement means the advance commitment of cattle for slaughter— (A) by any means other than through a negotiated purchase, negotiated grid purchase, or forward contract; and (B) using a method for calculating price— (i) under which the price is determined at a future date; (ii) the basis of which is a price established for a specified market, which may be based on any publicly reported price, including plant average price, regional price, downstream price, or some other mutually agreeable price source; and (iii) that may include a grid or nongrid price. (5) Forward contract The term forward contract means— (A) an agreement for the purchase of fed cattle, executed in advance of slaughter, under which the base price is established by reference to— (i) prices quoted on the Chicago Mercantile Exchange; or (ii) other comparable publicly available prices