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This action would propose amendments to address problems in fed cattle markets arising from the way that base prices for live cattle are currently determined under most long-term contracts.  AMS would propose to issue a regulation under the Packers and Stockyards Act (Act) (7 U.S.C. 181 to 229c) to improve price discovery and transparency in fed cattle markets and protect producers from unfair and deceptive practices, market manipulation, and being subject to the exercise of market power by regulated entities in the fed cattle markets.