To require the Secretary of Agriculture to submit a report on, and establish a system for, lamb price and supply reporting services in the Department of Agriculture.

Directs the Secretary of Agriculture to report to specified congressional committees on measures necessary to improve the lamb price and supply reporting services of the Department of Agriculture.

Requires the Secretary, based on the report, to: (1) develop a price discovery system formula for the lamb market, such as carcass equivalent pricing; and (2) establish a price rediscovery and reporting system for the lamb market to assist lamb producers to allocate resources better and make informed production and marketing decisions.