U.S. to probe surging beef prices, falling cattle prices during coronavirus pandemic
The U.S. Agriculture Department will investigate why a surge in beef prices due to coronavirus hoarding did not translate into higher cattle prices for farmers, Agriculture Secretary Sonny Perdue said on Wednesday.
“This is a good decision to address potentially unfair practices,” U.S. Senator Deb Fischer of Nebraska said on Twitter.The investigation will expand a review USDA launched into the beef market in August after a fire at a Tyson Foods plant in Holcomb, Kansas, sent beef prices soaring and tanked cattle prices. The agency has not released the results of the investigation that began last year.
“USDA’s Packers and Stockyards Division will be extending our oversight to determine the causes of divergence between box and live beef prices, beginning with the Holcomb Fire in KS last summer and now with COVID-19,” Perdue said in a tweet.U.S. senators last month asked the Justice Department to investigate whether meat packers engaged in price-fixing during the coronavirus pandemic.
The National Cattlemen’s Beef Association, an industry group, separately called for USDA to work with the Justice Department to investigate whether “inappropriate influence occurred in the markets.”Tyson Foods and Cargill did not immediately respond to requests for comment. They have previously said they rely on farmers to supply cattle and want them to do well.
Reporting by Tom Polansek; Editing by Bill Berkrot Read more: Reuters Top News »
be vegan save Mother Earth simply just don't buy their sh*t, they will get the memo. They closing meat packing plants bc of Trump's virus! Don't you get it stupid? You need a law degree for that? No longer Wuhan or Chinese virus! Trump's virus! He owns like all those hotels, golf clubs & harems he owns!
That is not supply and demand. That is profiting during pestilence. What nonsense priorities..🙏🙏🤔🤔😔😔 Price disparity Price gouging on the beef!! American eating Sanghi mom's😁 Profiteering. Oh no. Not another price gauging please. Surging? Why? Ketosis?
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