Iowa 4th District Congressman-elect Randy Feenstra says it’s time for the U.S. Department of Justice to address allegations of price fixing in the livestock industry.
OC………the monopoly.” :05
Four companies — J-B-S, Smithfield, Cargill, and Tyson — control more than 80 percent of the beef packing industry.
While beef consumption and consumer prices soared during the early months of the pandemic, profits did not trickle down to producers with prices for cattle sold at market falling.
Feenstra, a Republican from Hull, says his in-laws raise livestock, so the financial reality hits close to home.
OC…….somewhere thereabouts.” :12
Boxed beef is the wholesale price of cuts of meat.
Feenstra, who hopes to become a member of the U.S. House Ag Committee when he’s sworn into office on January 3rd, says it’s time for congress to examine the Packers and Stockyards Act.
The law was drafted to assure fair competition and fair trade practices in the livestock industry.
OC…….massive concern.” :07
The law was originally passed in 1921.
A major update in 1976 gave the U-S-D-A authority to issue fines for anti-competitive practices in the meat packing industry.
Feenstra made his comments during a recent appearance on the Iowa Press program on Iowa P-B-S.