The four CEOs of Cargill, Tyson Foods, JBS, and National Beef Packing have agreed to testify before Congress. Reuters says the meatpacker bosses will discuss cattle markets and price increases for consumers.
House Ag Committee Chair David Scott says it’s important to find out why prices have dropped for ranchers and risen for consumers. “In addition to the CEO panel, we’ll also bring together a panel of ranchers to hear what industry consolidation has done to their bottom lines and viability,” Scott says.
Rising prices and profits for meatpacking companies are likely to draw more scrutiny from lawmakers in Washington, D.C. The Biden administration announced a plan in January for new rules that will increase competition in the industry and stop “exploitation” within the sector. The concern is that a small group of meatpackers can dictate beef, pork, and poultry prices, which will add to inflation pressure caused by rising production costs.
