RAVNSBORG JOINS WITH MIDWEST AND WESTERN ATTORNEYS GENERAL URGING FEDERAL INVESTIGATION OF MEAT PACKING INDUSTRY PRACTICES
PIERRE, S.D. – Attorney General Jason Ravnsborg and the Attorneys General from ten other Midwestern and Western states are urging the Department of Justice to pursue a federal investigation into suspected national price fixing by meat packers in the cattle industry.
In a letter to US Attorney General William Barr, the Attorneys General expressed concern over the likelihood of manipulation of the market for processed beef. The four largest meat packing companies control more than 80% of the beef processing in the United States. The shelf price of beef is exceptionally high, while cattle prices are low and continue to dive. The concern over market manipulation has increased with beef prices reaching record levels as consumers stockpile meat in response to the COVID-19 pandemic, but cattle prices remain low and are decreasing.
“These activities should be alarming to all cattle producers and consumers,” said Ravnsborg. “A federal investigation is warranted to protect consumers and promote competition in the marketplace.”
The Attorneys General believe the pricing margins are a sign that meat packers are using their ability to control the market for processed beef and take advantage of the situation in a manner that could violate the federal antitrust law. In addition to harming cattle producers, this potentially illegal practice hurts consumers nationwide, many of whom are themselves struggling because of loss of employment and reduced incomes.
Ravnsborg, along with the Attorneys General from North Dakota, Nebraska, Iowa, Minnesota, Montana, Wyoming, Colorado, Missouri, Idaho, and Arizona believe the situation warrants a full federal investigation because the alleged anticompetitive conduct harms consumers and cattle ranchers across the United States.
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Well done AG! Keep up the great work there in Pierre! Looking forward to seeing you in the Governor’s Office soon!
About damn time. Now we need actual results.
Keep up the good work AG!
Clearly the big 4 are colluding to manipulate the market
What I find perplexing is why some Farmers have not gotten together to literally push Farm to Table in this state a little harder. We need to raise, butcher and sell locally and we consumers NEED to step and support it when they do. I get my Chicken from a local farmer directly who butchers also, I get my beef directly from a farmer and butchered at a local meat locker. I get my eggs from a local kid who raises the money from the Eggs he sells to go to Ethiopia to help out starving kids. I take as many measures as I can to not buy this stuff at the grocery store. If I had the money I would set up some kind of Co-op so the farmers can get their products Farm to Table and cut out this middle man, we dont want or need them. I am STILL p!ssed we keep voting down country of Origin labeling laws, ugghhh
well said.
This is great news! Good job, Mr. Ravnsborg. 👍