News

Beef CEOs to testify in upcoming House Ag Committee hearing

The CEOs of the four major US meatpackers have agreed to participate in an upcoming House Agriculture Committee hearing on cattle markets.

Chairman David Scott says it is very important to hear the perspectives of the CEOs of Cargill, Tyson Foods, JBS, and National Beef Packing to understand the full picture of why prices have gone up for consumers and down for farmers and ranchers. 

The hearing will take place the day after the Senate Ag Committee is set to hold a hearing on the Cattle Market Price Discovery and Transparency Act from US Senator Deb Fischer (R-NE) and Senator Chuck Grassley (IA). Senator Grassley told reporters on Thursday he has some questions he’d like the CEOs to answer during the House Ag hearing.  “How come they don’t think our bill is a legitimate answer to the problems that Iowans that don’t get a fair price and they sometimes have to wait 30-days to deliver their cattle,” he says.

The House Ag Chairman says it was time for the Agriculture Committee to address the issues and find out if there are anti-competitive practices in the beef supply chain.

In addition to the panel of CEOs, Scott says there will be a panel of ranchers sharing their perspective of what consolidation in the beef industry has done to their bottom lines and viability.

The House Ag Committee hearing is scheduled for April 27^th and the Senate Ag Committee hearing is scheduled for April 26^th.