Utah’s state Attorney General Sean Reyes wants the Department of Justice to join Utah and other states to investigate suspected price fixing in the beleaguered meatpacking industry.
In a letter to US Attorney General Willam Barr, Reyes wrote that the state has become aware of complaints from beef growers and feeders regarding apparent manipulation of cattle pricing by processing and packing plants.
“Especially now, we need to encourage fair competition in the meatpacking industry and protect consumers,” Reyes wrote.
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, Reyes said.
In addition to harming cattle producers, the potentially illegal practice hurts consumers nationwide, many of whom are themselves struggling because of loss of employment and reduced incomes, he wrote.
“Cattle ranchers are being squeezed and many are struggling to survive, with many operating at losses, threatening the sustainability of this critically important segment of our economy and food supply,” the letter stated. “Consumers, moreover, are being deprived of the benefit of purchasing beef at prices and quantities set by a healthy and competitive market.”
Full Content: Attorney General
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