December 25, 2020
Johnston, Iowa 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.
(as said) “The packers, they’re making all kinds of profits, so we’ve got change it,” Feenstra says. “We’ve got to break up the monopoly.”
Four companies JBS, Smithfield, Cargill, and Tyson control more than 80 percent of the beef packing industry. And while beef consumption and consumer prices soared during the early months of the pandemic, profits did not trickle down to producers. The prices for cattle sold at market fell. Feenstra, a Republican from Hull, says his inlaws raise livestock, so the financial reality hits close to home.