Members of Congress Ask USDA to Provide Findings of Beef Pricing Investigation As Soon As Possible
Cheyenne, OK – Today, Congressman Frank Lucas (OK-03) led a bipartisan letter with 24 of his House colleagues to U.S. Department of Agriculture (USDA) Secretary Sonny Perdue requesting that he provide the findings of the Agency’s beef pricing investigation to Congress as soon as possible. Following the announcement of the USDA’s Packers and Stockyard Division investigation in August of 2019, Secretary Perdue, extended USDA’s investigation last month to determine the causes of divergence between live beef and box prices during the COVID-19 pandemic.
“Beginning in the first few weeks of the crisis, cattlemen have seen prices drastically decline, with cattle futures falling 29% between the month of January and April, all-the-while beef prices increased on market shelves. While we do recognize the complexity of the beef markets generally, the devastating effect this has had on many of our constituents in the last few weeks is clear. This is of great concern to us for a variety of reasons but chief among them being the doubt it casts on our markets as a whole. When market participants begin to believe that markets are not competitive or transparent that suspicion has a dangerous industry-wide ripple effect. That is why we applaud you for expanding the ongoing investigation into the cattle market's reaction to the 2019 plant fire in Holcomb, Kansas to encompass the more recent CV-19 related market concerns. This oversight role the agency plays is an immensely important one that helps ensure that our markets are equipped to function properly,” the Members of Congress wrote.
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from MuskogeePolitico.com
