Farm Progress America, January 10, 2024

Source: Farm Progress. The original article is posted here.

Farm Progress America, January 10, 2024

Mike Pearson takes a look at more legal troubles for the world's four biggest meat packers.

The meatpackers include Cargill, Tyson, JBS and National Beef who are accused of beef pricing fixing.

The new year started off with a bang for America's largest meatpackers with four lawsuits making allegations of trying to fix, stabilize, raise or maintain beef prices sold to retailers.

The lawsuit also alleges the meat packers have been in collusion since at least 2015.

The latest lawsuit was filed by wholesale food suppliers and beef retailers: BJ Wholesale Club, Quality Supply Chain Food, Gordon Food Service and Target.

The lawsuit alleges that beef prices wouldn't have reached such highs without the meatpackers actions.

There were two lawsuits filed in 2023 making similar allegations.

Substantial settlements were made in some cases.

However, civil lawsuits are not the only issues facing the four meatpackers.

The USDA is launching an investigation into improper beef pricing practices.

And Congress is exploring ways to provide more oversight over the meatpackers through the Packers and Stockyards Act.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness .

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