04/13/2022

CEOs of Four Large U.S. Meatpackers to Testify in Congressional Hearing

They represent Cargill, Tyson Foods, JBS and National Beef Packing

The chief executives of U.S. meatpackers Cargill, Tyson Foods, JBS and National Beef Packing have agreed to testify at a Congressional hearing discussing cattle markets and price increases for consumers, House Agriculture Committee Chairman David Scott said on Wednesday.

"It is very important, very vital and very urgent that we hear the perspectives from the CEOs at these companies and get the full picture of why prices have gone up for consumers and down for ranchers," said Scott in a statement. "In addition to this panel of CEOs, we will be convening a panel of ranchers to hear what consolidation in the beef industry has done to their bottom-lines and viability."

Increased prices and profits for meatpacking companies have threatened to amplify Washington's scrutiny of the U.S. meatpacking industry, as the Biden administration has highlighted a lack of competition in the sector.

Please select this link to read the complete article from Reuters.