The USDA needs to step in to help sheep ranchers in the West following the bankruptcy of the second-largest U.S. sheep processor, said leaders of the House Agriculture Committee on Wednesday.
After years of failed attempts to draw attention to market concentration in the meat sector, farmers are cautiously optimistic about federal investigations into alleged antitrust violations in the chicken and beef industries. And grand jury indictments of four chicken industry executives could be a sign of more antitrust action to come, says a former attorney at the Department of Justice. (No paywall)
A federal grand jury indicted four poultry industry executives on a charge of conspiring to fix prices and rig bids for broiler chickens, announced the Justice Department on Wednesday. The charges were the first in "an ongoing federal antitrust investigation into price-fixing, bid rigging, and other anticompetitive conduct in the broiler chicken industry," it said.
The milk cooperative Dairy Farmers of America has entered into an agreement to buy most of milk processor Dean Foods’ assets as part of the latter’s bankruptcy proceedings. If approved, the $433 million deal will make DFA both the largest milk supplier and the largest milk processor in the country.
Wholesale beef prices have jumped to record levels, as shoppers stockpile meat in response to the global coronavirus pandemic. But this run on beef isn’t helping cattle ranchers. On the contrary, cattle prices have plummeted since January, putting many ranchers on the brink of collapse. “It’s never been worse. The futures market is crashing … and box beef prices are skyrocketing. It’s nuts,” says rancher Mike Callicrate of St. Francis, Kansas. (No Paywall)
The Department of Justice is looking into the potential antitrust implications of a proposed deal between bankrupt milk processor Dean Foods and the giant dairy cooperative Dairy Farmers of America (DFA). According to a Monday report in the Wall Street Journal, the department is investigating …
A new class-action lawsuit brought by two food distributors alleges that the country's top turkey companies conspired for most of the past decade to raise turkey prices. The allegations mirror those brought in recent years against beef, pork, and chicken companies, and all revolve around the use of reports on industry production and pricing made by a secretive data company called Agri Stats.(No paywall)
A class-action lawsuit filed this week on behalf of pork consumers alleges that hog companies have colluded to artificially hike the price of pork — and their profits. The complaint also provides new insight into Agri Stats, a data-sharing company that sits at the center of the wave of antitrust allegations sweeping the meat sector.(No paywall)
Just a few months after news broke that the nation’s top attorneys are investigating Big Chicken for alleged antitrust violations, similar allegations are piling up against Big Beef. Consumers, ranchers, and a meat distributor have now filed lawsuits alleging that the country’s biggest beef companies have broken antitrust law by conspiring to raise the price of beef and lower the amount paid to producers.
Tyson Foods, Pilgrim’s Pride, and Perdue Farms have all been subpoenaed by the Department of Justice in the agency’s grand jury investigation into the poultry sector. FERN broke news of the investigation in June. The Wall Street Journal reports that the three poultry companies will cooperate …