Sen. Chuck Grassley (R-Iowa) today commended the U.S. Department of Agriculture’s (USDA) announcement of two new Market News Reports that will bring more transparency to the cattle industry. This comes after Grassley pressed the Administration for months to provide more data and address anticompetitive practices in the industry.
“I’m glad to see the USDA taking this issue seriously and finally taking actions that will help independent cattle producers,” Grassley said. “While this is an important step to bring greater transparency to cattle market transactions, there is more work to be done. I’m going to continue to work with my colleagues on all-encompassing legislation to ensure our independent producers are being treated fairly.”
USDA will begin the National Daily Direct Formula Base Cattle report and the National Weekly Cattle Net Price Distribution report to provide additional insight into formula cattle trades and help promote fair and competitive markets.
Grassley has long worked to address anticompetitive practices in the livestock industry. Most recently, he introduced bipartisan legislation to create the “Office of the Special Investigator for Competition Matters” within the USDA’s Packers and Stockyards Division. Grassley also led efforts to combat corporate consolidation and protect the livelihood of family famers. He joined a bipartisan group of colleagues in demanding the Department of Justice investigate whether the control large meatpackers have over the beef processing market violates U.S. antitrust laws and principles of fair competition.
Following Grassley’s calls, the Senate Agriculture Committee and the Senate Judiciary Committee recently held hearings to address issues within the livestock industry. At the Agriculture Committee hearing, Grassley questioned witnesses and heard directly about the challenges independent producers’ face competing with larger producers and contracting with large meatpackers. At the Judiciary hearing, Grassley called out the large meatpackers on unfair and anticompetitive practices.
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