U.S. to probe surging beef prices, falling cattle prices during coronavirus pandemic

Financial Post | Apr 9, 2020 at 1:52 AM
  • The U.S. Agriculture Department will investigate why a surge in beef prices because of coronavirus hoarding did not translate into higher cattle prices for farmers, Agriculture Secretary Sonny Perdue said on Wednesday.
  • The investigation adds scrutiny on the small group of meat companies like Tyson Foods Inc and Cargill Inc that dominate U.S. beef processing.
  • The National Cattlemen’s Beef Association, an industry group, separately called for the USDA to work with the Justice Department to investigate whether “inappropriate influence occurred in the markets”.