USDA Secretary Sonny Perdue said via Twitter that the agency would be expanding its investigation into cattle market activity to include the move-recent price movements that took place in the wake of the COVID-19 situation.
“@USDA’s Packers and Stockyards Division will be extending our oversight to determine the causes of divergence between box and live beef prices, beginning with the Holcomb Fire in KS last summer and now with COVID-19,” Perdue said on social media.
Scores of lawmakers have been pressing USDA to take the action after record moves in beef prices as consumer panic buying pushed up beef demand. But despite the increased dressed beef prices, live cattle prices actually declined.
Sen. Chuck Grassley, R-Iowa, welcomed the action with his own tweet, saying, “After asking USDA to investigate price fixing by beef packers they announced today they will Farmers need to see USDA report as soon as possible Beef producers need help! Thx Scty Perdue & Pres Trump for hearing their concerns.”
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