BELOW SUPERNAV drop zone ⇩

Congress investigates high meat prices, considers legislation

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NewsNation) — Meat prices are soaring, and while Congress ponders legislation to crack down on the costs, leading meat producers are blaming the pandemic and saying the war in Ukraine could drive costs even higher.

Meanwhile, small meat producers are alleging that the “big four” companies, Tyson Foods, JBS, Cargill and National Beef, are controlling the market and forcing them out of business.

On Capitol Hill Wednesday, Missouri cattle producer Coy Young said, “There’s blood on the hands of the packers and leaders in Washington, and no one seems to care.” He said that small producers like himself stood no chance up against the “big four,” and they were being forced out of the market. He blamed greed and corruption.

More than 500,000 cattle ranchers have been forced out of business since the 1980s, leaving the business largely in the hands of the “big four.” Those huge corporations now control 87 percent of the American beef supply.

In 2021, the Biden administration directed the Department of Justice to look into the industry, accusing the “big four” of price-gouging, burdening the American farmer and adding costs and stress onto the consumer. Americans are paying 14 percent more for fish and meat than this time last year, and ground beef and bacon have rocketed up by 26 percent.

Congressional Democrats blame the high prices on the “big four” colluding to squeeze out competition. The four companies fire back that there’s no data to prove the claim and state that they don’t control prices, the global market does. They blame current price spikes on the pandemic.

Cargill CEO David McClennan said, “The price for meat is not immune to the global factors that are causing inflation supply and demand labor constraints, Transportation challenges and rising feed costs add even greater pressure and it all leads to increased prices at retail.”

Congressional Democrats say more USDA regulation is needed to stop price manipulation; however, Republicans say that likely won’t result in lower costs to the consumer.  

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

55°F Clear Feels like 55°
Wind
2 mph E
Humidity
62%
Sunrise
Sunset

Tonight

Clear to partly cloudy. Low 46F. Winds light and variable.
46°F Clear to partly cloudy. Low 46F. Winds light and variable.
Wind
2 mph NNE
Precip
2%
Sunset
Moon Phase
Waning Gibbous