Tuesday the Government Accountability Office issued a report on the cattle markets. Iowa Senator Chuck Grassley requested the report following a meeting 18 months ago with Iowa cattle producers concerned about the volatility in cattle futures and the huge drop in cattle prices three years ago.
He says the GAO figures showed limited packer options and a lack of competition in a few areas of the country.
Grassley says GAO analysts concluded the USDA needs to do a better job of gathering and reviewing market data. However, they did not find evidence of market collusion.
The GAO report showed the U.S. cattle industry had about $64 billion in sales in 2016. Prices for fed cattle fluctuated substantially over time. For example they increased by 39-percent between 2013 and 2014, then dropped by 42-percent by the end of 2016.
