Senate Finance Chairman Chuck Grassley is calling for an investigations of beef packing companies following the surge in wholesale beef prices that led to extreme processing profit margins. And Texas Congressman Mike Conaway says an investigation is likely. South Dakota Stockgrowers’ Association President Scott Edoff says the cattle markets are in dire need of transparency and the latest stimulus package only addresses the surface of the problem.
He says the timing is right for an in-depth investigation into the difference between what producers get for their cattle as opposed to what packers are getting.
Meanwhile, South Dakota Senator John Thune and Congressman Dusty Johnson are joining other members of Congress in urging USDA to provide immediate assistance to cattle producers. Edoff says that assistance and any help from the recent CARES package should go to the younger producers.
Members of Congress are asking Ag Secretary Sonny Perdue to provide immediate help to cattle producers by replenishing the Commodity Credit Corporation as well as adding additional emergency funding.
