Consumers are paying more for beef than they have in decades. But at the same time, the companies that process the meat for sale are paying farmers and ranchers staggeringly low prices for cattle
“I’m running at half speed,” Greiman said at an event hosted by the Nebraska Cattlemen’s Association. “Cattle are backing up because we can’t run our plants fast enough. Nothing is functioning properly. We need to be careful not to put blame on any one thing or part of the industry because we can’t get these plants going."Exactly 100 years ago, after years of litigation, the five biggest U.S.
“There’s greater concentration in meatpacking now” than in 1921, said Thomas Horton, an antitrust professor at the University of South Dakota, who previously worked at the Justice Department. The first antitrust laws were “passed to take care of the Big Five. Now we have the Big Four. We’re going backwards.”
While the structure of the industry has remained stable since 2009, changes in how the meatpackers buy cattle have also had an impact. Before 2015, about half of all cattle was purchased via direct negotiation between a rancher and meatpacker, known as the negotiated cash market.
Schroeder, who has focused on cattle prices for more than three decades, said the rising consumer prices and falling cattle prices are consistent with normal supply and demand. “The Big Four simultaneously withdrew from the cash market with intent to reduce prices across the board,” said Bill Bullard, CEO of Ranchers-Cattlemen Action Legal Fund, one of the lead plaintiffs in the suit, in an interview.
The anti-monopoly Open Markets Institute has outlined a similar theory and pushed for breaking up the Big Four so no company controls more than 10 percent of the market. Sen. Elizabeth Warren also advocated for breaking up meatpackers as part of her presidential campaign.
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