Beef Buzz News
Cong. Lucas Says This Week's USDA Report on Boxed Beef And Fed Cattle Price Spread Investigation is The First of Multiple Investigations
Fri, 24 Jul 2020 09:01:55 CDT
The much-anticipated USDA report on boxed beef and fed cattle price spread investigation is just the first step in a series of multiple reports on the controversial market manipulation concerns. On Today's Beef Buzz U.S. Rep. Frank Lucas (R-OK) talks with Radio Oklahoma Ag Network Farm Director Ron Hays about the USDA report.
This is the first of a multiple stage process, Lucas said.
This analysis studied how the market reacted to the Tyson plant fire in Kansas last August and the COVID-19 outbreak.
In addition, there are two more investigations ongoing, Lucas said.
The USDA is looking at whether the regulated entities violated the Packers and Stockyards Act, and the Department of Justice is investigating if any of the entities violated the Sherman Act or the Clayton Anti-Trust Act, both of which have been on the books for more than 100 years.
Lucas said it's important to keep in mind that this week's report is not so much the conclusions offered but the long list of 14 ideas to make the market more efficient and responsive to the consumers.
Lucas teamed with U.S. Rep. Dusty Johnson (R-S.D.) on legislation to try and make it possible for people to better understand the futures market and better manage market risk.
Education is one piece of the puzzle, Lucas said.
USDA also recommended smaller contracts for more producers to utilize the resources.
Some are suggesting amending or rewriting the Packers and Stockyards Act.
We have to look at everything that's on the table including how do foreign entities acquire control of major sections of the U.S. food industry, Lucas said.
The Oklahoma Congressman has filed a bill along with U.S. Rep. Collin Peterson (D-MN) that says food security should be just as important as national security.
This could prevent future problems, Lucas said.
Click on the LISTEN BAR below to hear more of Ron's interview with Cong. Frank Lucas.
The Beef buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Ron Hays Beef Buzzes Cong. Frank Lucas
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