Beef Buzz News
Congressman Frank Lucas Determined to Resolve Cattle Market Manipulation Issue
Fri, 29 Jan 2021 08:30:40 CST
When U.S. Rep. Frank Lucas (R-OK) studies the current livestock marketing system he is looking at it from several angles as a Congressman, rancher and consumer.
On today's Beef Buzz, he explains what he believes is happening and how he plans to fix it.
He said there is a lack of market competition because there are only a few packers controlling a large supply of the cattle.
During a speech to Farm Bureau last year Lucas said he came across a quote from President Teddy Roosevelt who said when 51 percent of the packing was done by four entities that was too much concentration.
That was over 120 years ago yet it still seems a relevant issue today.
Maybe we need to address what is the upper limit of what one entity should control, he said.
Congress has the authority to limit how much of an industry any one entity can control, Lucas said.
I don't care how good your steers are if there is nobody to buy the steers or haul them to market, then it is for nothing, Lucas said.
If we limit the supply or limit the quality of the supply, the consumer will buy less, he said.
The Oklahoma congressman said when a fire swept through a Kansas plant and when COVID-19 hit, the packer concentration issue was pushed to the front.
It says to me there is a legitimate problem in how the food supply system works, Lucas said.
As we wait on pending investigations into the market manipulation issue by the Justice Department and the USDA, Lucas said he is ready to enact legislation.
Adopting one particular proposal may not fit for everybody, Lucas said.
The system isn't working now, and it has to be more robust and equitable, he added.
Click on the LISTEN BAR below to hear more comments from 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 With Cong. Frank Lucas
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