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Federal prosecutors are looking into allegations that the meatpacking industry is coordinating or manipulating prices, a person familiar with the investigation told FOX News.
The Department of Justice investigation has been going on for “months,” the source said.
MEAT PRICES FALL DESPITE CORONAVIRUS HITTING PRODUCTION FACILITIES
Prosecutors are specifically scrutinizing the four largest meatpackers in the U.S., which control more than 80 percent of the market: JBS, National Beef, Tyson Foods and Cargill.
Representatives from Tyson and Cargill declined to comment. JBS and National Beef didn’t immediately respond to inquiries from FOX Business.
Beef prices at supermarkets spiked during the coronavirus pandemic, while prices paid to ranchers for cattle steadily dropped.
Group of domestic cattle (iStock)
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There have long been concerns about the meatpacking industry becoming centralized and favoring select companies, FOX reported. In 2008, the Department of Justice rebuffed an attempted merger between JBS and National Beef.
The Department of Justice declined to comment to FOX.
