The U.S. Agriculture Department will investigate why a surge in beef prices due to coronavirus hoarding did not translate into higher cattle prices for farmers, Agriculture Secretary Sonny Perdue said on Wednesday.
The investigation adds scrutiny on the small group of meat companies like Tyson Foods Inc and Cargill Inc [CARG.UL] that dominate U.S. beef processing.
The investigation will expand a review USDA launched into the beef market in August after a fire at a Tyson Foods plant in Holcomb, Kansas, sent beef prices soaring and tanked cattle prices. The agency has not released the results of the investigation that began last year. U.S. senators last month asked the Justice Department to investigate whether meat packers engaged in price-fixing during the coronavirus pandemic.
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