South Dakota Attorney General Jason Ravnsborg is among a list of attorneys general asking for a federal investigation into suspected price fixing of meat across the country.
Ravnsborg and 10 other attorneys general from Midwestern and Western states sent a letter to U.S. Attorney General William Barr expressing concern "over the likelihood of manipulation of the market for processed beef," according to a release from Ravnsborg's office.
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The shelf price of beef is "exceptionally high," Ravnsborg said in the release, while cattle prices are low. The four largest meat packing companies control more than 80% of beef processing in the United States, according to the release.
The states' highest prosecutors say they're concerned about market manipulation with beef prices reaching "record levels as consumers stockpile meat in response to the COVID-19 pandemic." But cattle prices are low, and sometimes decreasing.
The attorneys general said meat packers are trying to control the market for processed beef and "take advantage of the situation" in away that would violate federal antitrust law. This could harm cattle producers and consumers nationwide, Ravnsborg said.
“A federal investigation is warranted to protect consumers and promote competition in the marketplace," Ravnsborg said.
The attorneys general from Colorado, North Dakota, Nebraska, Iowa, Minnesota, Montana, Wyoming, Missouri, Idaho and Arizona also signed the letter to Barr.
Email reporter Danielle Ferguson at dbferguson@argusleader.com, or follow on Twitter at @DaniFergs.
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Attorneys General: Meat processors 'take advantage' of COVID-19 to gouge beef prices - Argus Leader
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