The North American Meat Institute issued a statement following President Trump’s request for a Department of Justice investigation into the beef processing sector.
The Institute emphasized that despite rising beef prices for consumers, beef packers are experiencing substantial financial losses due to record-high cattle costs.
Julie Anna Potts, President and CEO of the Meat Institute, stated that packers have been operating at a loss for over a year as a result of tight cattle supplies and strong demand.
“Despite high consumer prices for beef, beef packers have been losing money because the price of cattle is at record highs,” Potts said. “For more than a year, beef packers have been operating at a loss due to a tight cattle supply and strong demand.