00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Justice Department's Antitrust Division is investigating whether large meatpackers
00:06engaged in criminal anti-competitive conduct following President Trump's call for a probe
00:11last year. According to the Wall Street Journal, Trump accused beef companies in November of
00:16manipulating cattle prices and raising costs for consumers. The investigation is examining
00:21major U.S. beef suppliers, including Tyson Foods, Cargill, JBS, and National Beef.
00:28The inquiry includes how companies use contracts tied to pricing benchmarks that some ranchers
00:32say are manipulated. The probe comes as beef prices reach record highs due to a nationwide
00:38cattle shortage and strong demand. A Justice Department spokeswoman declined to comment
00:43on the investigation. JBS said it is not aware of any criminal probe and stated it complies with
00:49regulations. Tyson, Cargill, and National Beef did not comment. The Justice Department is also
00:55investigating egg, fertilizer, and seed markets. For all things money, visit benzinga.com.
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