Market Manipulation A Concern After Tyson Fire

Market Manipulation A Concern After Tyson Fire

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The National Cattlemen's Beef Association recently wrote a letter to the U.S. Commodity Futures Trading Commission asking them to watch out for market manipulation following the shut down of a Tyson beef packing plant due to fire.

NCBA leaders say they saw changes in both box beef prices and live and feeder cattle futures markets they attribute this change to losing a supplier. Although the group doesn't suspect market manipulation now they ask the CFTC to keep an eye out.

Although the CFTC declined to comment they did tweet:

The CFTC has been closely following the situation stemming from an august ninth fire at a Tyson Foods beef plant in Holcomb, Kansas since the incident the commission has been monitoring trading in the impacted markets under its jurisdiction and will continue to do so.

Market analysts say there are several reasons for the price changes

The Kansas beef market takes up about six percent of the U.S. cattle-fed slaughter rate. And that packing facility alone slaughters around twenty-three percent of the state's cattle that's about thirty-thousand head a week.

Although the plant is closed indefinitely Tyson has committed to re-opening the facility eventually.

Report by Corryn La Rue

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