The last few months have driven some ag producers, especially those in livestock, close to bankruptcy. Sen. Chuck Grassley introduced a bill that he believes would support the industry by requiring meat packers to buy half of their weekly volume on the spot market.
Four companies control 80 percent of the market, something the Senator says is unacceptable and that he has heard beef producers are having trouble getting bids on their cattle. The Senator notes, “This CEO told me, ‘when prices are high we kill our own and when prices are low we buy from the farmers.’ So, don’t you see in that comment how unfair it is to the family farmer.”