Price fixing schemes are rampant across several commodities industries.
We have seen it here in the U.S. with meat processors and now Canada Bread is admitting its guilt in arranging price increases with its competitors in 2007 and 2011.
The country’s leading bread producer will pay a fine of $50 million dollars. An independent food industry analyst says that it caused bread prices to be double the food price inflation.
Canadian Grocer Trade Journal publisher, George Cordon says that over the fourteen years price fixing period consumers paid out hundreds of extra dollars for their bread purchases.
“The price increase was about 7 cents at wholesale, which meant about 10 cents at retail. Ten cents isn’t going to break anybody’s back, but over a period of time, it can amount to quite a bit. That could, ultimately, have cost a regular bread shopper maybe $400 dollars,” he explains.
The $50 million dollar fine will actually be paid out by Mexican company Bimbo; they bought Canada Bread back in 2014.
DOJ and USDA investigate beef industry concentration, with Big Four packers under scrutiny and a major settlement announcement expected later this week.
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Nebraska cattle rancher Joe Van Newkirk joins us to discuss wildfire recovery in Nebraska’s Sandhills athe challenges ranchers face restoring basic infrastructure after the fire.
Seasonal pricing strength is lining up with crop stress, giving wheat producers another weather-driven marketing window. Shaun Haney joins us to discuss concerns from ag bankers on farm profitability.
The spending bill keeps animal health and traceability funding in place while trimming several other USDA accounts.
In an exclusive interview with RFD News correspondent Frank McCaffrey, Congressman Henry Cuellar (D-TX) expresses frustration with delays and increasing political divisions surrounding the bill.
