
Us Senator Elizabeth Warren on called on the Justice Department to open an investigation on the impact of price- fixing and consolidation in the poultry sector on consumers and farmers, reported Reuters.
The former Democratic presidential candidate also urged the department’s Antitrust Division to review “with suspicion” any large mergers in the industry, after Cargill Inc and Continental Grain said in August they would buy chicken company Sanderson Farms for $4.53 billion.
Warren said in a letter that consumers are paying higher prices because of excessive consolidation, price-fixing and “plain-old corporate greed.”
Prices for chicken breasts have jumped 26% over the past year, according to U.S. Labor Department data, while turkey prices were up 24% in an annual American Farm Bureau Federation survey ahead of Thanksgiving.
The meat industry has said increased demand and the labor shortage have boosted prices. Four processors control 54% of the chicken market, up from 35% in 1986, according to the Biden administration.
“Lack of competition in the poultry industry is allowing these massive companies to squeeze both American consumers and farmers to fuel record corporate profits and payouts to shareholders,” Warren said.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UFC Reaches $375 Million Settlement in Antitrust Case
Feb 6, 2025 by
CPI
Brazilian Architecture Council Convicted of Antitrust Violations
Feb 6, 2025 by
CPI
Bipartisan Bill Seeks to Ban Chinese AI Software from US Government Devices
Feb 6, 2025 by
CPI
Senators Call for Investigation into RealPage Algorithm’s Impact on Military Housing Costs
Feb 6, 2025 by
CPI
ECB Seeks Faster Digital Euro Legislation Amid US Stablecoin Push
Feb 6, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon