Tyson Foods dismissed comments from the Agriculture Secretary and National Economic Council director on the meat processing industry during a White House press briefing on Wednesday.
The Biden administration has said it will take action against what it calls a “concentration” in the meat processing industry.
âFour big conglomerates overwhelmingly control meat supply chains, lowering incomes for farmers while pushing up prices for consumers,â the White House said in a statement.
The Biden administration said it would enforce “antitrust laws, spur competition in meat processing and push back pandemic profits that hurt consumers, farmers and ranchers across the country,” the White House said. .
Tyson responded by saying that “the increase in beef prices (is) due to unprecedented market conditions.
âMultiple unprecedented shocks in the market, including a global pandemic and extreme weather conditions, have resulted in an unexpected and drastic decline in the ability of meat processors to operate at full capacity.
âThis led to an oversupply of live cattle and an insufficient supply of beef, while demand for beef products was at an all time high,â Tyson said. “As a result, the price of cattle has fallen, while the price of beef has increased.”
âToday the prices paid to livestock producers are rising,â Tyson said. “Labor shortages are also affecting the country’s pork and poultry supply.”
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