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USDA Data Reveal: Cattle Sale Revenues Grew 16% in 2021
Following two Congressional hearings on the beef and cattle markets largely focused on prices producers receive for their cattle, the North American Meat Institute (Meat Institute) today said the latest USDA annual report on livestock income clears up misconceptions about the state of cattle markets and shows cash receipts for the sale of cattle and calves increased 16 percent, from $63.1 billion in 2020 to $72.9 billion in 2021.
“As our members said in their testimony, prices are improving for cattle producers due to supply and demand reflecting..."
Cattle Industry Opposition to Government Mandate Amplified Through Senate Hearing
The Senate Committee on Agriculture, Nutrition, and Forestry today held a hearing to discuss transparency and oversight within cattle marketing, specifically the Cattle Price Discovery and Transparency Act (S.4030) and additional oversight through the Office of the Special Investigator (S.3870). The hearing has been proceeded by months of debate over the need for increased transparency in cattle marketing, and today’s conversation highlighted the vehement opposition to government mandates by a majority of U.S. cattle producers.
“The majority of cattle producers have made it clear that..."
NAMI to Senate Ag: Cattle Prices at Seven Year Highs; Reject Costly Grassley-Fischer Bill
With cattle prices at seven-year highs following record beef production in February and March as the packing sector recovers from COVID-related labor shortages and supply chain issues, the North American Meat Institute today urged members of the Senate Committee on Agriculture, Nutrition and Forestry to reject the Grassley-Fischer bill’s mandates and federal intrusion in the beef and cattle markets.
“Leading agricultural economists have determined Grassley-Fischer bill’s latest draft remains costly to producers, especially producers in Texas..."
North American Meat Institute to House Agriculture Committee: Asked and Answered
The North American Meat Institute (Meat Institute) today issued the following statement regarding House Agriculture Committee Chairman David Scott’s announcement of an upcoming hearing on the beef industry and food prices:
“The Meat Institute and its members have already made themselves available to Chairman Scott and all Members of Congress on several occasions to help improve the understanding of the beef markets,” said Julie Anna Potts, President and CEO of the Meat Institute. “This hearing will be no different. The questions have been asked and answered...”
North American Meat Institute: Grassley-Fischer Bill Ignores Economic Fundamentals
The North American Meat Institute today said a new Senate bill ignores the analysis of beef and cattle markets by the country’s leading agricultural economists and the bill’s mandated government intervention will have unintended consequences that will hurt livestock producers and consumers.
“Beef and cattle markets are dynamic. This fall prices cattle producers received for their livestock have risen without any government interference,” said Julie Anna Potts, President and CEO of the North American Meat Institute. “In a rush to do ‘something,’ this bill would replace the free market with..."
New Texas A&M Report: Government Interference in Beef & Cattle Markets has Unintended Consequences
In response to a bipartisan request from the House Agriculture Committee, Texas A&M University has completed a comprehensive report on the U.S. cattle and beef markets written by leading economists across the country. Among its key findings is that proposals increasing government intervention and mandates will cost livestock producers billions of dollars.
“Thursday the House Agriculture Committee will hold the fourth Congressional hearing this year on beef and cattle markets. It is no surprise that the Texas A&M analysis reflects the expert testimony at..."
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