The Senate Agriculture Committee is holding a hearing Wednesday afternoon that will examine the cattle market.
During his conference call with farm reporters Tuesday morning, Iowa Senator Chuck Grassley said he?s pleased the committee is looking into unfairness in the cattle market after he?s called on colleagues for months to take a closer look at the industry.
?We?re going to be examining the cattle market, the lack of transparency in the cattle market and prices from the cattle producer to the consumer,? said Grassley. ?I?ve called on the committee for months to hold a hearing to address this issue.?
Wednesday?s hearing begins at 1:30 p.m. Central Time. Grassley says it presents an opportunity to educate senators and the public on the ?dire issues family farmers are facing while up against Big Cattle.?
?Unfortunately, these family farmers are facing tough times,? said Grassley. ?Independent cattle farmers are losing money on each head of cattle, while packers are profiting $1200 per head.?
Earlier this year, Grassley introduced 50/14 legislation to foster efficient markets while increasing competition and transparency among meat packers who purchase livestock directly from independent producers. This bipartisan bill will require that a minimum of 50 percent of a meat packer?s weekly volume of beef slaughter be purchased on the open or spot market.
?The system is clearly broken,? said Grassley. ?There?s a high demand for beef at the grocery stores and consumers are paying a high price, but the cattle producers are barely making ends meet.?
To watch the live Senate Committee Hearing on Wednesday at 1:30 p.m. Central Time, click here.
