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Tyson Foods CEO testifies at hearing focused on food prices, industry consolidation

The obstacle for smaller slaughterhouses is U.S. Department of Agriculture approval which has been nearly impossible to get.

SPRINGDALE, Ark. — A Congressional hearing about packer consolidation, unfair pricing power and gaps in market opportunities for smaller ranches was held Wednesday (April 27) in Washington, D.C., with Tyson Foods CEO Donnie King defending high company margins and net income.

Tyson Foods and its competitors were asked to testify to the U.S. House Agriculture Committee about their role in high beef prices which hurt consumers and are unevenly shared down the supply chain with cow-calf producers and feedlot operations. With regard to high beef prices, Tyson CEO Donnie King said, “it’s a question of basic supply and demand.

King said a combination of market forces – consistently strong demand for finished beef, constrained production due to labor shortages caused by the global pandemic and record inflation – have been driving higher beef prices.

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