Meat Institute to House Ag Committee: Asked and Answered
The North American Meat Institute (Meat Institute) 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.”
“The House Agriculture Committee already has had two full committee hearings and one subcommittee hearing on the same subject. These hearings are in addition to hearings in the House Judiciary, Senate Judiciary and Senate Agriculture Committees. The hearing announced today will be the 7th hearing on meat and poultry markets.
“The Meat Institute will again share that fed cattle prices in the fourth quarter of 2021 reached seven-year highs.
“The Meat Institute will again demonstrate that beef didn’t drive the record inflation last fall and so far in 2022. In the calculation of the Consumer Price Index, beef accounts for 0.546 % … so even at a 12 month increase of beef prices from January 2021 to January 2022 of 16%, beef added just 0.08 % inflation to the economy.”
“The Meat Institute will provide the House Agriculture Committee with same facts it has repeatedly presented to the Biden Administration.
“The Meat Institute will again show, despite what the White House alleges, in the 265 months beginning January 1970 through January 2022, packers received the smallest share of the consumer beef dollar each month except May 2020, the peak of the COVID-related packing plant shutdowns that briefly reduced the beef supply.”
“The Meat Institute will again provide the same facts for the record: the fundamentals of supply and demand explain the behavior of the beef and cattle market.
“The Meat Institute will again provide the same data from USDA and other government agencies demonstrating the market has behaved predictably based on the market circumstances.
“The Meat Institute will again present the testimony and analysis of leading economists and other market experts that supply and demand are driving prices for cattle and the consumer.
“We will again present information about oversight of the beef and cattle markets by USDA and the Department of Justice.
“We will also again share with the Committee the pride our members have in the work they do during extraordinary circumstances to make food for our nation and to keep the farm economy moving. We will again share that more beef products were produced in 2020 and 2021 than ever before to meet record U.S. consumer demand for meat.
“Finally, the Meat Institute will again provide the Committee with a greater understanding of how the food supply chain works with insight about all participants including retail, packers, feeders and other livestock producers.”
Related:
Previous Meat Institute Testimony at 6 Hearings on Meat and Poultry Markets:
North American Meat Institute to House Judiciary: Meat & Poultry Industry not to Blame for Inflation
North American Meat Institute to House Ag: Labor Shortage Driving Inflation
NAMI Witness to House Ag Committee: Beef & Cattle Markets Driven by Supply & Demand
NAMI Testimony to House Agriculture Committee Subcommittee on Livestock and Foreign Agriculture
