Senate Ag Committee Discusses Cattle Market Concerns

| June 24, 2021

Contact: Anna Hastert, Director of Communications, 515-296-2266

Yesterday, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry held a hearing to discuss cattle market challenges. For more than a year, the Iowa Cattlemen’s Association has called on committee leadership to hold a hearing focused on price discovery, transparency, and Livestock Mandatory Reporting reauthorization. 

Leading up to the hearing, the Iowa Cattlemen’s Association provided context to aid Sens. Chuck Grassley (R-Iowa) and Joni Ernst (R-Iowa) in their questioning of witnesses. We outlined the following challenges faced by the cattle industry today:

1. Consolidation of the packing industry and limited competition in the fed cattle market;  

2. Erosion of negotiated trade and the absence of price discovery; and 

3. Lack of market transparency. 

In addition, we shared the following priorities, derived from Iowa cattlemen: 

1. The need for balanced cash trade throughout the beef belt to provide price discovery; 

2. 14-day delivery accountability and enforcement; 

3. Transparency through the creation of a cattle contract library and next day cattle weights reports; and 

4. An increase in the penalty for violations of the Packers and Stockyards Act. 

The Iowa Cattlemen’s Association appreciates the efforts of those who dedicated their time to support this important hearing, including our very own senators. We will continue to work alongside cattlemen, industry stakeholders, and key decision makers to reach an appropriate legislative solution to address the aforementioned concerns.

About the Iowa Cattlemen's Association: The Iowa Cattlemen’s Association represents nearly 9,000 beef-producing families and associated companies dedicated to the future of Iowa’s beef industry. ICA’s mission is “Grow Iowa’s beef business through advocacy, leadership and education.”