Ag Policy Blog

OMAHA (DTN) -- President Donald Trump elevated his focus on beef prices Friday by calling for a new Department of Justice investigation into meatpackers, especially foreign-owned packers.

On Truth Social, Trump posted that he asked the Justice Department (DOJ) to immediately begin an investigation into meatpackers. The move allows Trump to deflect some criticism he has gotten from cattle producers over his plans last month to increase beef imports from Argentina. Trump had complained that beef prices were too high and that the only reason ranchers were doing well is because of his tariffs.

The president now says DOJ should again investigate the meatpacking industry and focus attention on foreign-owned packers.

Trump posted: "I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through illicit Collusion, Price Fixing, and Price Manipulation. We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned packers, who artificially inflate prices, and jeopardize the security of our Nation's food supply. Action must be taken immediately to protect Consumers, combat illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!"

In the past few days, Trump has highlighted how the prices of food such as Thanksgiving dinner have come down. White House staff have said the president will focus this coming year on "affordability" issues in the wake of Republicans losing some election results this week as well.

After Trump posted his criticism of packers, Attorney General Pam Bondi quickly followed up on X, "Our investigation is underway!" She added that the Antitrust Division, headed by Assistant Attorney General Abigail Slater "has taken the lead in partnership" with Secretary of Agriculture Brooke Rollins.

Trump also posted shortly later: "While Cattle Prices have dropped substantially, the price of Boxed Beef has gone up -- Therefore, you know that something is 'fishy.' We will get to the bottom of it very quickly. If there is criminality, those people responsible will pay a steep price!"

The beef industry has the "Big Four" packers who control roughly 85% of fed-cattle slaughter -- JBS USA, Tyson Foods, Cargill Meat Solutions and National Beef Packing Co.

Of those four, JBS is a subsidiary of JBS S.A., based in Brazil, and National Beef's majority owner is Marfrig Global Foods, also based in Brazil. JBS, which is publicly traded, cited "ongoing margin pressure" in its North America beef segment back in May for its first quarterly report of 2025. JBS reported a $100.5 million loss in its North America beef segment, even though net sales were 15% higher at $6.4 billion. JBS is set to release its second-quarter report next week.

Sen. Kevin Cramer, R-N.D., last week called for the DOJ to follow up on the DOJ investigation that began in 2020 when ranchers demanded answers over the price spread between live cattle prices and boxed beef that reached records as the pandemic began. Both JBS USA and Tyson Foods acknowledged they had received subpoenas.

Members of Congress in 2022 wrote DOJ under the Biden administration, asking for a status update, but the DOJ never provided details about what was uncovered in that investigation. Farmers and ranchers have told DTN they met with Justice Department investigators for interviews on the case. The National Farmers Union was among the groups whose members spoke extensively with DOJ about market concentration.

The National Cattlemen's Beef Association (NCBA) said in February 2022 that the group was "disturbed" over a $52.2 million class-action lawsuit settlement JBS reached with buyers in a price-fixing lawsuit. NCBA at that time called for DOJ to finish its investigation and release the details.

Trump began focusing on beef prices last month and proposed quadrupling beef imports from Argentina, which make up only a small part of overall beef consumption. USDA has also been looking for ways to reopen the border to feeder cattle from Mexico, which has been largely shut down since May because of New World screwworm.

Markets have taken notice. January feeder cattle were trading as high as $380 per cwt on Oct. 16 but have fallen to under $320 per cwt. The February live cattle contract has gone from $250 to under $220 over that time as well.

Chris Clayton can be reached at Chris.Clayton@dtn.com

Follow him on social platform X @ChrisClaytonDTN

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