MW Beef prices are near record levels. The DOJ wants to know if something shady is afoot.
By Bill Peters
Four companies control more than 85% of the beef-processing market, acting attorney general notes
In March, the average price of ground beef in U.S. cities was around $6.70, according to government data.
The summer grilling season, smaller cattle herds, droughts, wildfires, processing-plant closures and other supply disruptions have helped push meat prices to record highs this year. Now, the U.S. government is investigating whether corporate consolidation is also at play.
Acting Attorney General Todd Blanche on Monday confirmed that the Department of Justice was looking into possible antitrust violations in the U.S. cattle and beef industries and said the government would be announcing a settlement that would "directly affect" the prices of chicken, pork, turkey and other meats this week.
The government made the announcement as consumers continue to see high prices at grocery stores and gas stations. In March, the average price of ground beef in U.S. cities was around $6.70 a pound, according to government data - just below highs seen earlier in the year.
"In the beef industry, the big four processors control over 85% of the beef-processing market," Blanche said at a press conference on Monday.
"Multiple plant closures across the country, the current market structure and high concentration in the industry indicate anticompetitive activity," he added.
Secretary of Agriculture Brooke Rollins said those four companies - Brazilian industry giant JBS; National Beef, which is controlled by a Brazilian company; Cargill; and Tyson Foods - had gotten bigger due to consolidation. The level of concentration in the cattle-processing market, she noted, stood at just 25% in 1977. Those companies did not immediately respond to requests for comment.
"Together, these companies operate through dozens of subsidiary businesses, creating a landscape that leaves many of our cattle producers with limited marketing options," Rollins said in a post on X.
She said cattle herds were at lows not seen since the 1950s and that the industry had lost more than 100,000 ranches in the last 10 years.
"For some ranchers this means less marketing opportunities, complicating an already challenging marketplace," she added.
President Donald Trump in November instructed the agency to investigate beef prices. Reports surfaced last month saying the Department of Justice was investigating the industry.
The investigation comes after the DOJ reached a settlement agreement with Ticketmaster parent Live Nation $(LYV)$ following an antitrust suit in 2024. Some industry advocates suggested the government went too easy on that company, and analysts have said a breakup of Live Nation is unlikely.
Shares of JBS $(JBS)$ fell 1.3% on Monday. However, news of the investigation appears to have had little impact on Tyson's stock $(TSN)$.
Shares of Tyson were up 4.1% on Monday, after the company topped expectations with its quarterly results and raised its adjusted operating income outlook for the year, helped by increased interest in protein-focused diets.
"Animal protein remains top of mind for consumers and continues to gain momentum as a foundational part of a healthy diet," Tyson CEO Donnie King said during the company's earnings call on Monday. "We are directly tied to and stand to benefit from this long-term trend."
Beef prices were up 11.5% in the latest quarter, the company disclosed.
-Bill Peters
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May 04, 2026 15:44 ET (19:44 GMT)
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