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Publix, Walmart, other grocers under investigation over beef prices
The probe now includes eight grocery chains, and investigators are asking retailers for pricing, margin and wholesale details amid concerns over beef market competition.
The Justice Antitrust Division expanded its beef price manipulation investigation yesterday, targeting 8 major grocery retailers including Walmart, Amazon, Costco, and Kroger.
This expansion follows the original May investigation into meatpacking giants Cargill, Tyson Foods, Brazilian-owned JBS, and National Beef, which control about 85% of the processing market according to Forbes.
Letters sent this month require retailers to disclose pricing strategies, profit margins, wholesale arrangements with meatpackers, and retail beef market trends to Justice Department officials.
Tyson Foods previously agreed to pay $82.5 million to settle a class-action lawsuit, Reuters reported, which accused the company of conspiring to restrict supply and inflate prices.
Market volatility continues as The Hightower Report said the cattle complex closed "modestly weaker" yesterday, with October live cattle trading in the lower quarter of the day's range.