NAMI pushes back on cattle market intervention
The North American Meat Institute is pushing back against proposed legislation in Congress that seeks to alter the function of the cattle and beef market.
NAMI President and CEO Julie Anna Potts says additional regulations and ‘shortsighted’ market interventions do not consider supply and demand basics. She says the beef market’s struggles are due to labor shortages and the COVID-19 pandemic and not market structure.
Several beef producers and industry professionals have lobbied Congress for additional supports in the cattle market like setting regional negotiated cash trade, mandatory cattle processing volume reporting, and a contract library to encourage price discovery.
In a written testimony to the Senate Agriculture Committee, NAMI said the members of the meat institute and livestock suppliers benefit from a fair, transparent and competitive market.
Potts addressed calls for additional packer capacity during Wednesday’s Congressional cattle market hearing saying packer capacity is growing due to market forces.