Larry Pressler: “Mr. President this amendment attempts to address many of the concerns confronting cattle producers in the United States…”

“Mr. President this amendment attempts to address many of the concerns confronting cattle producers in the United States today. The issues of packer concentration, lack of price discovery, retail price spreads and low prices have been foremost on the minds of cattle producers and consumers throughout South Dakota and the Nation. To say these are concerns of my fellow South Dakotans is a gross understatement. Thousands of South Dakotans have written, called, or visited with me on this issue. This is an issue that strikes at the heart of their ability to run their farms and businesses and provide for their families. The time has come for Congress to take action. For the past 2 years, I have been pressing the Clinton administration to address meatpacker concentration and utilize existing antitrust laws to make sure that cattle are sold in an open and competitive market. Though the administration has taken some steps over the past several months, I believe these measures are marginal at best. Stronger action is needed. What is of great concern to producers is the fact that while cattle prices have been at or near record lows, retail prices have not shown any significant drop. In fact, just the opposite is happening. In 1995, at Eich's Meat Market, in Salem, SD, the price of a choice yield grade 2 hind quarter was $1.65 per pound--that is the highest price paid at this locker since it was opened. This past summer it was $1.60 per pound.”