The American Farm Bureau is urging the Commodity Futures Trading Commission, the USDA and the Chicago Mercantile Exchange to leave no stone unturned as they monitor and analyze market activity.
American Farm Bureau President Zippy Duvall applauds Agriculture Secretary Sonny Perdue for expanding USDA’s investigation into market activity surrounding the Holcomb fire to include the volatility and disparities surrounding the COVID-19 outbreak in the United States.
“The level of frustration with market volatility among livestock producers has never been higher,” said Duvall.
Duvall followed up with a letter to Chairman Tarbert. The letter states, “We believe an intense examination of the volatility in cash and futures markets for beef, pork and dairy is needed to determine if any market manipulations have occurred to the financial detriment of farmers and ranchers… the disparity between the farm-level prices that producers receive and wholesale prices is alarming… We cannot afford to lose confidence in the integrity of the futures market nor the price discovery efforts in cash markets, on top of the many other market disruptions and stresses farmers and ranchers are facing.”