USDA says more than $200M will help meat processors expand in United States

Published 2022년 11월 2일

Tridge summary

The USDA has announced over $223 million in grants and loans to help small and mid-sized meat processing plants expand, as part of a larger $1 billion initiative to increase competition in the highly concentrated industry. This move aims to increase cattle and pig slaughter capacity by over 500,000 head a year, and help poultry plants process nearly 34 million more birds, creating over 1,100 rural jobs. The plan seeks to provide farmers and ranchers with more options for selling their animals, which could lead to lower prices for consumers. The funding includes both grants and loan programs, with applications for additional funding opening soon.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

OMAHA, Neb. (AP) — The Agriculture Department announced more than $223 million in grants and loans Wednesday to help small- and mid-sized meat processing plants expand as part of a larger $1 billion effort to boost competition in the highly concentrated industry. The effort is expected to increase cattle and pig slaughter capacity by more than 500,000 head a year. It will also help poultry plants process nearly 34 million more birds, while adding more than 1,100 jobs mostly in rural areas where the plants are located. The Biden administration wants to add meat processing capacity to give farmers and ranchers more options where they can sell the animals they raise. This while hopefully reducing prices for consumers by increasing competition, given that the biggest companies now have so much power over pricing in the “highly, highly concentrated and consolidated” business, Agriculture Secretary Tom Vilsack said. In beef, the top four companies control 85% of the market, while the ...

Source: AP News