Alan K said: (quoted from post at 15:55:26 08/30/14) I remember when my mom and I were in the grocery store looking at pork chops at that time. They were $3.99 / lb. I said out loud to my mom "Almost $4 a pound when the farmer isn't getting anything for them?" The guy at the meat counter just grumbled and said "Well...that's what they are."
It was a fleecing of hog producers by the packers with no oversight of the packers. Goal was packer ownership or control of all hogs in the US, and, for the most part, it worked. By the end of '99 some (mostly smaller) packers had refunded the balance of market price paid at the time of sale up to $25 or $30 cwt. to producers. They knew that the fix was in and realized that without their supply of hogs, they would be as extinct as the independent hog producer. BTO packers stole all they could grab for next to nothing and then some. Retail markets didn't reflect the reality of prices being paid to the hog producer at all.
Nobody with any power or clout was paying attention to any of this, and Congress piddled around just long enough to threaten hearings on Capitol Hill to break many hog farmers, and once they finally threatened those hearings, suddenly prices were back north of $20-25 cwt. seemingly overnight.
AG
This post was edited by AG in IN at 12:43:11 08/30/14 2 times.
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