The U.S. Department of Justice is opening a criminal investigation into the U.S. meatpacking industry, over claims that companies have been manipulating beef prices.

According to The Wall Street Journal, the DOJ's probe will focus on National Beef Inc., Cargill Inc., Tyson Foods, and JBS NV, investigating allegations that the four companies colluded to limit how much they paid cattle ranchers for live cattle, and then set processed beef prices for consumers that boosted profits. U.S. cattle herds have fallen to their lowest levels since 1951, meaning prices for cattle and carcasses should have increased because of simple supply and demand arithmetic. And, indeed, retail beef prices have risen to record highs over the last year, but cattle ranchers have failed to benefit fully. 

Together, National Beef, Cargill, Tyson Foods and JBS NV control roughly 85% of the U.S. beef processing market, and have frequently faced scrutiny for their alleged roles in artificially inflating consumer beef prices. In January 2026, Tyson Foods and Cargill agreed to pay an $87.5 million class action settlement related to price-fixing claims in more than two-dozen states. President Donald Trump also opened an antitrust probe into the four companies during his first term in 2020, although the investigation didn't lead to any major enforcement actions or fines.

Otherwise, U.S. cattle farmers have struggled over the last year, facing drought conditions, higher prices for grain and feed, rising interest rates, and concerns over the resurgence of the New World screwworm, a parasitic fly that reappeared in cattle herds for the first time in more than two decades just south of the U.S./Mexico border.