US President Donald Trump announced on Friday that he is preparing an executive order to allow farmers and ranchers to process their own food. According to him, the goal is to break up the "nasty monopoly" held by the country's largest food processing companies.

Trump did not specify a particular sector or food products in his post on Truth Social. Earlier this week, however, he indicated that he would investigate whether beef processing plants are subject to an excessive number of regulations.

The move comes amid rising food prices and challenges facing the US meat-processing industry. The supply of cattle is at its lowest level in 75 years, and rising costs are outpacing profits from higher meat prices.

Approximately 85% of meat processing in the United States is controlled by four companies: Cargill, Tyson Foods, JBS USA and National Beef Packing Company.

Last week, Trump also announced the possibility of increasing duty-free imports of ground beef. The department of justice is investigating whether meat processors have been illegally raising consumer prices for beef.

(Reuters, bak)