Report Introduction: The markets and processing systems responsible for the production and sale of U.S. beef were disrupted by two separate events in 2019 and 2020. The first occurred when the Tyson Fresh Meats (Tyson) beef packing plant in Holcomb, Kansas closed for four months following a fire at the facility on August 9, 2019, which disrupted processing systems and markets. The second occurred as COVID-19 spread throughout the U.S. in 2020, which resulted in further and more significant market disruptions. In the weeks and months after both events, the difference – or spread – between the Choice boxed beef cutout values and dressed fed cattle prices rose to records levels. In response to the rising spreads, the Secretary of Agriculture directed the U.S. Department of Agriculture’s (USDA) Agricultural Marketing Service (AMS) to investigate the fed cattle and beef market impacts from the Tyson fire and then expand the investigation to include the COVID-19 impacts. The purpose of the investigation is to examine whether any regulated entities violated the Packers and Stockyards Act by taking advantage of the situation through price manipulation, collusion, restrictions of competition, or other unfair practices. This report, prepared by AMS in coordination with USDA’s Office of the Chief Economist, first summarizes market conditions, fed cattle prices, boxed beef values, and the spread before and after the fire and plant closure at the Tyson Holcomb plant. The report then summarizes market conditions, fed cattle prices, boxed beef values, and the spread before and during the COVID-19 pandemic. It does not examine potential violations of the Packers and Stockyards Act. The investigation into potential violations is ongoing, and therefore, AMS has limited ability to publicly report the full scope and status of the investigation.