The unprecedented spike in beef price spreads during the COVID-19-driven packing plant shutdowns prompted calls for investigations into “inappropriate influence” by packers in the beef market during the pandemic disruption. Using weekly data for the January 2010-August 2020 period and designating March-May 2020 as the disruption period, we estimate a structural oligopoly/oligopsony model using the Generalized Methods of Moments. We fail to reject the hypothesis of competitive pricing of beef and cattle.