Beef prices have been on a run lately, and processors are feeling the pinch. To cut costs and recover profits, many are turning to poultry.
Tyson estimates they will see earnings go up around $100 million this year, and the gains are driven by a positive view on the chicken business. Company leaders say it comes as consumers look for cheaper alternatives to beef.
They also say grains have been readily available this year, which helps keep feed costs manageable.
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USDA’s July WASDE report projects the smallest U.S. wheat crop since 1970, tighter corn stocks, stronger soybean exports, larger cotton supplies, and higher cattle prices.
USDA adjusted accumulated beef exports down by nearly 114,000 metric tons, stating those exports were reported in error.
Dry conditions, tight cattle supplies and border challenges continue to shape the outlook for the U.S. beef industry.
