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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Fewer cattle on feed suggest smaller slaughter numbers this winter, which could support strong prices if beef demand holds firm.
The USDA NASS report also confirms lower August placements.
All eyes will be on today’s Cattle on Feed Report, which analysts say could give a clearer picture of where the market goes next.
