Chicago (Reuters) — The return of drought in U.S. cattle-producing areas is delaying ranchers’ plans to expand production after the nation’s herd shrank to its smallest level in seven decades, farmers and analysts said. Tight cattle supplies are squeezing meatpackers, including Tyson Foods, which reports quarterly earnings on Tuesday, and consumers facing high beef prices. […] Read more
Tag Archives Tyson Foods
Big Mac bites Big Meat over alleged ‘artificially higher prices’
If you buy nearly two billion pounds of beef a year — an on-the-hoof equivalent of seven million cattle — you’d think you’d get the best deal ever from your suppliers. You are, after all, the world’s largest red meat buyer. Think again, says McDonald’s. On Oct. 4, it sued the big four meat packers […] Read more
McDonald’s sues major beef producers in U.S. price-fixing lawsuit
(Reuters) - McDonald’s has sued JBS, Tyson Foods and other leading meat processing and packing companies for allegedly conspiring for years to limit beef supplies, boosting their profits while causing the fast food giant to pay artificially higher prices. McDonald’s said in a lawsuit filed on Friday in Brooklyn federal court that the meatpackers, also including Cargill and National […] Read more
Hormel Foods reduces annual sales forecast
REUTERS — Hormel Foods has cut its annual sales forecast, hurt by lower commodity prices and a production disruption at its Planters brand manufacturing facility in Virginia. The company also missed market expectations for third-quarter sales and narrowed its annual adjusted profit target. Lower commodity prices for high-volume export products such as turkey and fresh […] Read more
Tyson Foods names new CFO
REUTERS — Tyson Foods has named insider Curt Calaway as its chief financial officer, succeeding John R. Tyson, who was suspended in June after police in Arkansas arrested and charged him for intoxicated and careless driving. Calaway has been with the company since 2006 and was most recently serving as interim CFO. He was also […] Read more
Tyson set to close pork plant
CHICAGO, Ill. (Reuters) — Tyson Foods will permanently close a pork plant in Perry, Iowa, eliminating jobs for about 1,200 workers. The company, which reaped big profits as meat prices soared during the COVID-19 pandemic, has since confronted a decline and slowing demand for some products. Tyson has announced the closures of six U.S. chicken […] Read more
Tyson feels beef squeeze
CHICAGO, Ill. (Reuters) — The United States is importing record amounts of beef this year and exporting less after ranchers slashed the nation’s cattle herd to its lowest level in decades, tightening margins for meat companies like Tyson Foods. The decline in cattle, after years of drought-fried pasture, led to soaring U.S. beef prices. Higher […] Read more
Cost squeeze pummels Tyson
Beef, pork and chicken production costs have surged. Slaughter costs have increased. Consumers are reducing purchases of expensive cuts of meat.
Meat-packer profits squeezed in U.S.
The U.S. beef cow herd is the smallest since 1962. Drought and high feed costs drove producers to send animals to slaughter instead of keeping them for breeding. Farmers who fatten cattle have gained leverage in sales negotiations over the meat packers that dominate the market, such as Tyson Foods, Cargill and JBS USA.
