High feed prices frustrate Pilgrim’s Pride
Poultry giant Pilgrim’s Pride has announced that it will stop production at two US processing plants in Arkansas and Louisiana, mainly due to the boost in grain prices.
Ending production at the Arkansas plant will result in a 1.25% cut in
company’s chicken production heading into fall. Processing at the Louisiana
plant will be moved to other facilities.
These productions cuts will
result in the loss of 600 positions.
Pilgrim’s Pride has been attempting
to cut production to restrict supply and lower chicken prices. With the cost of
grains soaring, margins at the company have suffered. Pilgrim’s Pride hopes that
higher chicken prices may raise revenue enough to offset some of the higher
costs.
Related link:
• Pilgrim’s Pride
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