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Tyson Foods Elects Board Members, Expresses Confidence in 2024 Rebound

Tyson Foods Elects Board Members, Expresses Confidence in 2024 Rebound
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Crop Rally Challenges Meatpackers, Boosts Grain Traders

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Dow Jones
By Jacob Bunge
Soaring crop prices are changing fortunes for the biggest U.S. agricultural companies, delivering windfalls for grain trading giants while saddling meat producers with sharply higher costs.
Executives at Tyson Foods Inc. and Pilgrim s Pride Corp. said rising grain costs this year would pressure their chicken businesses, and could lead to increased prices for consumers. Costlier feed, typically the priciest part of raising a bird, comes as meatpackers are spending hundreds of millions of dollars on Covid-19 safety measures.
The change in pricing in grains has been nothing less than enormous, and that is going to weigh on the business, said Stewart Glendinning, Tyson s chief financial officer, on a Thursday conference call. The grain market rally led Tyson, the biggest U.S. meat company by sales, to project lower results from its core chicken business this year, after in November forecasting an ....

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